The problem of multi-billionaires is that of ever-increasing concentration of wealth, leading to unsustainable levels of inequality. This is the outcome of four decades of: demands for tax cuts that end up fraying the social safety net (including regular trial-balloon attacks on SSI); deregulation allowing for corporations to shaft employees (including replacement of defined benefits pensions with 401ks); and attacks on unions (which helped allow workers without college degrees – organised or not – to make middle-class livings). Combine that with the end of the post-war economic anomaly, and the situation only stands to get worse.
Now Old Economy Stevens over age 70 can afford to hold to the trickle-down delusions of Reaganism, since most of them are not going to experience the worst effects of Republican (or Democratic establishment) politicians allowing this situation to continue for another eight years. But people under age 60, whether or not they support sustainable capitalism, have to wake up.
And certainly with no contribution of financial and social capital from a father who was a wealthy attorney. It’s not like he got into Harvard and dropped out to be an entrepreneur with the confidence that if he failed he could always go back to school.
Seriously, though, these days Gates himself acknowledges the privilege that got him to where he is more than boot-licking Libertarians and conservatives of modest means do. What a sad commentary on the U.S.
Well, I was talking about a starting point for merely “ridiculous”. Gates is well past the starting point for “super extra ridiculous with whipped cream and a cherry on top”.
The problem is not buying and selling. The problem is avarice. When you get better at buying and selling something, your personal power to participate increases. If you get reallllly good at it, [edit: or lucky, or inherit] then you can corner the market and demand unreasonable prices or reduce people’s ability to choose or regulate how and when they buy from you or stifle innovation and competition. When that happens, a line has been crossed.
Our current system has very few limits to these behaviors and only punishes occasionally. But the damage to others is immense. That is what we are saying. We are not talking about skilled buying and selling. We are talking about bad behavior in the pursuit of buying and selling.
Why do you think people are livid at Mark Zuckerberg? Why do you think Bill Gates was reviled for so long? Think about it. It’s not because they have a pile of gold. It’s HOW they got it that has so many people in a twist. The greedy bastards are ruining it for everyone else.
Just want to point out that for those who are attacking people and not ideas, please remember the Golden rule, to treat others as you would like to be treated. I like this open dialogue because it has been proven that people working together and challenging each other’s ideas make better decisions than individuals. However, let’s not attack each other in the process. I think some good points have been made on both sides.
Are you referring to the thoroughly debunked Rand-ian nonsense from Herr Tudor above? Because those regurgitated talking points do not qualify for “good” status.
Once you have a certain amount of money, it automatically turns into more money, even if you do nothing. No fancy risky investments, not chances… just literally sit around on your ass and make money.
This “billionaires earned it! They worked hard!” is fucking laughable.
