It’s now clear that their existence is bothering people and causing them to have low morale due to wealth inequality and political cronysm + corruption
Once a company becomes a public company not to mention part of the sp500 you could dilute the founder or just transfer their shares to the big pension funds, install a new CEO and nothing would essentially change
The way to address wealth inequality is through tax and inheritance reform to shift the incentive system. They way to address political cronyism is political funding reform. Changing the ownership structure of corporations by putting them int eh hands of bureaucrats isn't going to do anything whatever to address either of those issues, in fact it would almost certainly make both of them much worse.
The reason we have billionaires is because these are the people that create tens of thousands of jobs, produce innovative products, provide valuable services. The billionaire owner of a company doesn't have billions of dollars in cash, that wealth is embodied in the value of the jobs and goods and services that make up the companies they control. So if you're going to take that away from them, who do you give it all to? Who gets to decide that?
The fact is capitalism for all it's flaws does work, and compared to the alternative systems that have been tried it's spectacularly successful. Capitalism has raised billions of people worldwide out of poverty, and raised hundreds of millions of people into the middle class. In fact today for the first time in history half the world's population is middle class. These are staggering achievements made possible by unleashing the creative power of individual people exercising straight forward individual economic freedoms. The freedoms that you want to take away.
Now idiots are convinced the pilot is special , wiseguys don’t believe in fairytales and they just look at the weather chart for that flight so that the truth becomes perfectly crystal clear.
That is all there is to it.
If playing roulette was as popular as business or hustling in general, (being played by 8bn people 24/7/365) you’d have billionaires roulette players too. Doesn’t mean they are special it’s just that with a sample that big somebody is bound to be benefiting from the 200mph tailwind
Not everyone is equally talented. Billionaires are the same as sports stars, rock stars, famous actors. You can't just decide to be a sports star, and it doesn't happen by random chance. If society can just decide on a whim to remove the top sports stars cause they are getting too much attention what kind of effect would that have on how sports are played?
They are all just dudes, and I didn’t expect anything more than that because although I loved to party back in college I made sure to be sober for the lecture on Powers law.
As the sample gets bigger a layman observer can be fooled into thinking that subject x or y is special , whereas in reality it’s just a combination of a big sample and powers law doing its thing
Big ass sample (8bn individuals) and power law produces stuff like billionaires.
> fair
It’s not about fairness, people have been saying loud and clear that they can’s stand billionaires and the uber wealthy. They also been saying they want them out.
JPMorgan, Goldman Sachs, Prudential, General Electric, General Motors… they have been in the hands of pension funds forever, with the CEO taking a salary, and they have been working just fine.
If you diluted the whole Forbes 400 into oblivion or just transfered their shares to pension funds the companies they lead would go along just fine .
we know because there are countless examplers