My peripatetic mind tends to wander over many conundrums during a day, during just an hour even. In my cerebral journeys, I frequently visit the following question. What is it about the uber-wealthy that drives them to acquire ever more? Why are they never satisfied? Okay, I can see the game aspect of this competition … a race to outdo ones closest competitors. But is that it? Is life to be reduced to a shallow game of meaningless one-upmanship?
Clearly, some psychic satisfaction is attached to moving up a spot or two on the list of the richest (see the current list below). The frenetic search for ever more has been with us throughout history. That intrinsic need for more drove Genghis Khan to conquer additional territory until his empire stretched from Hungary to Korea. And I am reminded of the absentee British landlords in Ireland during the midst of the potato famine. Even as one million plus Irish peasants perished and another two million emigrated out of total desperation, food stuffs from Irish baronial manors owned by English Lords were loaded on ships to be sold for profit overseas. Greed conquered the most elemental expressions of human compassion. Then, of course, we had the unconsionable wealth of ante-bellum plantation owners in the American South. This American form of nobility lived feudal lifestyles on the backs of enslaved humans.

Not being wealthy personally, it is difficult for me to imagine the intrinsic rewards of moving from 7th to 6th place on such a list of financial winners. So freaking what! Worse still, some of these competitors for the most riches appear driven to manipulate public policy in ways that advantage them while disadvantaging ordinary folk or, perhaps worse, while seeking new methods for exploiting workers in craven ways. How much satisfaction can one get in accruing another billion at the cost of imposing further hardships on so many others.

Elon Musk is the poster child for unmitigated greed. His estimated $447 billion in accumulated wealth is the equivalent to 1.6 percent of America’s Gross Domestic Product. He has become John D. Rockefeller rich, up to this point the wealthiest American in history. But what’s the point of such greed?
Economists say that the marginal utility of acquiring more money diminishes after reaching a certain kink point. Somewhere, not far above the median income level, basic economic needs are met. Beyond that point, the meaning of each additional dollar decreases a little at first and then a lot. Eventually, the pursuit of more becomes meaningless. How many mansions can you buy, cars can you drive, sumptuous meals can you consume? Obequious display becomes a substitute form of direct satisfaction or pleasure, if that is what it can be called. Look at me! Look at the things I have, even if these material acquisitions bring me so little pleasure?
It has become fashionable to say that we are in the midst of another gilded age. At the end of the 19th century, the elite enjoyed extraordinary fortunes while most Americans labored in poverty or near poverty. The winners built mansions in New York and elaborate cottages (i.e., sumptuous mansions) along the sea in Newport Rhode Island. At the same time, so-called robber barons employed government police and militia to suppress worker demands for a living wage and to deny demands for elementary rights. Soldiers routinely were brought in to force mine and industrial workers back into dangerous and ill-paid work. Attempts to protect children from labors that stunted their growth and shortened their lives were decreed as Bolshevik or radical plots. The few enjoyed lives of unsurprised luxury, including lavish dinner parties that would cost millions today, while the many struggled in marginal lives and died prematurely as a result.
Then, there was virtually no income tax and regulations of business were weak and seldom enforced. Such inequities endured because laws typically served the wants of the elite. That changed somewhat during the progressive movement in the early 20th century and in the more dramatic reforms of the New Deal and Great Society reforms later on. In fact, the so-called era known as the great compression that took place in the several decades after WWII. That remarkable period witnessed unprecedented growth of the American middle class along with a decline in poverty and suffering. Unlike earlier times, it was a era of high taxes and an aggressive period of public investment in people and infrastructure (e.g. the Interstate Highway Bill, the G.I. Bill, federal investments in science and higher education, and so much more). The late economist Robert Lampman was fond of noting that a litmus test for domestic policy in the 1960s was what will it do for the poor? Concern about the public good was a major focus.
Starting with Reagan in 1980, all that was reversed. The elite never forgave FDR for, in their words, betraying his class, for concerning himself and the federal government with the well-being of common folk. Over time, the right seriously ramped up a counter-revolution eventually known as the Reagan Revolution. This included a return to free-market tactics, the ascendancy of trickle-down economic theories, and a reversal of much government oversight and consumer protections. It marked a return of Darwinian economic struggles and a winner take all perspective.
The result has been a return of gilded-age inequality and the usurpation of political power by an economic oligarchy. Many controls on the exercise of political moderation have been shedded, in the setting aside of the fairness doctrine and in an increase in the role of money through the Citizens United SCOTUS decision. Now, politics is money. Even judicial elections run into the tens of millions of dollars. Long gone are the days when Wisconsin Democratic Senator William Proxmire could run for reelection while spending only several hundred dollars.
The salient question is this. During the earlier gilded-age (end of the 19th century) and during the roaring 1920s, it appeared that there was little hope for wresting political control from those that held the gold. Can you recall the old saw … he who holds the gold rules? It seemed as if power would forever be located in an entrenched economic oligarchy, a kleptocracy if you will … perhaps forever. But circumstances permitted change to happen. Reform was not only feasible, it happened even when unanticipated. Can it happen again, perhaps in what remains of my lifetime, which cannot be all that far in the future given my current age?
With working class Americans now siding with the very political forces dedicated to exploiting them, it is impossible to expect any substantive reforms in the next generation or so. But that’s the wondrous thing about life. Predictions of the future are a perilous preoccupation. One never knows. Hopelessness can turn to hope when least expected.
I am a dark cloud person by instinct. Fortunately, I am also far from omniscient. Perhaps people will realize that the acquisition of unthinkable amounts of treasure is not the ultimate end in life. Perhaps there is a point when people say enough is enough, that greed is not a moral good but little more than exquisite selfishness. I just hope I am here to see that day.
















