where hypotheses come to die (madman101) wrote,
where hypotheses come to die
madman101

Snake Oil - Part 1

Billionaires are worried about capitalism

— they should look in a mirror

JPMorgan Chase Chairman and CEO Jamie Dimon testifies before the House Financial Services Committee in early April. (Patrick Semansky / The Associated Press)
JPMorgan Chase Chairman and CEO Jamie Dimon testifies before the House Financial Services Committee in early April. (Patrick Semansky / The Associated Press)

The above reads like a speech from a left-leaning Democratic presidential candidate, an inconveniently accurate think-tank report, or even something I’ve written more than once. But it comes from the latest letter to shareholders by JPMorgan Chase CEO Jamie Dimon.

Some capitalists are growing worried, according to new stories in what are hardly Marxist rags, Financial Times and the Washington Post.

The Post’s headline read, “Capitalism in crisis: U.S. billionaires worry about the survival of the system that made them rich.” ...

Social democracy is openly embraced by the growing Democratic left, including some presidential candidates. Even independent presidential hopeful, billionaire Howard Schultz, I-Sonics, talks of the “the growing crisis of capitalism in this country.”

All this and more is getting the attention of at least some billionaires. Commentator and wealth manager Barry Ritholtz put it like this: “Consider: In 1966, the ‘bottom’ 90 percent captured 64% of the national income. By 2014, that had slid to 54%. The top 10% expanded from 37% to 47%. The biggest gains came not from the top 1%, but from the top 0.01% (the 1 percent’s 1%).” ...

Read full article at SEATTLE TIMES
Tags: -posted to o_c_c_u_p_y, banks - morgan / chase bank, dimon - jamie, economics - banksters, economics - capitalism, economics - capitalism - nature of, economics - wealth inequality
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