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Politics : Formerly About Advanced Micro Devices
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To: TimF who wrote (301673)8/30/2006 6:36:56 PM
From: tejek  Read Replies (1) of 1576348
 
Your post was pretty much a non-sequitur. We were talking about the top one percent (not just billionaires) and really more generally about social mobility. And the turnover was not described as a normal annual event for any of the social classes. I provided a lot more information in my post to John, that I linked to in a reply to you, but apparently you had a problem understanding it.

Tim, without even reading a single study, the average person knows anecdotally that billionaires are not making then losing their money on a rotating basis at the percentage level Armey is suggesting even in a timeframe as long as nine years. In the last ten years, how many billionaires have you heard that have lost their fortunes and exited the upper class? No doubt that would make the national news.

Its true that the top ten or top 25 lists of the richest Americans may change from year to year but those people who get bumped off those lists don't end up on skid row or in a tract home on Long Island. They are still rich.....just not as rich.
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