Posts Tagged elite self destruction

The Best Things You Should Have Read This Weekend

Chystia Freeland’s op-ed in the NY Times.

And Kathleen Geier’s response at Washington Monthly.

But her essential point — that contemporary American elites, by acting exclusively according to what is in their interest in the short term by extracting our collective wealth for themselves and closing off opportunities for social mobility to others, are in the long-run sowing the seeds of destruction for themselves, our economy, and our society. Some of the smarter plutocrats like Warren Buffet understand this phenomenon and are trying to reverse it, but most of the rest of them are completely blind to it. Either that, or they simply don’t care; in the charming parlance of the Wall Street, it’s a case of “IBGYBG” — “I’ll be gone, you’ll be gone.”

Didn’t somebody once say about capitalists, “Give them enough rope and they’ll hang themselves?” Indeed.

The basic point of both articles is that America’s wealthiest are engaging in an age-old and ultimately self-destructive pattern of behavior.

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