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Krugman doesn't really get into it here, but there's a lot more to explore about the cynicism/fatalism in American culture that led to the current oligarchy imo. like the problem isn't even just the billionaires, it's that everyone is being slowly subsumed by the modern "grindset"

you see this a lot from folks in finance and Silicon Valley more generally, especially post-COVID. granted, those folks are plenty wealthy, but nowhere near the wealth of billionaires or even most near-billionaires. it's all about collecting what's yours until AI cements the "permanent underclass"

On the bright side, the SpaceX IPO will cause many explosions. - Many aerospace disasters came from rushing - going too fast for safety. - Public companies tend to forget EVERYTHING except keeping shareholders happy. - SpaceX WILL rush timelines for stock prices, skip safety, and shit WILL blow up.

say what you like about JP Morgan, Rockefeller, Carnegie, et al, but I think it's fair to say that it wouldn't have even occurred to them to do what Elon Musk did to USAID. only an utterly degenerate monster would murder a million+ children basically for the hell of it

They absolutely sucked but even they had a compulsion to do some good with their money, as evidenced by the educational efforts that bear their names. Meanwhile Musk gutted as much as possible and shows no sign of any impulse to help anyone but himself

Holy shit this is stupid! Ofc the robber barons would have killed people, they didn't have to because aid programs didn't exist to kill. In actual fact, the extremely wealthy banded together to try to stop social programs that helped the poor, including very religious ones like the Pitcairns.

Raymond Pitcairn, for example, was heir to an entire Christian and built a marvelous cathedral and religious college in Pennsylvania. But he was a member of the Sentinels of the Republic, a plutocrat club lobbying to stop the New Deal. And his oligarch father, funny enough, was anti-vax.

"..for the hell of it" is white(supremacist)-washing it. He believes in white replacement theory, eugenics and thinks white need to make more babies. Because there are too black and brown ones. So it wasn't just for "the hell of it" -- any more than Hitler killed Jews for the hell of it.

Disagree. All those other rich folks acted in ways that resulted in tremendous harm to people across the globe, much of which has been glossed over by the celebration of their philanthropy (which is precisely its purpose).

the de facto conspiracy to pretend he didn't do that is crazy-making. all this straight news about Tesla and SpaceX without so much as a whisper of the 7-figure child murder thing

if the tech press interrogated how much of that death was a direct result of Musk being extremely credulous, stupid, and hiring other stupid weirdos the entire house of cards collapses

Carnegie built libraries ... he & Rockefeller founded universities .. their two foundations have helped people world-wide -- same with Andrew Mellon & his foundation, his son Paul Mellon -- both to the National Gallery, but to Yale (arts and more) .Musk wouldn't understand, let alone have a clue

He didn’t do it for the hell of it. He did it because he sincerely believes great replacement shit and wanted to kill a ton of black people to slow their population growth.

They were scared of going to hell and spent the second halves of their lives atoning for the first half. Elon thinks he’s going to live forever on Mars. I wish either of us believed in hell.

Turns out feeling shame and not being able to live inside tiny ideological bubbles 24/7 via a screen are both important to a functioning society.

What has been the relation between innovation and wealth inequality? As inequality decreased from 1930-1980 we saw invention of transistor, laser, computer, satellite. Late 1800’s gave us telephone, light bulb, automobile but not sure how that aligned with wealth inequality.

one argument is that very high marginal tax rates combined with the continuing existence of firms with market power led to spending of profits that would have been heavily taxed if paid out to shareholders instead on prestige projects instead, like Bell Labs which invents the transistor.

the intuitive argument is strong. when the masses have lots of spending power there is a strong incentive to invent new stuff to sell to them. when 5 guys have it all and don't spend it on anything but luxury yachts and whatnot much less so!

Counter argument is that large organizations grow inefficient, with diffusion of responsibility and risk aversion. E.g., Musk has made risky bets on EV’s, rockets, satellites. But as we see with AI these investments can become too distant from broad demand, serving only oligarch interests

I dunno if it was less cynical given that folks like Pullman had to be buried in solid concrete to prevent people from desecrating his grave. There was definitely some pragmatism at work.

I wish more Oligarchs understood how this ends. There's only two ways, A) You pay a 70-90% tax on wealth so the system rebalances B) Society collapses, a lot more people die and suffer, and one day some people show up at your door, but they aren't interested in taxes, they want retribution.

Historical evidence suggests that they are incredibly wrong, and archaeologists will find their amphoras full of gold coins someday, or their estates will make fine botanical gardens/cautionary tales, while their relatives end up in exploitative documentaries.

As an addendum, the Pharaohs of Egypt had people killed to protect their tombs, and we have them on display in our museums. This is the digital age, and whoever built your bunker used a CAD program somewhere, told someone, sold the location. Every Castle failed, breach, betrayal, time...