Misdirected Vax Anger Loses Sight of Unmistakable Corporate Looting

Matt Taibbi points out that we are too busy arguing with each other about masks and vaccinations to notice major league corporate theft. His Substack article at TK is titled "Vaccine Aristocrats Strike Again: As yokel-bashing reaches impressive new heights, reports of yet another year of record profits and a widening wealth gap go unnoticed." Here's an excerpt:

[W]ithout constant drumbeats about the treacherous stupidity of anti-vaxxers and “domestic terrorists,” at whom would the bulk of Americans’ anger be directed now?

A good guess would be people like the Fed-fattened private equity takeover artists who were just reported to have swallowed a trillion dollars in companies last year. These are people who force conquered companies to issue reams of new debt to pay them bonuses (taking advantage of a massive public bond-buying program intended as emergency aid) while doing things like cutting shifts for E.R. doctors and nurses in the middle of a pandemic. Even grandfatherly billionaire Warren Buffett’s company Special Metals is currently asking 450 striking steelworkers to accept pay cuts and take on $725 more a month in health premiums, while Buffett himself just floated on our increasingly phony stock market to increase his personal wealth by $1.6 billion in a single day.

. . . “Banks so far have been using profits to invest in technology, pay bonuses and buy back their own stock,” the FT wrote. Meaning, the bulk of this new wealth — most fueled by roughly $5 trillion in Fed spending since the beginning of the pandemic — is being converted into compensation for a handful of executives. Buybacks have also been rampant in defense, pharmaceuticals, and oil & gas, all of which also just finished their second straight year of record, skyrocketing profits. We’re now up to about 745 billionaires in the U.S., who’ve collectively seen their net worth grow about $2.1 trillion to $5 trillion since March 2020, with almost all that wealth increase tied to the Fed’s ballooning balance sheet.

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About the Supposed Meritocracy . . .

Matt Taibbi discusses the "meritocracy," reviewing Michael Sandel's new book, "The Tyranny of Merit." He describes the divide between the those with and without college degrees as stark. He describes this entire topic as unsettling for everyone along the political spectrum. An excerpt from his article, which is titled "Does America Hate the "Poorly Educated"? Michael Sandel's "The Tyranny of Merit" doesn't say so, but the pandemic has become the ultimate expression of upper-class America's obsession with meritocracy":

As Sandel notes, Trump was wired into these politics of humiliation and never invoked the word “opportunity,” which both Obama and Hillary Clinton made central, instead talking bluntly of “winners” and “losers.” (Interestingly, Bernie Sanders also stayed away from opportunity-talk, focusing on inequities of wealth). Trump understood that huge numbers of voters were tired of being told “You can make it if you try” by a generation of politicians that had not only “not governed well,” as Sandel puts it, but increasingly used public office as their own route to mega-wealth, via $400,000 speeches to banks, seats on corporate boards, or the hilariously auspicious, somehow not-illegal stock trading that launched more than one member of congress directly into the modern aristocracy.

The Tyranny of Meritocracy describes the clash of these two different visions of American society. One valorizes the concept of social mobility, congratulating the wealthy for having made it and doling out attaboys for their passion in wolfing down society’s rewards, while also claiming to make reversing gender and racial inequities a central priority. The other group sees class mobility as entirely or mostly a fiction, rages at being stuck sucking eggs in what they see as a rigged game, and has begun to disbelieve every message sent down at them from the credentialed experts above, even about things like vaccines.

The eternal squeamishness Americans feel about class will prevent this topic from getting the attention it deserves, but the insane witches’ brew of rage, mendacity, and mutual mistrust Sandel describes at the heart of American culture is no longer a back-burner problem. Tension over who deserves what part of society’s rewards, and whether higher education is a token of genuine accomplishment or an exclusive social rite, has become real hatred in short order. In the pandemic age, Americans on either side of the educational divide have moved past rooting for each other to fail. They’re all but rooting for each other to die now, and that isn’t a sentiment either side is likely to forget.

Continue ReadingAbout the Supposed Meritocracy . . .