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.