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.
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