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My understanding is that wealth inequality is suboptimal because it leads to political and economic power being concentrated in a few people, which makes the sy

My understanding is that wealth inequality is suboptimal because it leads to political and economic power being concentrated in a few people, which makes the system fragile and leads to instability, thus causing less investment, and then it becomes a fallout.

missedthecue 5y ago
Michael Bloomberg threw his fortune at becoming president and lost miserably. Jeff Bezos is the most hated person in Washington. I don't see any evidence or a correlation that wealth is buying people political power, at least in my country.
- jimbilly22 5y ago
  Here's one small example that I found illuminating and funny. Bezos (a major political donor) lost a NASA contract for 10 billion to SpaceX. He freaked So the US Senate, looking out for their buddy, simply added the 10 billion to their next budget directly for him: https://theintercept.com/2021/05/25/jeff-bezos-blue-origin-senate-bailout/ https://theintercept.com/2021/05/25/jeff-bezos-blue-origin-s... Just one small example
  - missedthecue 5y ago
    "The Endless Frontier Act, a bill to beef up resources for science and technology research is being debated on the Senate floor this week. An amendment was added to that legislation by Democrat Sen. Maria Cantwell, to hand over $10 billion to NASA. Cantwell’s amendment is no sure bet though." This doesn't sound like money for Jeff Bezos. It's money for NASA. What it sounds like is some tortured analysis of a bill that probably isn't going to pass by a journalist who also hates rich guys.
- mcguire 5y ago
  You would have never heard of Michael Bloomberg's presidential run if he had not been wealthy. Or Donald Trump's, for that matter.
  - spiralx 5y ago
    But I can't even remember the name of the other billionaire who ran in the Democratic primary this year, so I don't think it's a sufficient condition. Nobody will be concerned with Bloomberg's 2020 run in a decade, heck, nobody was concerned with it a month after he joined the race :) Ah, it was Steyer I think, just came to me.

missedthecue 5y ago

Michael Bloomberg threw his fortune at becoming president and lost miserably. Jeff Bezos is the most hated person in Washington. I don't see any evidence or a correlation that wealth is buying people political power, at least in my country.

jimbilly22 5y ago
Here's one small example that I found illuminating and funny. Bezos (a major political donor) lost a NASA contract for 10 billion to SpaceX. He freaked So the US Senate, looking out for their buddy, simply added the 10 billion to their next budget directly for him: https://theintercept.com/2021/05/25/jeff-bezos-blue-origin-senate-bailout/ https://theintercept.com/2021/05/25/jeff-bezos-blue-origin-s... Just one small example
- missedthecue 5y ago
  "The Endless Frontier Act, a bill to beef up resources for science and technology research is being debated on the Senate floor this week. An amendment was added to that legislation by Democrat Sen. Maria Cantwell, to hand over $10 billion to NASA. Cantwell’s amendment is no sure bet though." This doesn't sound like money for Jeff Bezos. It's money for NASA. What it sounds like is some tortured analysis of a bill that probably isn't going to pass by a journalist who also hates rich guys.
mcguire 5y ago
You would have never heard of Michael Bloomberg's presidential run if he had not been wealthy. Or Donald Trump's, for that matter.
- spiralx 5y ago
  But I can't even remember the name of the other billionaire who ran in the Democratic primary this year, so I don't think it's a sufficient condition. Nobody will be concerned with Bloomberg's 2020 run in a decade, heck, nobody was concerned with it a month after he joined the race :) Ah, it was Steyer I think, just came to me.