The top 1 percent have the best houses, the best educations, the best doctors, and the best lifestyles, but there is one thing that money doesn’t seem to have bought: an understanding that their fate is bound up with how the other 99 percent live. Throughout history, this is something that the top 1 percent eventually do learn. Too late.

A nice post from Joseph Stiglitz on the dominance of our society by the top 1%, and why it sucks for the rest of us.

The Ryan Ripoff, as Yglesias calls it, is just one example.  The rich now feel secure enough they can openly call for the pauperization of the elderly in order to pay even less taxes.

(As others have pointed out, it’s not even the rich in general who are the worst problem.  It’s the financial industry in particular.  That’s where you get the obscene CEO salaries, the insistence on the privatization of profit and the socialization of loss, and the inability to improve the greater society.  Finance these days doesn’t benefit anyone but finance.)

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