The Difference Between the Lottery and Wall Street

Yesterday, I wrote an article about a deceptive shift of language from “income inequality” to “income inequity.” In it, I quoted Barack Obama, who recently claimed that hedge fund investors were the “nation’s lottery winners.” I think his dismissive assessment deserves another look, since it represents the attitude so many Americans have toward the wealthy. So how is the lottery different from Wall Street? First, success at the lottery is a matter of pure chance. Success investing Read more […]

The Lottery: Why Money Doesn’t Solve Poverty

About a week ago, David Lee Edwards died in hospice. He was 58, completely bankrupt, divorced, miserable, and strung out from addictions and hard living. He had spent a year or so before that living in a storage shed surrounded by his waste. Rewind to 2001. David Lee Edwards was an ex-con living in his parents’ house, borrowing money to keep his water on. He didn’t have a job, his relationship with his fiancee was on the rocks—his life was tanking. He borrowed some money to take his fiancee Read more […]