Posts Tagged ‘payoffs’

Robert Reich: Accumulate Billions

Posted by admin on Tuesday, May 16, 2023

Meaning of Robert Reich Money Quote: saying ways to super-wealth are limited to buying your way in, profiting from monopoly or inheriting wealth – not hard work. Robert Reich said:
 
 
Billion dollars Profiting monopoly Insider trading Payoffs Inheritance Quote
 

“There are basically 4 ways to accumulate a billion dollars in America: 1) Profiting from a monopoly 2) Insider trading 3) Political payoffs 4) Inheritance Don’t believe the self-made myth” — Robert Reich

 

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In this quote, Robert Reich is challenging the idea that billionaires in America become self-made through hard work and innovation alone. He suggests there are really only four main ways one can accumulate a billion dollars:

  1. By profiting from a monopoly, which allows domination of a market without competition.
  2. Through insider trading, or taking advantage of privileged confidential information unavailable to the average investor.
  3. Via political payoffs, meaning gaining wealth through lobbying or special favors from politicians.
  4. Through inheritance, by acquiring massive wealth simply by being born into a wealthy family rather than earning it themselves.

Overall, Reich is asserting that while some may portray themselves as entirely self-made, the reality is that billionaires often rely on one of these four less meritocratic means to amass their extreme fortune. He aims to dispel the notion that all billionaires achieved their status solely through hard work and talent.

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