Thought for the day

"I contend that for a nation to try and tax itself into prosperity, is like a man standing in a bucket and trying to lift himself up by the handle." -- Winston Churchill (1874 - 1965)


Reginald Vanderbilt

Cornelius Vanderbilt earned a huge fortune as a shipping and railroad magnate during the Gilded Age, and the Vanderbilt family built several huge, impressive mansions along New York City's Fifth Avenue. After his death in 1877, Vanderbilt's fortune was valued at $100 million, which at the time was the largest of the U.S. dollars. The amount of funds in the Treasury was exceeded. Vanderbilt's grandson, Reginald, received a $15.5 million trust fund on his 21st birthday and celebrated the same night by gambling $70,000.


In addition to his gambling addiction, Reginald was a heavy drinker. When he was 42, his doctors warned him to quit drinking, but instead, he married a beautiful 17-year-old socialite named Gloria Morgan. Their daughter, Gloria Vanderbilt, was just 18 months old when her father died of liver cirrhosis in 1925. Her teenage widow was stunned to learn that her husband had squandered her entire inheritance, leaving her impoverished, but the youngest Vanderbilt had a trust fund, and the family lived with her until the girl turned 21. could be of interest.