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> What do you think the billionaires' billions are doing? Sitting in a bank account? Yes. Maybe not their own savings account, but in some organizations' bank
by jonny_eh 6y ago
> What do you think the billionaires' billions are doing? Sitting in a bank account?
Yes. Maybe not their own savings account, but in some organizations' bank accounts.
Money in the hands of the low to middle class is spent far more efficiently. [1]
[1] https://www.americanprogress.org/issues/economy/news/2011/12/07/10773/the-middle-class-grows-the-economy-not-the-rich-2/ https://www.americanprogress.org/issues/economy/news/2011/12...
- waterhouse 6y agoSo, let's take Jeff Bezos. Googling a bit, an article allegedly updated Mar 13 says he has 55.5M shares, which at AMZN's price of $3379 is $187 billion; I'm sure both multiplicands have changed but that's probably not far off from the truth. What bank accounts is the $187 billion sitting in? If he sold all his stock, where would that money come from? If he then spent it all on a fleet of private jets, how would that impact the economy? And if we split Jeff Bezos into 1000 individuals, each of which had about $200 million, and each of which spent half of it on mansions and yachts and invested the rest... would that be an improvement?