Ustwo,
this is similar to many other posters I think, but in response to the question:
Quote:
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If you are working pay check to pay check, if you are in credit card debt, if you can't pay all your bills, if you think your problem is you need a raise, what makes you qualified to think you understand the economy well enough to know what is 'good policy' is?....Who would you rather get investment advice from? A university economist who has nothing beyond his schools pension/401k and pay check, or a guy who makes millions off his assets alone?
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First, are you talking about personal finanical planning, or larger political financial policy? If the first, then in theoretical space, the rich guy who made his own wealth. You have to assume he's being honest with you and that for some reason, he's going to tell you how to accumulate wealth instead of accumulating it himself...but obviously if you want to do
x, then you emulate the people who have done
x successfully. In the real world, unless I know the guy/girl/it really well, or he's making money for me and him simultaneously (he makes $$$ off my $$$), then I'm not too confident that I'll get the 100% straight dope from him, etc.
In political policy, I see no reason to trust random rich people over random poor people. You have to ask yourself on the behalf of whom is giving his recommendation? If its in his interest, there's no guarrantee that its in mine; in fact, it very likely will be directly counter to my interest - why would I take such advice?
If a rich guys tells me :
"I advise you to give me all your money. Now" I'm obviously not going to take that advice. If the national policy is just a convoluted version of that, why would I be excited about the idea?
Am I missing the intent of your post? I think there's no substitute for thinking for yourself, regardless of whether you adopt a rich or a poor person for your regent.