prudentinvestor

Wealth Watch: Redefining Rich and Poor In a Shrinking Global Economy

I cannot feel sympathy for the rich who have spent beyond their means, as this must surely represent the height of degeneracy.

Andrew Mellon's famous quote "Liquidate labor, liquidate stocks, ....” is frequently cited without its better continuation:

"It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people”.