What a waste of money

[Jenisi]

http://www.cnn.com/2007/SHOWBIZ/Music/03/05/people.west.ap/index.html

I just can't see the reasoning where it'd be appropriate to spend 4k on one dinner.

[CrystalTears]

A fool and his money.

[Artha]

When you make millions with one tour, 4k is just a drop in the bucket.

[Gan]

Its all about what that person's disposable income is. In other words, what Artha said...

[Sean]

"I just can't see the reasoning where it'd be appropriate to spend 4k on one dinner."

or millions on a house..
100k+ on cars..
having an entourage..

There's a lot of things you probably can't justify until you have the money to do it.

[Skeeter]

I know I'm surprised, because Kanye has shown such sound judgement in the past.

[Tsa`ah]

Well if you read, it's not West paying for the meal or ordering it ... it's a promotion company.

Don't know if West demanded, requested ... anything. Just that the promotion company put in an order for 8 and is taking care of it.

At least the chef is hopping an existing flight .... it could have been worse; say an adolescent mentality CTD pop diva sending a private jet across the country to get a mocha from her favorite coffee shop.

[Skeeter]

and then preaching about how we need to save the environment?

[Methais]

Celebs will do anything for attention.

[DeV]

I can't believe this is news.

[Drew2]

Well, in the words of Fergie, if you ain't got no money take your broke ass home.

[Jenisi]

Regardless of being worth millions, a dollar holds the same value as to somone that only has one than 500 etc. He hasn't always been rich, and I'm sure he has to see the absurdity. It'd be like me paying 5 bucks for a toothpick.

[Skeeter]

Regardless of being worth millions, a dollar holds the same value as to somone that only has one than 500 etc.


No it doesn't. if you dropped a penny in a toilet would you fish it out? What if it was $100?

Multi-Millionaires would leave the $100.

[Jenisi]

A dollar buys a double cheeseburger at mcdonalds regardless of who you are is what I'm saying. I hold onto my pennies because they add up and I'm not ignorant enough to think they don't.

[StrayRogue]

Sorry, but money doesn't mean the same as it does to a rich person as it does to a poor one.

I agree with Skeeter's analogy completely. I know for sure I'd spend my money on totally outlandish shit if I was as rich as the person in question. I spend my money today on stuff I would have considered frivolous a few years ago, simply because I earn so much more.

[Jenisi]

Just because it's done doesn't make it smart.

[DeV]

^ True, but the point is it's his money to do with as he pleases.

Again, this is not news.

[StrayRogue]

Never said it wasn't smart. Just said the "value" is different.

[Artha]

A dollar buys a double cheeseburger at mcdonalds regardless of who you are is what I'm saying.
But why settle for that when you can ship over your own awesome chef for what is, to you, essentially the same amount of money?


edit: For the same reason, it's like saying you should buy and be satisfied with a single pair of shoes, seven shirts and seven pairs of pants. You could, but why do that when you don't need to?

[Sean]

"Just because it's done doesn't make it smart."

How exactly is it dumb either if you can afford to do it? I'd agree it's dumb if some Kanye superfan decided they had to have the same dish that Mr. West eats and spends their last 4k to get some curried fish. But if you have the means and you aren't filing for chapter 11 anytime soon whats dumb about spending money you can afford to spend? You can't take that money with you once you're gone.

[Bobmuhthol]

This class is already paying off.

<<Regardless of being worth millions, a dollar holds the same value as to somone that only has one than 500 etc.>>

Please take a microeconomics course.

[Miss X]

Who cares? Let him spend his money on whatever he wants. I spend money on stupid shit all the time. Example.. I just paid way too much for a footstool for my new apartment that I'll never use.

[CrystalTears]

She's already taking physics. Let's not cause some cerebral overload with something else.

[Jenisi]

Take a trip to Africa and I'm sure you or he could find a better use for 4k. And telling me to take a course doesn't exactly inform me of where I'm wrong that a dollar = a dollar. And don't be a bitch about me taking physics, least I'm doing something with my fucking life (not that I'm implying you haven't).

[StrayRogue]

Why should he, or I, spend my hard earned money on noobs who can't/won't get a job??

[CrystalTears]

I just personally don't like West which is why I said a fool and his money. However it IS his money to do as he pleases. To each their own.

And yes, you are doing something with your life. Spending an awful lot of money on schooling and still don't understand the concept that a dollar doesn't have the same value for everyone.

[Sean of the Thread]

This thread is 5 stars.

[Numbers]

Don't you have tattoos?

[Artha]

And telling me to take a course doesn't exactly inform me of where I'm wrong that a dollar = a dollar.

Think about it this way.

Person A has a million dollars. He loses his wallet which had $500 in it.

Person B makes $20k/year. He loses his wallet which (because he was going christmas shopping or something) had $500 in it.

Who is more hurt by the loss?

[Sean]

"Take a trip to Africa and I'm sure you or he could find a better use for 4k."

Don't you make like 60k/yr or something working at the rainforest cafe? How much above your standard costs of living (gas, food, rent, etc.) do you spend on frivolous stuff? Everytime you have a few extra bucks do you send it to Sally Struthers down in Africa or do you treat yourself to something you don't really need? Well the richer you get the more you can afford to treat yourself. Whether you feel Mr. West worked hard for that money or not it's his money and if he opts to pamper himself with 4k meals every so often more power to him.

[Back]

This is actually the economic way to do it. Otherwise they would have to have flown eight people out there plus accommodations.

[Latrinsorm]

Ok, so last week was tear into Stan for no good reason week, this week is apparently tear into Jenisi for no good reason week, can you guys give me a heads-up for next week?

[CrystalTears]

Ok, so last week was tear into Stan for no good reason week, this week is apparently tear into Jenisi for no good reason week, can you guys give me a heads-up for next week?
Sure can. It's you, bubba.

How about you let the "saints" take care of themselves, since they instigate the reactions they get.

[Latrinsorm]

How about you let the "saints" take care of themselves, since they instigate the reactions they get.Takes two to tango. :D

Which reaction do you think is more productive (putting aside ethics):
"You are incorrect, for the following reasons. <reasons go herez>"
"You're stupid."

Suppose I had answered your post with "How about you stop being a dumb broad?" What's the point in that?

[Bobmuhthol]

<<And telling me to take a course doesn't exactly inform me of where I'm wrong that a dollar = a dollar.>>

According to microeconomic theory, consumption of a good has a certain amount of satisfaction associated with it. Such satisfaction is measured in an arbitrary, relative unit called a util (utility). There are multiple factors that lead to you being wrong that "a dollar = a dollar" that are basic elements to economics. Among them, and the only ones that I'll bother to discuss, are personal utility, opportunity cost, and discounting the future.

Utility, as I said, measures satisfaction. When you consume a good that you really like, you get more utility, or more utils, from that good. If someone appreciated art, they would derive a high amount, say, 500 utils, if they met their favorite artist for the first time. Diminishing utility exists with pretty much everything: the more you consume, the less your marginal utility becomes. The more times that person meets with their favorite artist, they derive less and less satisfaction from it. In the case of Kanye West's meal: he wants it. It will give him a lot more satisfaction to have this food from Wales instead of having food from any other source, especially a food that he often eats. What will happen when he eats his meal, though, is he will continually derive less marginal utility with each successive bite. Eventually, he will either run out of food or will no longer be satisfied. It is more likely that he will cease to be satisfied, ie. he will become full. When this occurs, if he is a rational person, he will stop eating the meal because he no longer needs or desires it.

Now that we know the background behind why he would want to have this food from Wales, we can further analyze the opportunity cost of his expenditure. The obvious financial cost is $4,000. The opportunity cost of an action is the best possible use of resources, in this case time and money, other than the actual use. Kanye West will be allocating his time and $4,000 to eating this meal, but what could he be doing instead? There are many possible things to do when you're Kanye West, so let's say the most productive thing he could be doing (since he needs to eat to survive) is eat a $50 meal that he will enjoy less and eat more quickly, therefore having more time. With this extra time, let's say he socializes. Now the opportunity cost of eating the meal is $3,950 and socialization. Personal preference is a big factor here. Clearly, Kanye West would rather have a meal that he will thoroughly enjoy than a less valuable meal, $3,950, and the ability to socialize. Note that socialization can also occur during the meal, but we can even assume that it doesn't.

The issue of the $3,950 is where discounting the future comes in. Kanye West is demonstrating through this meal that he is willing to spend money in the present and indulge himself. This means that he discounts the future at a high discount rate. An example of discount rate is if someone told you that you could have $100 tomorrow or $180 a year from tomorrow. Anyone with a discount rate of 80% or lower would take the money later, and anyone with a high discount rate would rather have the money now. People that have high discount rates are typically children and the wealthy. It is very possible that given this exact situation, Kanye West would choose to have the $100 now. He cares more about the present than the security of having money in the future because he is already confident in the amount that he has now. A common man would likely rather have the money later. It's like an investment with an 80% yearly interest rate, and that is a great opportunity for most people. A dollar is fiat currency; that is, it is just a piece of paper that is assigned a value by the government but is worthless as commodity. The value of a dollar is static in trade, but microeconomic theory is all about the individual. From an individual standpoint, that dollar could be worthless or it could be held dear. For Kanye West, a dollar doesn't mean anything.

[Back]

This actually gives me a great idea. Global take-out express. Any dish, from any restaurant in any country at your door in less than 24 hours. Extremely expensive fees will apply.

I hope FedEx doesn't steal it.

[Stretch]

The key is he's not paying for it. Whoever's paying for it is paying a whole lot more to get Kanye to do whatever it is he does, so an additional $3,900 is just a perk.

It's like taking out vendors or being taken out during interviews. Would I normally spend $60 on lunch or $100 at dinner? Hell no, but I'm not paying for it.

Do executives really need to pay Tiger Woods a million dollars to play a round of golf with them? Hell no, but it might close that three billion dollar merger a little faster.

It's all about building goodwill, and maybe getting some free press along the way.

[Methais]

He should requested that the money for this meal be instead spent helping black people New Orleans, because according to him, George Bush hates black people.

[Stanley Burrell]

I sat in on a $7000 dollar dinner at Ibiza's with Yale faculty last month.

Of course, there were about sixteen people with way more wine snob caliber than Kanye.

[Gan]

He should requested that the money for this meal be instead spent helping black people New Orleans, because according to him, George Bush hates black people.

:rofl:

Touche. And yes, we have a winner!

[Nieninque]

Nah...this was the winner:


Don't you have tattoos?

[Daniel]

:rofl:

Touche. And yes, we have a winner!

That's what I was thinking too. For someone who is so "concerned" with the black and African communities, he certainly could have spent money better.

It's not about the marginal utility or his satisfaction from the meal, it's about being non hypocritical and doing something about a problem that you obviously know about.

[Tsa`ah]

Except that he's not paying for the meal.

[DeV]

Right.

The media can make a news story out of absolute bullshit.

True story.

[Keller]

/agree w/ Dev. I can't believe this is news.


And Kanye said George Bush doesn't care about black people.

Just like Al Gore never said he invented the internet.

Just like George Bush lied to get us into Iraq.

Just like Tooooobz is an Irish citizen.

Just like Tamral kills baby kittens.

[Stanley Burrell]

Who cares? Let him spend his money on whatever he wants. I spend money on stupid shit all the time. Example.. I just paid way too much for a footstool for my new apartment that I'll never use.

Bed, Bath & Beyond made me buy a $60 dollar neo-cubist footstool/magazine velvetty 10x spidersilk holder looking thing as well.

That place is dangerous :(

[Latrinsorm]

Sure can. It's you, bubba.The correct answer was Backlash. Why do you hurt me with your lies? :(

[CrystalTears]

You're right. Everyday is pick on Latrin day. ;)