Richistan blog 5

Frank ends the book with a sliver of hope. He writes, "They will see that their money is not a gift but a responsibility. Through smarter philanthropy like Berber's, Richistanis can eventually fulfill Carnegie's 100 year old dream of a 'reconciliation between rich and poor, a reign of harmony.' "While Frank says that this is very well possible, I struggle to fully agree with him. I love his writing though. I love that he calls the Richistanis money a gift, because that is how they are spending it. When I get 20 dollars from my grandmother I never put it in the bank, i always go out and buy a nice dinner that is delicious because the money was a gift. However, when money is a responsibility it gets treated so drastically different. When dealing with the money I have earned that is in my bank account I would never take it out and spend it whimsically because it is a responsibility that I must up take. So the ultimate question that this book asks is, is Carnegie's dream ever possible? In all of observable history, there have been those who have more, and those who have less. That is history. History repeats itself, and it is near impossible to break that cycle. And now that we have entered that cycle of rich and poor I don't see a way that the dynamics could ever change. Frank ends the book with, "We can only hope", and I think that is the plain and simple truth. We can only hope that the Richistanis will come to their sense and see their money as a responsibility rather than a gift. Otherwise, we are doomed to a cycle of rich and poor, poverty and great excess, and hunger and greed.

Richistan blog 4

Frank writes, "The American wealth boom has created a new generation of rich activists. Whether they're funding campaigns or running for office, Richistanis are emerging as the major force in American politics. They've conquered the business world, and now they want power."In the olden days, the super rich were more likely to retire to an island or lay low, but now the times are changing. These activists have very much power thanks to their astounding businesses or investment's, but it seems as if the super rich have gotten bored of sitting around. We see many examples of these Richistanis who have conquered the world of business and then decide to make the move into politics. This gives me a few thoughts. I am not sure that the Richistanis are the ones that I want running our country. Politicians try to appear as "normal" people, but the truth is most of them are not normal. The truth is that many of these politicians come from that 1 percent I talked of earlier. Now, I don't want somebody to be running my country that hasn't truly lived in it. Sure, the Richistanis live in America but they do not live like most Americans. It is fair to say that they have their own little country and it is spread out through the nation. Anyways, I have trouble getting behind these politicians if they are fake, if they haven't struggled or fought or risked anything to get to that spot. Their ambition is respectable, wanting to conquer all of the feats this country has to offer. However, at the same time it is ugly. Why cant they just stick to their quite lives? Why must they taunt the 99 percent of us? The answer is simply, as Frank emphasizes with his insane stories, because they can.

Richistan Blog 3

This book does not only focus on the extreme riches of the super upper class, it look at all different angles. Specifically, it shows the effect of the middle class. And more specifically, how the middle class is forced to watch as the Richistanis parade around and we cant look away. Partly, i feel, we want to watch how they live. That is why shows like Keeping Up With the Kardashians exist. There is something instinctively interesting about looking at the other half, or in the case, the 1 percent. It is ridiculous at times to watch how they act, but it is also extremely interesting to see the similarities that people like us share with these extremely rich and seemingly distant people. A large part is his comic relief throughout the story, he uses silly stories of the extremely rich to show how insane they are, like ordering Ben and Jerry's ice cream to a Yacht at 3 am, and getting it!

All of this makes me think about myself. I am not part of the 1 percent, but I am certainly not in the lower half of the nation either. And, thanks to the ruthless media, i get to watch as the 1 percenters live out their lavish lives without a single worry. Though Frank suggests that we are not so different, me and the 1 percenters, i cant help but continue to think that we are extremely different in just about every single way. I supposed I don't have the mind needed to fall into that category, but that is not necessarily a bad thing. The beauty of this book is that it looks at every angle at this situation. I don't feel bad that I am not one of these people, but it is very nice to be able to understand them, to see their struggles and see their success.

Richistan Blog 2

The nation's richest are, like Gatsby, people of "new money". It is actually very interesting, when we look at Jay Gatsby, main character of The Great Gatsby and playboy, and we compare him to some of the richest that we have to offer, there are a few striking similarities. The key is that both come from new money. Gatsby did not live on the side of town where the people with old money, passed down money, lived. This is because he made a living for himself, he made a fortune with his two hands. Some of our richest are the exact same story. This boom is being pushed by people who came from nothing. These people did not have their millions, or billions, given to them while they were little babies. No, they earned their money. Frank uses the term "workaholic wealthy" and i feel that is exactly what these people are, that is why there are so few of them. Interestingly, here Frank portrays the rich in a good light, they are workaholics who have earned, for the most part. The difference between Gatsby and our Richistanis is that we get the idea that Gatsby's money comes from something illegal. These new rich got money from hard work, dirty hands, cold long nights alone, working. So, where exactly does this new money come from? There are a few possibilities. There are the money movers, who, Frank says,"make investment bankers look middle class (or Middle Richistani) by comparison." They move large amounts of money around the world, through hedge funds, and make a large profit from doing so with great knowledge and skill. There are also the founders, people like Steve Jobs who have founded mega companies. Keep in mind just how many successful companies there are in the world so it is really not a surprise that their are so many of these Richistanis. And of course, the investors. These are the "Microsoft Millionaires" that Frank talks about who invest in smaller companies for cheap and sell for a huge cut when the companies grow. It is so interesting to actually think how these amazing stories happened, how the rich got rich, because in this new wealth boom the money is new. This makes me think that in the future there will be old money being circulated, interestingly, but now the money is fresh, and asking to be taken. 

Richistan Blog 1

Frank entices the readers of his book, Richistan, by starting the book off with an extremely interesting and thought provoking fact that he found. Which, he shares, actually got the book off the ground and going, it was his inspiration. The fact goes, "The number of millionaire households had more than doubled since 1995 to more than eight million." Frank calls this a "wealth boom" and that is exactly the case. I love that he chooses to open with this because it grabs me right away. This fact is really incredible if you think about it. First, most of these households are pulling in much more than just exactly 1 million dollars, its not exact like that. Many of these households are 20 million or higher and the number of the multimillionaires is on the rise. As I have learned out of class, and heard a million times with the 1 percent fiasco, the majority of the nations wealth is owned by a very small population, the 1 percent. That is why this book is so incredibly applicable to every single person in the United States, rich or poor. Secondly, the number has more than doubled in just a few decades. What this really does for me is it brings me more questions, it sparks my mind. In 30 years just how rich are our richest going to be? Its a bit of a scary question to think about especially if you are not sitting at the top of the 1 percent in your household.