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People seem to have a hard time believing that organizations and people with large amounts of concentrated wealth would take coordinated actions to protect thei
by matthewdgreen 4y ago
People seem to have a hard time believing that organizations and people with large amounts of concentrated wealth would take coordinated actions to protect their wealth and ensure they gain more of it. They believe this counterintuitively, even when discussing organizations that are literally set up for the purpose of maintaining and gaining new wealth. None of this is a conspiracy, it’s just systems following incentives.
- strken 4y agoCoordination within a bank is expected, yeah: a banker will say whatever is financially advantageous for them, and this is exactly what we all expect. Conspiracies like "rig the LIBOR index in exchange for day-old sushi" exist and don't surprise anyone too much when they're found out. Close willing coordination between a whole bank or a whole newspaper is less believable. Small-scale coordination is possible, yeah: PR firms pitching articles, revolving-door hiring, conflicts of interest, bias upstream in academia, or even an editor meeting a banker for golf and squashing a story; these things are all believable. These are not the same as a statement like "the news media is helping shift wealth to the top", or at least they have many caveats.