“The rich are different: they are more ruthless.”

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Two sayings I've always associated with the rich are: "Only play with other people's money" and "Never touch the principal."  A new one might be, "When the going gets tough, walk away."

Money quote from the story: "The rich are different: they are more ruthless."

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2 thoughts on ““The rich are different: they are more ruthless.””

  1. Unknown's avatarKclowlife

    The rich also tend to have more business experience. Business default strategically on a regular basis and have no emotional or moral compass misgiving about the default. For them, if they determine that dropping a property by neglecting payments is cheaper than notifying the bank they want out then that is the least costly way to undo an investment into an area that didn’t produce the expected profit.
    Likewise, they have more friends who have dealt with company downsizing and it just doesn’t carry the stigma that most Americans place on a foreclosure. Not to say that they won’t take a hit on their reputation but they would take a worse hit if they did the stupid thing and didn’t pull their money out when it’s obvious that there are other investments that would pay out better than the currently losing one.
    I really don’t wish to see the rich punished more for what they’re doing. I’d rather see the middle and lower class have the courage to follow their path. When people act more logically about housing as an investment we may be able to get people to start moving back to the core of cities, investing in transportation, not flee to the suburbs due to racism, etc.

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  2. Unknown's avatarJon Lowder

    You make some great points, and I think its important to point out
    that I dont think being rich makes someone evil or even ruthless.
    (Jackasses are equally prevalent across the economic spectrum). I
    definitely agree that the wealthier someone is the more likely they
    are to be equipped to deal with a financial bump in the road in a
    business-like manner. I also agree that we need to make some
    fundamental changes to how our society deals with housing (and energy,
    transportation, etc)and Im hoping that the turmoil were suffering
    through right now will move us in the right direction.

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