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The entire billionaire class (and a large chunk of multi-millionaires) got rich through financialization. That is rent-seeking through fraud. They hacked the economy and gave themselves mass riches without producing anything, and often causing a lot of destruction. We tried to pass laws to stop these shenanigans but then they captured government and repealed them.
In contrast, the gilded-age industrialists actually drilled oil, smelted steel and built cars. But this isn’t at all to say they weren’t nefarious. They were. And JP Morgan was known to be as ruthless as Jeff Bezos or Elon Musk. He even scared Carnegie a bit.
We really need to figure out how to push class consciousness. We need to recognize that our plutocratic class plundered their way to the top. Worse yet, they started of upper class, and just sought riches for sake of greed.
The entire billionaire class (and a large chunk of multi-millionaires) got rich through financialization. That is rent-seeking through fraud. They hacked the economy and gave themselves mass riches without producing anything, and often causing a lot of destruction. We tried to pass laws to stop these shenanigans but then they captured government and repealed them.
In contrast, the gilded-age industrialists actually drilled oil, smelted steel and built cars. But this isn’t at all to say they weren’t nefarious. They were. And JP Morgan was known to be as ruthless as Jeff Bezos or Elon Musk. He even scared Carnegie a bit.
We really need to figure out how to push class consciousness. We need to recognize that our plutocratic class plundered their way to the top. Worse yet, they started of upper class, and just sought riches for sake of greed.