The wealthiest 10% of Americans own a record 89% of all U.S. stocks

Re:The wealthiest 10% of Americans own a record 89% of all U... by margalabargala on Monday October 18, 2021 @12:07PM (#28907030)

> If so, you think a few hundred people who won a popularity contest and never actually created anything should be in charge of stuff they didn't create? Is that democracy?

By definition, yes.

Another way to phrase this question would be "would you rather power (economic, political, etc) exist in the hands of a person that you chose to wield it, or in the hands of a person who seized it for themselves?"

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Re:The wealthiest 10% of Americans own a record 89% of all U... by oliv__ on Monday October 18, 2021 @12:30PM (#28907377)

Definitely the person who "seized" it by working hard to get into that position, as opposed to someone who's job is to be popular.

But even so, "seizing" is not the right word, it implies they somehow stole it or gained that position forcefully but as far as I know the playing field for success is more or less level (for equal beginnings) and you could very well become that next person to "seize" power, which feels much more democratic to me than elected officials.

If you look at the "most powerful" people in the economy today, most of the big names you will think of were nobodies 40 years ago. Who was Jeff Bezos then? Mark who? What's Google?

[ Parent | on HN ]