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Posts Tagged ‘powerball’

ITS ALL ABOUT THE POWER

Saturday, December 1st, 2012

Posted by Leonard Steinberg on December 1st, 2012

So the one half of the $ 588 million (that’s over 11,500 $ 50k/year jobs) POWERBALL winners were identified, making  a couple from Michigan instantly super-wealthy and very powerful……I did not hear anybody complaining about the fact that these new-super-rich folks earned their money (overnight and through sheer luck) on the backs of hard-working Americans who probably could barely afford to buy their lottery tickets. Hmmmm. The pursuit of all-or-nothing power seems to be the driving force these days: In New York, real estate developers are talking more about generators than Sub Zero’s. During Sandy we learned that without power we were virtually powerless. Solyndra is a bigger subject that Solar to some. And while the USA is approaching self sufficiency in its oil supply, we choose to remain a part of OPEC, an organization that exerts power over the power of the planet, while supporting regimes that cost our country billions….and fuel those with political power.  For some, power is measured (and achieved)by the volume of exposure they have to the planet.

Jessica Simpson’s power in the media has given her power as a fashion designer. She is barely a singer, but now she is a fashion designer? The Kartrashians are  now international arbiters of taste and style even though their taste and style is rather vile…..but their exposure on television and everywhere else, has empowered them well beyond those who are significantly more qualified. Clients around the country now ask about ‘those brokers on TV’ implying they are the authority on the subject of real estate: unreality, semi-scripted, BS-style television has empowered them. So many people have sacrificed so much of themselves in a desperate attempt for publicity (think Linday Lohan)….and ultimately power. Power now seems to be measured by exposure. Oprah is the ultimate example, the leader of a name whose power elevates regardless of her credentials on the subject matter.

The irony of it all is rather hilarious, although its a painful reminder of how superficial our world has become. The pursuit of power is nothing new, but it seems to have hit an entirely new chord of late.

 

DOES THE CONNECTICUT POWERBALL LOTTERY WIN DEFINE CAPITALISM?

Tuesday, November 29th, 2011

Posted by Leonard Steinberg on November 29th, 2011

The winners of the $ 254 million record-breaking POWERBALL lottery identified themselves in Connecticut: the three money managers won a combined $ 108 million after taxes (that’s a lot of taxes!). They bought just one ticket, with numbers selected by the computer. Well, not exactly….it appears these 3 guys are fronting for a very wealthy guy who does not want the exposure. Maybe this win highlights the similarities between lotteries and capitalism:  Winner takes all? And if the winner is super-wealthy, he wants to conceal the wealth as much as possible and minimize the tax exposure. What amazes me is the comments attached to the online press reports about this win: Many feel this win is unfair as the winner is already rather wealthy. Really?  Many say lotteries are a disguised tax on the poor…..so why are these wealthy guys buying lottery tickets? When poor winners become rich overnight, surely the win qualifies them as rich and the win is unfair too? And what is the value of a dream, even if the chances of it becoming true are super-slight?

The bigger message I see is that wealth concentration happens everywhere. In lottery wins, in capitalist societies, in socialist societies, in communist societies, in dictatorships. The decider in all is either luck, skill or influence…..often it is corruption. Surely capitalism comes out of this cleaner as it does not pretend to be anything other than a winner-takes-all mentality (of course in its purest form, capitalism does not allow cheating, stealing, lying, undue influence, etc)?

So the big question arises again about wealth distribution: Would the lottery be as successful if there had been say 1,000 winners? Would as many people have bought the tickets knowing they could only win a maximum of $ 108,000.00? It would be an interesting test to see if a lottery that offered this payout was successful or not…..it may help us all answer the questions we ask daily about whether wealth concentrated amongst a very, very small group benefits or hurts the big picture.