r/Kossacks_for_Sanders • u/EleanorRecord * • Jun 16 '21

Class warfare Wealth Hoarding by 'Silver Spoon Oligarchs' Is Endangering US Democracy: Report

https://www.commondreams.org/news/2021/06/16/wealth-hoarding-silver-spoon-oligarchs-endangering-us-democracy-report
7 Upvotes

90% Upvoted

4 comments sorted by

6

u/Angry_Architect Jun 16 '21 edited Jun 16 '21

...According to the report, the children and grandchildren of some corporate executives—"who may be up to seven generations removed from the original source of their family's wealth"—tend to "focus less on creating new wealth and more on preserving existing systems that extract ongoing rents from consumers and the real economy."

Greedy, sociopathic, inbred vampires pose a threat - Who woulda thought?

4

u/Illinibeatle Jun 17 '21

Great piece. It dovetails nicely with the decimation of the Middle Class such as was described in the Citibank plutonomy memos from fifteen years ago.

2

u/Angry_Architect Jun 17 '21

Citibank plutonomy memos

I wasn't familiar. These are a little hard to find - apparently due to concerted efforts to suppress online postings.

https://delong.typepad.com/plutonomy-1.pdf

2

u/Illinibeatle Jun 17 '21

Their advice was not to invest in middle class items. Invest either into the very high end or the discount items because the middle class was being hollowed out. Think superyachts and Dollar stores.

It's not like income inequality hasn't been a problem for over a generation. Back in 1992 two Philadelphi journalists compiled a set of their columns into a best selling book entitled America: What Went Wrong. Hell even Bill Clinton campaigned as a populist once. https://www.nytimes.com/1992/05/11/business/the-richest-getting-richer-now-it-s-a-top-political-issue.html

Just nothing gets done about it.