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Walton family wealth equals 40% of Americans combined

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Walton family wealth equals 40% of Americans combined

Postby Shorty » Wed Jul 18, 2012 8:48 pm

Another reason to boycott Walmart.

http://thinkprogress.org/economy/2012/0 ... -combined/
Walmart Heirs Have As Much Wealth As Bottom 40 Percent Of Americans Combined

"Last year, a labor economist at the Center on Wage and Employment Dynamics, found that as of 2007, the Walton family — heirs to the Walmart fortune — had a net worth equal to that of the bottom 30 percent of Americans. And due to the effects of the Great Recession that ratio has gotten substantially worse. New Federal Reserve data analyzed by both Allegretto and Josn Bivens at the Economic Policy Institute shows that the Waltons now hold as much wealth as the bottom 40 percent of Americans combined".
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Re: Walton family wealth equals 40% of Americans combined

Postby Francis Di Domizio » Wed Jul 18, 2012 9:02 pm

Not that I need a reason to avoid Wal-mart like the plague for actual crappy things they do, but really, you think "They have a lot of money" is a valid reason to boycott a company?
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Re: Walton family wealth equals 40% of Americans combined

Postby Shorty » Wed Jul 18, 2012 9:10 pm

THAT much money, definitely Yes.
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Re: Walton family wealth equals 40% of Americans combined

Postby Detritus » Wed Jul 18, 2012 9:24 pm

Well, that really drops John Boy in my estimation.
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Re: Walton family wealth equals 40% of Americans combined

Postby gargantua » Wed Jul 18, 2012 9:28 pm

Shorty wrote:THAT much money, definitely Yes.

I disagree with that reason, but you are most definitely entitled to boycott them for that or any reason you like, for that matter. I avoid them because I don't like how they've driven out a lot of small, local businesses. And I don't like how they compensate their employees.

But simply for being successful....that alone just doesn't do it for me.
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Re: Walton family wealth equals 40% of Americans combined

Postby Stebben84 » Thu Jul 19, 2012 8:39 am

gargantua wrote:I disagree with that reason, but you are most definitely entitled to boycott them for that or any reason you like, for that matter. I avoid them because I don't like how they've driven out a lot of small, local businesses. And I don't like how they compensate their employees.

But simply for being successful....that alone just doesn't do it for me.


Although, their success was achieved through those practices you outlined. Wealthy people aren't bad, greedy people are.
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Re: Walton family wealth equals 40% of Americans combined

Postby DCB » Thu Jul 19, 2012 9:11 am

Stebben84 wrote:
gargantua wrote:I disagree with that reason, but you are most definitely entitled to boycott them for that or any reason you like, for that matter. I avoid them because I don't like how they've driven out a lot of small, local businesses. And I don't like how they compensate their employees.

But simply for being successful....that alone just doesn't do it for me.


Although, their success was achieved through those practices you outlined. Wealthy people aren't bad, greedy people are.

The outrageous concentration of wealth is a red flag. Are they very clever at providing a service? or just very good at ripping people off. I'm guessing the latter.
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Re: Walton family wealth equals 40% of Americans combined

Postby Francis Di Domizio » Thu Jul 19, 2012 9:19 am

Stebben84 wrote:
gargantua wrote:I disagree with that reason, but you are most definitely entitled to boycott them for that or any reason you like, for that matter. I avoid them because I don't like how they've driven out a lot of small, local businesses. And I don't like how they compensate their employees.

But simply for being successful....that alone just doesn't do it for me.


Although, their success was achieved through those practices you outlined. Wealthy people aren't bad, greedy people are.


Even greedy people aren't necessarily bad. If greed drives you to develop the next amazing thing of cool awesomeness, that doesn't make you a bad person. If you then pay your employees a pittance to maximize your personal gain, that does. I totally am on board with not shopping at a Wal-Mart store for their treatment of workers and how they crush small businesses, but just because they have a lot of money? that makes no sense.

As a comparison, The heirs of Joesph Kennedy had a crap ton of money, maybe not as much as the Walton heirs, but still far more than the vast majority of society. You can't really argue that they earned that money, and it's probably fair to say that much of that money was earned by their father in a less than progressive manner. Does that mean that those heirs should have been ostracized for having that wealth?

Should we ignore everything Warren Buffett says because he is grossly wealthy?
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Re: Walton family wealth equals 40% of Americans combined

Postby Stebben84 » Thu Jul 19, 2012 9:46 am

Francis Di Domizio wrote:If you then pay your employees a pittance to maximize your personal gain, that does.


This is more or less what I am referring to among other things.

Francis Di Domizio wrote:If greed drives you to develop the next amazing thing of cool awesomeness, that doesn't make you a bad person.


I just wonder how often greed drives a person to do this or simply having the desire to make that next awesome thing.

Francis Di Domizio wrote: Does that mean that those heirs should have been ostracized for having that wealth?

Should we ignore everything Warren Buffett says because he is grossly wealthy?


No and no. For me it just depends on the means to which they achieved that wealth and once they have it, what means they use to maintain it. If you fuck over many other people to achieve and maintain your wealth, then I believe you are a bad person. You can be cut throat without ruining many peoples lives
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Re: Walton family wealth equals 40% of Americans combined

Postby Francis Di Domizio » Thu Jul 19, 2012 9:59 am

Stebben84 wrote:For me it just depends on the means to which they achieved that wealth and once they have it, what means they use to maintain it.


I'd actually say, what you do with it after you have that wealth matters some too. I'm not saying I would boycott a company that wasn't actively involved in bettering the community/country/world outside of their normal business, but I generally prefer to take my business to one that does.
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Re: Walton family wealth equals 40% of Americans combined

Postby wack wack » Thu Jul 19, 2012 10:10 am

Francis Di Domizio wrote:Even greedy people aren't necessarily bad. If greed drives you to develop the next amazing thing of cool awesomeness, that doesn't make you a bad person.


I don't believe greed drives anyone to create the next amazing thing of cool awesomeness. The next amazing thing of cool awesomeness will come from someone with an idea and a burning desire to create the next amazing thing of cool awesomeness, not make money.

Once money becomes the point, creations invariably becoming less cool and less awesome.
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Re: Walton family wealth equals 40% of Americans combined

Postby peripat » Thu Jul 19, 2012 10:36 am

So if they gave all their employees a $5 an hour raise and hooked them up with great health insurance and an awesome defined pension plan (which they could afford to do) they could totally reinvigorate the US economy. Have to call them traitors since they haven't done that.
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Re: Walton family wealth equals 40% of Americans combined

Postby Ned Flanders » Thu Jul 19, 2012 10:42 am

I guess they're delivering products that the public wants at a price they want, huh?
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Re: Walton family wealth equals 40% of Americans combined

Postby Francis Di Domizio » Thu Jul 19, 2012 10:52 am

wack wack wrote:I don't believe greed drives anyone to create the next amazing thing of cool awesomeness. The next amazing thing of cool awesomeness will come from someone with an idea and a burning desire to create the next amazing thing of cool awesomeness, not make money.


Do you think Apple developed the iPhone because it was cool? or the iPad? Did windows come about because Bill Gates just wanted to do something cool? Do drug companies try to develop the cure to what ever because they are altruistic? Get real. Companies devote money into researching (or buying the rights to) new products because they expect to make money off of them.
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Re: Walton family wealth equals 40% of Americans combined

Postby wack wack » Thu Jul 19, 2012 11:10 am

Francis Di Domizio wrote:
wack wack wrote:I don't believe greed drives anyone to create the next amazing thing of cool awesomeness. The next amazing thing of cool awesomeness will come from someone with an idea and a burning desire to create the next amazing thing of cool awesomeness, not make money.


Do you think Apple developed the iPhone because it was cool? or the iPad? Did windows come about because Bill Gates just wanted to do something cool? Do drug companies try to develop the cure to what ever because they are altruistic? Get real. Companies devote money into researching (or buying the rights to) new products because they expect to make money off of them.


There is HUGE difference between expecting to make money, and money being your primary motivator. That's the reality.

I do understand that it's convenient for you to pretend to not see that.
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