When the stock market first dropped a couple of weeks back I thought about an old buddy who used to manage money at a Wall Street firm. He’d say after a down day, his company “made millionaires….out of billionaires.” Ya might have to read that twice to get the joke.
Anyway, speaking of billionaires, I‘ve met two: Michael Bloomberg and Stephen Spielberg. As far as I could tell, they had nothing in common other than having more money than they could ever spend. Oh, apologies to my friends and acquaintances at the Belle Harbor Yacht Club if I didn’t realize your net worth starts with a “B.” So please, no letter to the editor telling me you’re like, really rich.
Anyway, a billion is a lot. A measly two percent interest on a billion is