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Comment by goodside | Hacker News Reader

The quote in question is weaker than the headline might suggest:

"We are still a democracy, but we have moved in my lifetime towards a plutocracy. We do not have a plutocracy, I want to emphasize that, but the distribution of wealth and the influence of wealth have moved in that direction."

The headline isn't elaborated on until several pages below the fold. This is classless and sensationalist, and Haaretz can do better.

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Doesn't the headline say "moving toward plutocracy" and the quote is: "we have moved in my lifetime towards a plutocracy"? That seems like an accurate summary of his sentiment; it's not saying that we have actually reached a plutocracy, just that that's the trajectory.

The interviewer fed him a leading question, and he responded by saying it's more true now, at least, than when he was born. He also said there were things which would prevent us reaching plutocracy. It's a bit like if you ask someone if the US is moving towards communism, and they say 'well I guess the health care bill is a significant step in that direction.'

it is not the first time Buffett used the "plutocracy" word:

Dynastic wealth, the enemy of a meritocracy, is on the rise. Equality of opportunity has been on the decline. A progressive and meaningful estate tax is needed to curb the movement of a democracy toward a plutocracy.

at a Congressional Hearing on Estate Tax in November 2007 http://www.cnbc.com/id/21791804

The remark wasn't an important enough part of what he was saying to put it within the first ten paragraphs, and they knew it. Hence, they didn't put it anywhere in the first ten paragraphs. But they made it the headline, because it was the most sensationalist line they could find. Either it's important or it's not -- you can't announce to the reader that it's the most important part of Buffett's message and then backtrack once they've given you their ad impressions.

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