Reviled ‘rich girl’ calls critics ‘idiots’

Reviled ‘rich girl’ calls critics ‘idiots’

That’s Outrageous: Billionaire toys

CNBC’s Mandy Drury, Robert Frank, and Brian Balthazar, Pop Goes The, tackle the three most outrageous headlines of the week including Tesla’s Elon Musk’s new toy, and texting while sleeping.

There are two ways to view the ongoing Rachael Sacks saga. The first is to call her a spoiled brat who needs an online schooling. She became the written version of the “Rich Kids of Instagram,” the Dom-Pérignon swilling, yacht-diving teens who basically were telling the rest of America to eat it.

Her claims of being discriminated against by cashiers because of her wealth are especially hard to stomach at a time when millions of Americans are out of work—and know what real economic discrimination feels like.

(Read more: Why the wealthy don’t give more to charity)

From a broader perspective, Sacks has touched a raw nerve in America—that of the self-pitying rich. The nerve was given its first whack in 2010 when Todd Henderson, a Chicago Law School professor, said that his household salary of $ 250,000 “doesn’t get you very far.”

It was followed by Andrew Schiff, an executive at a Connecticut brokerage firm, who said that his $ 350,000 salary just wasn’t enough and that he felt “stuck” and not really wealthy.

Sacks said she grew up with plenty of friends who were much richer than she was, and that she only grew up with “a decent amount of money.” But she takes the whiny-rich-people genre to a new level, saying her wealth makes her a victim in a society that has to “pretend to be poor” to be respected.

Yet behind all the bluster and cursing, Sacks makes a good point. America right now is not comfortable talking about personal wealth (just ask Mitt Romney). Talking about all her money, she says, is “taboo.”

As long as unemployment remains high, she’ll probably be right.

By CNBC’s Robert Frank. Follow him on Twitter @robtfrank.

Watch “Secret Lives of the Super Rich,” an all-new series airing Wednesdays at 9 p.m. ET/PT. |

High Net Worth


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