Wednesday, May 15, 2013

America’s New Oligarchs—Fwd.us and Silicon Valley’s Shady 1 Percenters

Americans love their tech gurus, but the feeling isn’t mutual. Joel Kotkin on the new ruling class that’s gaming the system and jerking the rest of us around. 

When Steve Jobs died in October 2011, crowds of mourners gathered outside of Apple stores, leaving impromptu memorials to the fallen businessman. Many in Occupy Wall Street, then in full bloom, stopped to mourn the .001 percenter worth $7 billion, who didn’t believe in charity and whose company had more cash in hand than the U.S. Treasury while doing everything in its power to avoid paying taxes.

North Korea Google  

Executive chairman of Google Eric Schmidt stands near a statue of the late North Korean leader Kim Il Sung during a tour of the Grand Peoples Study House in Pyongyang, North Korea. (David Guttenfelder/AP).

A new, and potentially dominant, ruling class is rising. Today’s tech moguls don’t employ many Americans, they don’t pay very much in taxes or tend to share much of their wealth, and they live in a separate world that few of us could ever hope to enter. But while spending millions bending the political process to pad their bottom lines, they’ve remained far more popular than past plutocrats, with 72 percent of Americans expressing positive feelings for the industry, compared to 30 percent for banking and 20 percent for oil and gas.

For the rest of the story: http://www.thedailybeast.com/articles/2013/05/14/america-s-new-oligarchs-fwd-us-and-silicon-valley-s-shady-1-percenters.html

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