April 22, 1988 |
Lahdi Moutchia's miracle windfall - a $34,757 bank error in her favor - bought her a house in Camden and a car. It must have been fun while it lasted. Moutchia's house in the 1100 block of North 34th Street has been listed for sale, and a Superior Court judge in Camden yesterday ordered that the proceeds from the sale be deposited in an escrow account. The situation that led to her problems began Dec. 7, when she looked at her statement from the Midlantic National Bank/South.
March 13, 1986 |
Every sixth grader knows that if you build a better mousetrap, the world will beat a path to your door. Thus it should follow that anyone who wants to get rich ought to concentrate on making better mousetraps. Well, surprise. A recent study by the Federal Reserve Board implies that if you want the world to beat a path to your door nowadays, you should forget about improving the mousetrap and think instead about improving the path. Today's real wealth-building opportunities, according to the Fed, won't be found in productive enterprises like manufacturing, construction, oil refining or farming.
March 2, 1986 |
Lorraine Neff got the Big News by phone. She was a 21-year-old schoolteacher then, living in West Philadelphia and earning about $9,000 a year. "Your mother and I think you ought to know," said her father, that he was now giving her a large block of shares in his prosperous manufacturing company - shares that would ultimately be worth several million dollars. "I was totally unaware of my own wealth," she recalled over lunch at a Center City restaurant recently, and shook her head.
July 9, 2007 |
What if humanity disappeared tomorrow? According to Alan Weisman, author of The World Without Us, in an interview with Scientific American, nature would reclaim the planet awfully quickly. In the event of an ecumenical rapture or a 12 Monkeys-style plague, Manhattan's suppressed underground rivers would quickly reclaim the Big Apple's core; mosquitoes would thrive; feral cats would rule the roost; and the Statue of Liberty would wait for an enraged Charlton Heston who, like Godot, would never arrive.
July 26, 2011 |
WASHINGTON - The wealth gaps between whites and minorities have grown to their widest levels in a quarter-century. The overall gap between rich and poor also widened, according to an analysis of census data. The Pew Research Center's Social & Demographic Trends project looked at U.S. Census data and found that the recession and uneven recovery had erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics. The analysis offers the most direct government evidence yet of the disparity between predominantly younger minorities, whose main asset is their home, and older whites, who are more likely to have 401(k)
May 26, 1991 |
Mary Curtis is getting ready to give it all away. Five decades of hard work as a doctor, five decades of owning homes that were bought cheap and sold expensive, five decades of saving money so that now the nest egg is measured in the hundreds of thousands of dollars. Her two children and two grandchildren already have been showered with gifts. Down payments have been made on houses. Two generations of college tuitions have been footed. Trips have been bankrolled to Australia, Hawaii and Japan.
March 18, 1986
I reply to David O'Reilly's March 2 article on inherited wealth, in which I was quoted. While it is true and, I think, useful for us to understand that wealth does not of itself bring happiness and does bring its own particular kinds of difficulties and challenges, there is more. The root of the isolation, confusion and guilt that plague owning-class people is the same as the root of the difficulties and challenges faced by working-class people: an economic system that is based on acquisition by a few from the productivity of the majority.
January 24, 2006 |
On Jan. 15 at Bryn Mawr College, Acel Moore addressed the Main Line Martin Luther King Association. An excerpt: The Rev. Dr. Martin Luther King Jr.'s vision of America, a nation in which character would be the test of an individual's worth, not only remains unfulfilled but will probably stay that way well into the 21st century. Yes, a younger generation of blacks and other "people of color" have never experienced the humiliation of Jim Crow laws, have never witnessed segregation, have always had an opportunity to vote.
April 24, 2000
Ancient truth: Capitalism creates winners, big time, but it also creates losers, without remorse. This was a truth ignored by many during the recent dot-com frenzy. Some of them should have known better; some simply were too young to have the scars that breed wisdom. The recent hemorrhage of paper wealth on Wall Street was a heck of a lesson in Capitalism 101 for young whizzes who - like so many before them - thought their generation was so brilliant, so blessed, so ahead of the curve that the ancient rules had been waived.
December 16, 2003 |
Aruby Odom-White earns $175,000 a year as a psychiatrist and has reported a net worth of $670,000. Her husband, Ronald A. White, runs a law firm paid millions doing work for the city. She had no experience selling drinks, food or newspapers. And yet Odom-White was deemed a "disadvantaged" businesswoman in order to gain a lucrative share of newsstands and bar/restaurants at Philadelphia International Airport. It was all perfectly legal. The rules governing Philadelphia's program to assist minority contractors say that neither great wealth nor a lack of work experience is a bar to the wealthy getting concessions work at the airport.