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> Honestly a big part of why I quit my last job was too many unproductive/unreliable coworkers. Unproductive? Then you must really be exercised about the heir
by GAN_Game 4y ago
> Honestly a big part of why I quit my last job was too many unproductive/unreliable coworkers.
Unproductive? Then you must really be exercised about the heirs who own the majority of stock, who can and often do siphon off the created wealth of those working and creating wealth, via dividend profit of expropriated surplus labor time.
Oh, I see no such complaint. Just some co-workers who are "unproductive".
- abduhl 4y agoWhy is it only the heirs? Shouldn’t your issue be with all future stockholders beyond the original founders and venture capitalists? Although I assume you’d feel similar about the venture capitalists? You wouldn’t happen to own any stocks, would you?
- xhkkffbf 4y agoDon't forget that many workers end up with stock too, either via options, grants or other mechanisms. Or maybe they just buy the stock because they things going well at the company.
- leereeves 4y agoHave you seen the margins on businesses old enough to be owned by heirs? They're only "siphoning off" a few percent. Edit: I misunderstood. I thought the complaint was that the heirs were taking a lot of created wealth from each worker. Not simply that they were wealthy.
- hef19898 4y agoThose heirs are the richest people in Europe, owning everything from VW and Porsche to BMW and a bunch of other household names. And those few percent are coming off from quite huge figures...
- leereeves 4y agoYeah, the lack of new businesses is a big problem in Europe. Regulations and taxation kill them or drive them out of Europe. But I was speaking from a US perspective (since I'm from the US and this story is about the US), and our biggest, most profitable businesses are mostly under fifty years old, not over.
- malermeister 4y agoAnd most of them are also started by heirs of generational wealth. Just because the companies change doesn't mean the owners do.
- leereeves 4y agoWho specifically are you thinking of? Every founder I can think of was born in the middle or upper middle class.
- malermeister 4y agoElon Musk's dad was a South African millionaire. Bill Gates' mom was on the board of directors of a bank and gave him an intro to IBM execs. [0] Bezos parents invested 250k to fund Amazon. [1] Upper middle class is generational wealth already if it passes a generation. [0] https://www.cnbc.com/2020/08/05/how-bill-gates-mother-influenced-the-success-of-microsoft.html https://www.cnbc.com/2020/08/05/how-bill-gates-mother-influe... [1] https://www.cnbc.com/2018/08/02/how-jeff-bezos-got-his-parents-to-invest-in-amazon--turning-them-into.html https://www.cnbc.com/2018/08/02/how-jeff-bezos-got-his-paren...
- leereeves 4y agoYeah those parents are all upper middle class. None of them are at all comparable to the owners of a company like VW, Tesla, or Amazon. And none of them were "heirs who own the majority of stock" nor support your claim that "just because the companies change doesn't mean the owners do". Edit to reply: You don't need to tell me about the social mobility of people living in poverty. I was born into a family of construction workers, and escaped poverty by learning to program. I know from experience that new businesses create opportunities to escape poverty, even if that isn't measured or sufficiently weighted by the index you cited.
- GAN_Game 4y agoIf you have thousands working and creating wealth, and then a handful of heirs not working, and siphoning off expropriated surplus labor time of those who do work, then the heirs have a pretty good deal going for themselves. A couple percent of the created wealth of a few thousand workers just for one person? That adds up quick.