The Empire 479

The Wealthy Are Very Upset That People Are Angry. Oh, Stop Your Sobbing.
By Susie Madrak Saturday Oct 17, 2009 6:00pm
http://crooksandliars.com/susie-madrak/wealthy-are-very-upset-people-are-ang


Does anything illustrate the bubble some people live in better than this
New York Times column?

BEATING up on the wealthy seems to be the order of day. I suspected
that. But a recent Wealth Matters column touched a particularly raw nerve.
It looked at how even people with sizable fortunes were concerned about
money in this recession and the impact that could have on the rest of us.

Readers rejected the attempt to understand the concerns of the rich.

“That’s so stupid that you ought to be slapped for it,” one woman
wrote. My favorite began: “Bowties and Reaganomics are for losers. You
can cry for the rich all you want, the rest of us will be happy to see them
get taxed.”

The vehemence in these e-mail messages made me wonder why so many
people were furious at those who had more than they did.

Uh, because we're paying for it when we're out of work and don't have
affordable health care?

And why are the rich shouldering the blame for a collective run of bad
decision-making? After all, many of the rich got there through hard work.
And plenty of not-so-rich people bought homes, cars and electronics they
could not afford and then defaulted on the debt, contributing to the crash
last year.

"Collective run of bad decision-making"? Let's back up there a minute, pal.
As anyone with half a brain knows (yes, even people who write for the New
York Times), the financial services industry pushed our country over the
economic brink through an assortment of unethical and illegal practices.
Someone maxing out their Visa is not exactly in the same category; they
merely bought the crack. Wall Street marketed and sold the crack. See the
difference?

But in this recession, anger flows one way. Eric Dammann, a Manhattan
psychoanalyst, theorizes that a lot of people are angry that the rules of
the game seem to have changed.

“There’s always been envy and hatred toward the rich, but there was
also a strong undercurrent of admiration that was holding these people up
as a goal,” Mr. Dammann said. “This time it’s different because it
feels like it’s a closed club and the rich have an unfair advantage.”

Gee, ya think? When corporate gains are privatized and losses are
socialized, you think maybe the working people have finally had enough of
picking up the slack? Can you say "market manipulation"? Can you say "front
running"?

What is troubling is that the anger has hardened for some into a
suspicion that all wealthy people are motivated purely by self-interest,
said Brad Klontz, a financial psychologist in Hawaii and a co-author of the
forthcoming book, “Mind Over Money: Overcoming the Money Disorders That
Threaten Our Financial Health” (Random House).

“The script goes like this: Money is bad, rich people are shallow and
greedy, and people become rich by taking advantage of others,” Mr. Klontz
said. “But the same people who say money is bad say money is connected to
their self-worth — they wished they had it and you didn’t.”

Would you like me to explain the difference, Brad? People who have earned
their money through providing a service or product, people who hire others
and treat them fairly - we still admire those wealthy people. We'd like to
be like them.

Wall St. traders - bloodsucking scum who, as Elizabeth Warren puts it, made
their money through selling "tricks and traps" - tricks and traps that
destroyed our economy and sent them running to Washington with their hands
out - those wealthy people can kiss our collective grits.

Go read the rest. It's all about how "good" wealthy people are suffering by
association, how they do their fair share, they fund scholarships, live
"modest" lives...

Let's be blunt, shall we, Mr. and Mrs. Wealthy Person? You get hefty tax
write-offs for those donations. Yes, you like the feeling of helping, but
you really like the tax write-offs - and your pictures in the society
pages. Wealthy people haven't been paying their fair share of taxes for a
really long time, but like to think they're "giving back" quite enough
through supporting charities. (Oh, and it's voluntary. Unlike the banking
bailout the rest of us are paying for.)

You're not giving back anywhere near what you're taking. Seen the pictures
on the news of Americans lining up like cattle for free health care? That's
our reality. So if you really want to help, start lobbying to change the
tax laws. Support real healthcare reform.

Because for some odd reason, they don't pay much attention to us.