Sometimes The Rich Get Poorer


One of the most well known cliches of class warfare if 'the rich get richer and the poor get poorer". Well in fact poor people often become richer and sometimes even rich people become poorer. Case in point: Brazilian Mogul Eike Batista who fabulous wealth and opulence has been covered by the financial press the world over. He was once ranked on Forbes billionaires list as the worlds seventh richest man with an estimated net worth of $30 billion! His supermodel trophy wife and the Mercedes McClaren parked in his living room underscored his flashy lifestyle.

Mr. Batista's troubles began when his oil company OGX failed to deliver on 10 billion barrels of oil it had promised; subsequently collapsing the shares of his six public companies more than 90%. The Wall St. journal calls this the largest and swiftest financial implosion in modern times. A massive loss of wealth isn't unheard of and is actually quite common-even if not on this scale. The left has created the pseudo notion of "the 1%" which suggest that the wealthy are some sort of enduring class which continues to ascend in spite of any boom or bust economic cycle. The reality is far different than what has been often perceived. Those who have wealth have not always had it nor will they always have it. Howard Schultz, CEO of Starbucks who was raised in pubic housing in New York City has an estimated Net worth of $1.6 billion. Conversely, after growing up poor in inner-city Chicago, former NBA ALL-STAR Antoine Walker went on to earn an estimated $110 million during his 12 year career. In 2010 he filed for bankruptcy claiming $12.7 million in debts and only $4.3 million in assets. Both Mr. Schultz and Mr. Walker started out poor. Both went on to become rich; only one of them still is. Someone please tell the 99% that "the 1%" doesn't exist.

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