Memo: From Nick Hanauer
To: My Fellow Zillionaires
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You probably don’t know me, but like you I am one of those .01%ers, a proud and unapologetic capitalist. I have founded, co-founded and funded more than 30 companies across a range of industries-from itsy-bitsy ones like the night club I started in my 20s to giant ones like Amazon.com, for which I was the first nonfamily investor. Then I founded aQuantive, an Internet advertising company that was sold to Microsoft in 2007 for $6.4 billion. In cash. My friends and I own a bank. I tell you all this to demonstrate that in many ways I’m no different from you. Like you, I have a broad perspective on business and capitalism. And also like you, I have been rewarded obscenely for my success, with a life that the other 99.99 percent of Americans can’t even imagine. Multiple homes, my own plane, etc., etc. You know what I’m talking about. In 1992, I was selling pillows made by my family’s business, Pacific Coast Feather Co., to retail stores across the country, and the Internet was a clunky novelty to which one hooked up with a loud squawk at 300 baud. But […]

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Sen. Elizabeth Warren (D-Mass.) has built a sizable political profile – including the requisite presidential speculation – by espousing a simple idea: that the system is “rigged” against average Americans.

And you might be surprised who agrees with her: A whole bunch of conservatives.

According to a new Pew survey, 62 percent of Americans think that the economic system unfairly favors the powerful, and 78 percent think that too much power is concentrated in too few companies. The discontent isn’t limited to those who share Warren’s liberal ideology; 69 percent of young conservative-leaning voters and 48 percent of the most conservative voters agree that the system favors the powerful, according to Pew.

Although Warren seems an outlier in the legislative branch for her fiery discontent with inequality – and the role she says Wall Street plays in exacerbating it – the Pew survey suggests that the vast majority of Americans are at least open to her underlying premise.

Everyone, that is, except business conservatives. This faction has vastly different views of the American economic system than most Americans. Two-thirds of business conservatives think the economic system is fair to most people, and 57 percent think that large companies do not have too much power.

The […]

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An insidious trend has developed over this past third of a century. A country that experienced shared growth after World War II began to tear apart, so much so that when the Great Recession hit in late 2007, one could no longer ignore the fissures that had come to define the American economic landscape. How did this ‘shining city on a hill” become the advanced country with the greatest level of inequality?

One stream of the extraordinary discussion set in motion by Thomas Piketty’s timely, important book, ‘Capital in the Twenty-First Century,” has settled on the idea that violent extremes of wealth and income are inherent to capitalism. In this scheme, we should view the decades after World War II – a period of rapidly falling inequality – as an aberration.

This is actually a superficial reading of Mr. Piketty’s work, which provides an institutional context for understanding the deepening of inequality over time. Unfortunately, that part of his analysis received somewhat less attention than the more fatalistic-seeming aspects.
Javier Jaén

Over the past year and a half, The Great Divide, a series in The New York Times for which I have served as moderator, has also presented a wide range of examples […]

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There are two major beneficiaries of the two major wars launched by the US government: one domestic and one foreign. The three major domestic arms manufacturers, Lockheed Martin (LMT), Northrop Grumman (NOG) and Raytheon (RTN) have delivered record-shattering returns to their investors, CEOs and investment banks during the past decade and a half.

The Israeli regime is the overwhelming foreign beneficiary of the war, expanding its territory through its dispossession of Palestinians and positioning itself as the regional hegemon. Israel benefited from the US invasion which destroyed Iraq, a major ally of the Palestinians; the invasion provided cover for massive Israel’s settler expansion in the Occupied Palestinian territories. In the course of its invasion and occupation Washington systematically destroyed Iraq’s armed forces and civil infrastructure, shredding its complex modern society and state. By doing so, the US occupation removed one of Israel’s major regional rivals.

In terms of cost to the United States, hundreds of thousands of soldiers who had served in the war zones have sustained severe physical and mental injuries, while thousands have died directly or indirectly through an epidemic of soldier suicides. The invasion and occupation of Iraq has cost the United States trillions of dollars and counting. Despite […]

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