the

"We Call Them THE ELITE" | 1% of The 1%

even those of you who talk about the 1%

you don't really get what's going on

you're never you're never going to meet

these people you're never gonna have any

sense of what it is that they control

and most people I think have no idea

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people like Teddy Roosevelt who are

willing to say this is a bad thing we do

not want the society that is emerging

here these are people who have a lot of

influence because of the amount of money

they control if you have conversations

with people who are not in this business

they have no idea what real wealth means

in America they think that having a

million dollars makes you wealthy they

think that they are having a salary of

several hundred thousand dollars make

you wealthy and well it's certainly true

that's a vastly privileged condition

compared with most people they sheer

size of those big fortunes is so far

outside our normal experience that it

does become invisible

you're never you're never going to meet

these people you're never going to have

any sense of what it is that they

control and most people I think have no

idea this is this is very strange and

it's kind of scary because no it's one

thing it's someone without a lot of

power seems to be going off and into a

rage I'm no good for no good reason but

these are people who have a lot of

influence because of the amount of money

they control even those of you who talk

about the 1% you don't really get what's

going on you are living in the past

you're living the 80s you think that

Gordon Gekko is the future and Gordon

Gekko is a bad guy is a predator but

he's a self-made predator we are on the

road not just to a highly unequal

Society but to a society of an oligarchy

a society of inherited wealth

patrimonial capitalism if you have a

large fortune suppose that our family

has a large fortune they can inheritors

of that large fortune can live very very

well they can live extraordinary

schneider living and still put a large

fraction of that of the income from that

fortune aside and the fortune will grow

faster than the economy so that big

dynastic fortunes tend to take an

ever-growing share of total national

wealth so once you when you have a

situation where the returns on

Capital are pretty high and the growth

rate of the economy is not that high you

have a situation in which not only can

people live well off inherited wealth

but they can actually pass on for the

next generation even more and even

higher share and when you have a high

are Logie economy which is what we now

have then you're talking not you're

talking about a situation in which

dynasties come increasingly to dominate

at the top of the economic spectrum then

a tiny fraction of the population ends

up very dominant when you have a few

people who are so wealthy that they can

effectively by the political system the

political system is going to tend to

serve their interests and and that is

going to reinforce this shift of income

and wealth towards the top the story is

already changing and it's going to

change more so we are going to probably

unless something gets better we're gonna

look back nostalgically

on the early 21st century when you could

still at least have the pretense that

the wealthy actually earned their wealth

and you know by by the year 2030 it'll

all be inherited even though the

ideology is democratic even though we

claim that all men are equal in practice

not a chance

they've managed to convince a lot of

people that is somehow unamerican I

think mostly it's just because there's a

very effective apparatus of TV and print

media and think tanks and so on who

hammer against any suggestion of

redistribution which actually if you

look at American history that's not at

all true but they it's just been pushed

very hard as I think also in the United

States look we have to admit that race

is always lurking under almost

everything in American life and

redistribution in the minds of a lot of

people means taking it taking money from

people like me and giving it to people

who don't look like me and I think that

is a big difference between US and

Europe take a few percent of national

income taken away from that top one

percent and directed towards the bottom

20% that's a tremendous gain in the

quality of life of the bottom 20% we

only escaped from the old oligarchy for

a while

thanks to really disastrous events -

thanks to Wars and depression which

disrupted the system there that's an

argument you can make on the other hand

if you are

read the histories of the New Deal you

know that it didn't come it didn't

spring out of nowhere that we had a

progressive movement and a lot of proto

New Deal programs building for quite a

long time there was a increasing

political philosophical readiness to

take on inequality of wealth and power

long before FDR moved into the White

House and so I think there are better

angels of our nature that there's is

this ugliness and which can be

frightening but there is also a

redemptive streak in here and in other

places and that you don't give up hope

on this that they're given consistent

argumentation given events and perhaps

you know as people become more aware of

what is actually going on then then

there is a chance of changing things do

we know that no but there's nothing in

what we know now that says that you

should give up hope of being able to

change this even without catastrophe

you