Jamie Johnson: The Superrich Are Totally Psyched About Recessions

Before you read the article below, think why the richest one percent are democrats? Why do you think the biggest political donors to democratic candidates are hedge funds and private equity?

It is very easy to talk about paying a little more taxes unlike those who have to continue to work to pay bills and save for their retirement as well as their children's education or for their aging parents unlike those billionaire parents who will leave more than enough money behind. Those are making a bit more than $250K by working their ass hard.

The wealthy at least knows that being rich is more relative than absolute. Those wealthy include star democrats, Clintons and future millionaires Obama and those famous senators and politicians living on perks.

The article below has a great insight since Jamie Johnson is still naive and at least have not shut his mouth yet about this matter.

From "Jamie Johnson: The Superrich Are Totally Psyched About Recessions" in New York. (2/20/08)

You've gotta love Jamie Johnson. The prettiest boy heir of the Johnson & Johnson pharmaceutical fortune has a real knack for uncovering the most confusing and loathsome aspects of wealth. First we heard about all of his tragic but forgivably young and naïve friends in Born Rich, his debut documentary. Now, with his sophomore effort, The One Percent, we're apparently going to hear about the older versions of these subjects — the ones whose offensiveness we can't shrug off as due to youth or stupidity. "Contrary to common assumption, many of the wealthiest Americans aren't worried about the weakening economy at all," Johnson wrote on the Huffington Post last night. "They are actually excited about it." Wait, wha? But they're the ones who are going to lose the most money! (Oh, wait. They're still going to have tons of it while we have less of the little we had originally.) Johnson explains the so-called glee of the ultrarich:
To them, the crisis in the housing market, the recent slide in stock prices, and the general loss in purchasing power for millions of Americans have resulted in the thinning of the aristocratic ranks, or in other words, have decreased demand for the highest level of luxury living. Ironically, for the mega-rich, recession brings with it the ability to live well at a lower cost and with less of a hassle.
Johnson can't resist a touch of obnoxiousness on his own behalf in the HuffPo essay: "As a member of the family that founded the Johnson and Johnson pharmaceutical company, I have been given unprecedented access to Whitneys, Vanderbilts, Forbeses, Gateses, Buffetts and Bloombergs." But he doesn’t cut any of the other members of his "class" any slack:

Another subject I recently interviewed blamed what he called mere "centa-millionaires" for the breakdown in exclusivity of his elitist world. For him, the overnight stars of the seven-year bull market not only overcrowded private air travel, but also drove up the price of high-end real estate. Buying a third home in the Hamptons became a burdensome experience for him. As far as he was concerned, there was just too much urgent demand, and although he could easily afford the asking prices, he found the heightened numbers personally offensive.
Man, as far as drumming up interest in his movie goes, this is better than a teaser trailer involving Keira Knightley and Ewan McGregor running away from a spectacular explosion. At the White House. While they are both naked. We are clearly seeing this movie the minute it comes out.