Beware, fellow plutocrats, the pitchforks are coming | Nick Hanauer

Beware, fellow plutocrats, the pitchforks are coming | Nick Hanauer


You probably don’t know me, but I am one of those .01 percenters that you hear about and read about, and I am by any reasonable definition a plutocrat. And tonight, what I would like to do is speak directly to other plutocrats, to my people, because it feels like it’s time for us all to have a chat. Like most plutocrats, I too am a proud and unapologetic capitalist. I have founded, cofounded or funded over 30 companies across a range of industries. I was the first non-family investor in Amazon.com. I cofounded a company called aQuantive that we sold to Microsoft for 6.4 billion dollars. My friends and I, we own a bank. I tell you this — (Laughter) — unbelievable, right? I tell you this to show that my life is like most plutocrats. I have a broad perspective on capitalism and business, and I have been rewarded obscenely for that with a life that most of you all can’t even imagine: multiple homes, a yacht, my own plane, etc., etc., etc. But let’s be honest: I am not the
smartest person you’ve ever met. I am certainly not the hardest working. I was a mediocre student. I’m not technical at all. I can’t write a word of code. Truly, my success is the consequence of spectacular luck, of birth, of circumstance and of timing. But I am actually pretty good at a couple of things. One, I have an unusually high tolerance for risk, and the other is I have a good sense, a good intuition about what will happen in the future, and I think that that intuition about the future is the essence of good entrepreneurship. So what do I see in our future today, you ask? I see pitchforks, as in angry mobs with pitchforks, because while people like us plutocrats are living beyond the dreams of avarice, the other 99 percent of our fellow citizens are falling farther and farther behind. In 1980, the top one percent of Americans shared about eight percent of national [income], while the bottom 50 percent of Americans shared 18 percent. Thirty years later, today, the top one percent shares over 20 percent of national [income], while the bottom 50 percent of Americans share 12 or 13. If the trend continues, the top one percent will share over 30 percent of national [income] in another 30 years, while the bottom 50 percent of Americans will share just six. You see, the problem isn’t that we have some inequality. Some inequality is necessary for a high-functioning capitalist democracy. The problem is that inequality is at historic highs today and it’s getting worse every day. And if wealth, power, and income continue to concentrate at the very tippy top, our society will change from a capitalist democracy to a neo-feudalist rentier society like 18th-century France. That was France before the revolution and the mobs with the pitchforks. So I have a message for my fellow plutocrats and zillionaires and for anyone who lives in a gated bubble world: Wake up. Wake up. It cannot last. Because if we do not do something to fix the glaring economic inequities in our society, the pitchforks will come for us, for no free and open society can long sustain this kind of rising economic inequality. It has never happened. There are no examples. You show me a highly unequal society, and I will show you a police state or an uprising. The pitchforks will come for us if we do not address this. It’s not a matter of if, it’s when. And it will be terrible when they come for everyone, but particularly for people like us plutocrats. I know I must sound like some liberal do-gooder. I’m not. I’m not making a moral argument that economic inequality is wrong. What I am arguing is that rising economic inequality is stupid and ultimately self-defeating. Rising inequality doesn’t just increase our risks from pitchforks, but it’s also terrible for business too. So the model for us rich guys should be Henry Ford. When Ford famously introduced the $5 day, which was twice the prevailing wage at the time, he didn’t just increase the productivity of his factories, he converted exploited autoworkers who were poor into a thriving middle class who could now afford to buy the products that they made. Ford intuited what we now know is true, that an economy is best understood as an ecosystem and characterized by the same kinds of feedback loops you find in a natural ecosystem, a feedback loop between customers and businesses. Raising wages increases demand, which increases hiring, which in turn increases wages and demand and profits, and that virtuous cycle of increasing prosperity is precisely what is missing from today’s economic recovery. And this is why we need to put behind us the trickle-down policies that so dominate both political parties and embrace something I call middle-out economics. Middle-out economics rejects the neoclassical economic idea that economies are efficient, linear, mechanistic, that they tend towards equilibrium and fairness, and instead embraces the 21st-century idea that economies are complex, adaptive, ecosystemic, that they tend away from
equilibrium and toward inequality, that they’re not efficient at all but are effective if well managed. This 21st-century perspective allows you to clearly see that capitalism does not work by [efficiently] allocating existing resources. It works by [efficiently] creating new solutions to human problems. The genius of capitalism is that it is an evolutionary solution-finding system. It rewards people for solving
other people’s problems. The difference between a poor society and a rich society, obviously, is the degree to which that society has generated solutions in the form of products for its citizens. The sum of the solutions that we have in our society really is our prosperity, and this explains why companies like Google and Amazon and Microsoft and Apple and the entrepreneurs who created those companies have contributed so much to our nation’s prosperity. This 21st-century perspective also makes clear that what we think of as economic growth is best understood as the rate at which we solve problems. But that rate is totally dependent upon how many problem solvers — diverse, able problem solvers — we have, and thus how many of our fellow citizens actively participate, both as entrepreneurs who can offer solutions, and as customers who consume them. But this maximizing participation thing doesn’t happen by accident. It doesn’t happen by itself. It requires effort and investment, which is why all highly prosperous capitalist democracies are characterized by massive investments in the middle class and the infrastructure that they depend on. We plutocrats need to get this trickle-down economics thing behind us, this idea that the better we do, the better everyone else will do. It’s not true. How could it be? I earn 1,000 times the median wage, but I do not buy 1,000 times as much stuff, do I? I actually bought two pairs of these pants, what my partner Mike calls my manager pants. I could have bought 2,000 pairs, but what would I do with them? (Laughter) How many haircuts can I get? How often can I go out to dinner? No matter how wealthy a few plutocrats get, we can never drive a great national economy. Only a thriving middle class can do that. There’s nothing to be done, my plutocrat friends might say. Henry Ford was in a different time. Maybe we can’t do some things. Maybe we can do some things. June 19, 2013, Bloomberg published an article I wrote called “The Capitalist’s Case for a $15 Minimum Wage.” The good people at Forbes magazine, among my biggest admirers, called it “Nick Hanauer’s near-insane proposal.” And yet, just 350 days after that article was published, Seattle’s Mayor Ed Murray signed into law an ordinance raising the minimum wage in Seattle to 15 dollars an hour, more than double what the prevailing federal $7.25 rate is. How did this happen, reasonable people might ask. It happened because a group of us reminded the middle class that they are the source of growth and prosperity in capitalist economies. We reminded them that when
workers have more money, businesses have more customers, and need more employees. We reminded them that when businesses pay workers a living wage, taxpayers are relieved of the burden of funding the poverty programs like food stamps and medical assistance and rent assistance that those workers need. We reminded them that low-wage workers make terrible taxpayers, and that when you raise the minimum wage for all businesses, all businesses benefit yet all can compete. Now the orthodox reaction, of course, is raising the minimum wage costs jobs. Right? Your politician’s always echoing that trickle-down idea by saying things like, “Well, if you raise the price of employment, guess what happens? You get less of it.” Are you sure? Because there’s some contravening evidence. Since 1980, the wages of CEOs in our country have gone from about 30 times the median wage to 500 times. That’s raising the price of employment. And yet, to my knowledge, I have never seen a company outsource its CEO’s job, automate their job, export the job to China. In fact, we appear to be employing more CEOs and senior managers than ever before. So too for technology workers and financial services workers, who earn multiples of the median wage and yet we employ more and more of them, so clearly you can raise the price of employment and get more of it. I know that most people think that the $15 minimum wage is this insane, risky economic experiment. We disagree. We believe that the $15 minimum wage in Seattle is actually the continuation of a logical economic policy. It is allowing our city to kick your city’s ass. Because, you see, Washington state already has the highest minimum wage of any state in the nation. We pay all workers $9.32, which is almost 30 percent more than the federal minimum of 7.25, but crucially, 427 percent more than the federal tipped minimum of 2.13. If trickle-down thinkers were right, then Washington state should
have massive unemployment. Seattle should be sliding into the ocean. And yet, Seattle is the fastest-growing big city in the country. Washington state is generating small business jobs at a higher rate than any other major state in the nation. The restaurant business in Seattle? Booming. Why? Because the fundamental law of capitalism is, when workers have more money, businesses have more customers and need more workers. When restaurants pay restaurant workers enough so that even they can afford to eat in restaurants, that’s not bad for the restaurant business. That’s good for it, despite what some restaurateurs may tell you. Is it more complicated than I’m making out? Of course it is. There are a lot of dynamics at play. But can we please stop insisting that if low-wage workers earn a little bit more, unemployment will skyrocket and the economy will collapse? There is no evidence for it. The most insidious thing about trickle-down economics is not the claim that if the rich get richer, everyone is better off. It is the claim made by those who oppose any increase in the minimum wage that if the poor get richer, that will be bad for the economy. This is nonsense. So can we please dispense with this rhetoric that says that rich guys like me and my plutocrat friends made our country? We plutocrats know, even if we don’t like to admit it in public, that if we had been born somewhere else, not here in the United States, we might very well be just some dude standing barefoot by the side of a dirt road selling fruit. It’s not that they don’t have good
entrepreneurs in other places, even very, very poor places. It’s just that that’s all that those entrepreneurs’ customers can afford. So here’s an idea for a new kind of economics, a new kind of politics that I call new capitalism. Let’s acknowledge that capitalism beats the alternatives, but also that the more people we include, both as entrepreneurs and as customers, the better it works. Let’s by all means shrink the size of government, but not by slashing the poverty programs, but by ensuring that workers are paid enough so that they actually don’t need those programs. Let’s invest enough in the middle class to make our economy fairer and more inclusive, and by fairer, more truly competitive, and by more truly competitive, more able to generate the solutions to human problems that are the true drivers of growth and prosperity. Capitalism is the greatest social technology ever invented for creating prosperity in human societies, if it is well managed, but capitalism, because of the fundamental multiplicative dynamics of complex systems, tends towards, inexorably, inequality, concentration and collapse. The work of democracies is to maximize the inclusion of the many in order to create prosperity, not to enable the few to accumulate money. Government does create prosperity and growth, by creating the conditions that allow both entrepreneurs and their customers to thrive. Balancing the power of capitalists like me and workers isn’t bad for capitalism. It’s essential to it. Programs like a reasonable minimum wage, affordable healthcare, paid sick leave, and the progressive taxation necessary to pay for the important infrastructure necessary for the middle class like education, R and D, these are indispensable tools shrewd capitalists should embrace to drive growth, because no one benefits from it like us. Many economists would have you believe that their field is an objective science. I disagree, and I think that it is equally a tool that humans use to enforce and encode our social and moral preferences and prejudices about status and power, which is why plutocrats like me have always needed to find persuasive stories to tell everyone else about why our relative positions are morally righteous and good for everyone: like, we are indispensable, the job creators, and you are not; like, tax cuts for us create growth, but investments in you will balloon our debt and bankrupt our great country; that we matter; that you don’t. For thousands of years, these stories were called divine right. Today, we have trickle-down economics. How obviously, transparently self-serving all of this is. We plutocrats need to see that the United States of America made us, not the other way around; that a thriving middle class is the source of prosperity in capitalist economies, not a consequence of it. And we should never forget that even the best of us in
the worst of circumstances are barefoot by the side of a dirt road selling fruit. Fellow plutocrats, I think it may be time for us to recommit to our country, to commit to a new kind of capitalism which is both more inclusive and more effective, a capitalism that will ensure that America’s economy remains the most dynamic and prosperous in the world. Let’s secure the future for ourselves, our children and their children. Or alternatively, we could do nothing, hide in our gated communities and private schools, enjoy our planes and yachts — they’re fun — and wait for the pitchforks. Thank you. (Applause)

100 Comments

  1. Goodtohave Inajam says:

    The Socialist Democrats are coming for you.

  2. porkyfedwell says:

    Henry Ford introduced the $5 day because he could afford to do it, and he did it voluntarily. So let the companies who can afford to pay more, decide to do so. Don't require all companies to do it, because many can't survive if it's a legal requirement.

  3. porkyfedwell says:

    Is this the same Washington state that has homeless drug addicts sh**ing on the streets? Or a different Washington state? Just wondering.

  4. porkyfedwell says:

    The thing that bugs me about this talk is that if he weren't just looking to win a popularity contest, he'd be talking at Davos and trying to get his fellow plutocrats to raise wages at their own companies. The audience here is powerless to accomplish that.

  5. Zeupater says:

    I agree except that it’s not new. As he said, Henry Ford already knew this. We’ve done this before. From the 1930’s until the 1980’s was the great expansion of the middle class. Raising the minimum wage is good, but it’s only a start.

  6. Mischa says:

    you had em coming 😀

  7. Perry Holmes says:

    Within 30 years, the Plutocrats will have private armies and restricted areas where us serfs dare not enter. Their fear of the pitch forks ( and RPG'S) will bring this about. This country's foundation was built by slavery. The post modern industrial complex we have now was built by the middle class of this country.

  8. throngcleaver says:

    I'm going to start selling pitchforks.

  9. TealMjM says:

    It's unfortunate that five years has passed and the plutocracy has only increased in power.

  10. ThePParadigm says:

    Capitalism may have its benefits, but it's really a failed system (a bubble) that's propped up with inflation, fiat money and a central banking system.

  11. Simone Streeter says:

    So, all that money and all he could think of for a lifestyle is to own multiple homes, a yacht and a plane? Imaginative, that.

  12. 1776vtgmb says:

    Henry Ford's life should be taught in every high school in the USA. It was in our home school….

  13. tee rose says:

    where is the haha react

  14. kourii says:

    eat the rich

  15. Strefanasha achatvalu says:

    of course the old dictum that the lessons of history are never learned will apply here. the plutocrats will not listen and revolution of some kind will likely come. but if revolution does not come divine judgement will. think about that. the first is possible the second is INEVITABLE

  16. Darla says:

    The uprising is being stoked along by Russians & others trying to stir up racial tensions, hatred between rich & poor. That could make it happen much faster.
    In other news, I can’t afford a pitchfork…
    Random fact: My great-grandfather was a farmer & died from a freak pitchfork injury. I wish this wasn’t true.

  17. acvarthered says:

    Well he said he was not the brightest and he certainly was correct on that one thing. The whole argument that Ford giving higher wages allowed his workers to buy cars and pay for the wage raises is idiotic. For Ford to recoup his wage increases each employee would have had to buy 2 cars per year. He then moves on to invoking the strawman of trickle-down… Yeah best if we just stop the video there.

  18. Danny Holmes says:

    And what did the one percenters do? They had our government bring in massive immigrants both legal and illegal to keep wages low.

  19. Demosthenes says:

    He forgot to mention the guillotine

  20. Agus Santoso says:

    all you really need in this world is food, shelter, medicine

  21. srbaruchi says:

    OK, so a "friend" of mine has a few million dollars. Sure, he's not stimulating the economy by massive consumerism. Almost all he has is invested in "the market." So his wealth goes (is "loaned") to hundreds of diverse companies to employ, produce, innovate, and grow. In other words, he contributes to the economy every day with his investments. Is that not better than an authoritarian state seizing a huge percentage of that wealth, via income and wealth taxes, and dictating to the individual how his wealth will be used? Is that not an usurpation of property rights? How much redistribution power should the State have in a free society?

  22. Randy H says:

    Finally, someone who gets it.

  23. Alan Todd says:

    Such a damn shame that Trump didn't watch this. Trickle-down economics = more control of the populace.

  24. Wisdomatwork Whitesides says:

    How do I send this to Trump? 🤪

  25. Nancy Preston says:

    My thumb up is for the comments.

  26. Gray Matters says:

    Of course. But American companies and "Plutocrats," increasingly, don't think of themselves as Americans. They think of themselves as "internationalists" — even though they owe their success to the environment and market they enjoyed here. They have no loyalty, except to the almighty dollar. Proof is the fact that they move their money to foreign countries for tax reasons. Their companies move factories, headquarters etc., too, to their advantage — ruining the lives of untold thousands of Americans. I was on board to vote for Mitt Romney until I learned that he had moved much of his wealth off-shore to keep from paying our taxes. That disqualified him, in my view, from ever being President. But I digress.

    This is how globalism hurts America. It represents a massive transfer of wealth to other countries — which might at least help the poor in those countries. But it doesn't. Because those countries are massively corrupt. If we think inequality is bad here, once that wealth goes to other countries, their mind-boggling corruption enables foreign plutocrats and warlords to suck up all the wealth, leaving their people literally starving to death. But either way, the rich in all countries just keep getting richer.

    You never fix inequality. What you try to ensure is that, even though inequality is expanding, the bottom is also rising. And that, at least in America, is what we've seen.

  27. Rafael Garcia Cazorla says:

    Master speech! The most truthful I ever heard since I came to live in this country. It would be awesome if he works with Bernie Sanders.

  28. Fiona Tanzer says:

    The very term "trickle down economy" tells you all you need to know – the workers get only the thinnest of trickles of prosperity that happen to slip through the plutocrats' fingers when they can't keep them closed hard enough. If it was a "flow down economy" I might buy into it as a theory of economics. But who wants only a trickle?

  29. Donald Edward says:

    Hurrah, a decent minimum wage is the first step. A democratic (take out the power of money) government that enacts good social legislation, as Bernie Sanders recommends is the second step. Bernie is not against the rich he is FOR everybody getting richer and better educated. THE REPUBLICAN PARTY CANNOT SEE THE BIG PICTURE. It is now a criminal conspiracy. Take a look at the recent (2019) tax changes, the election to the Supreme Court of an accused rapist, the refusal to put democratic ideas on legislation to the vote, vote suppression, gerrymandering, attempts to gut the ACA, and so on and on and on. It may come to pitchforks. This talk should be repeated again until it gets through the thick skulls of many of Nick Hanauer's fellow plutocrats and their servile, well bribed, Republican Senators.

  30. Dav Ree says:

    And how has seattles min wage worked out? Idiot

  31. Leszek Nagooglach says:

    The police & judiciary system are much more effective in the USA than in Europe. While Europe will be cleaning the pitchforks after a revolution, Americans will only be polishing their forks secretly at homes…

  32. Andreas Karlsson says:

    "The plebs are getting rowdy again.. Quick! Sprinkle some money on them so they'll settle down"
    Pay your taxes, offer fair wages and decent working conditions, and stop acting like you're better than the rest of us.
    And really, pay your fucking taxes. No amount of philanthropy makes up for not doing so.

  33. No Bozos says:

    What a load of crap. Even though it doesn't work, idiots like this keep espousing it.

  34. Keith Mellor says:

    I agree with Nick, only this time it won't be pitch forks, it will be AR's and AK's.

  35. Dap The EVegan says:

    A thriving middle class is the driving engine to any type of economy, whether it is capitalism, socialism, communism or mixture of economies

  36. Laurynas Stankevicius says:

    increasing minimum wage has only one outcome – more inequality. Next

  37. HealyHQ says:

    #YangGang!

  38. Jacob Zondag says:

    And in 2016 the US elected an ultra-corrupt, xenophobic, mysogenist con-capitalist gambler.

  39. Jan Parker says:

    That was the smartest thing I have ever heard…he's right.

  40. freedom says:

    this is why they want guns people.. "be a police state or the mobs are coming"….. want to fix this mental health problem, go after big pharma…. unconstitutional red flag laws and imprisonment is not a way to solve this… maybe we should be looking in to why a shooting always happens at the best times for anti gunners? who could love this country when we the people keep losing the rights that made this country great? we get treated like children, its sad… who really benefits from an unarmed america? china, russia, iran, and any other enemy of this country.. in ww2 the Japaneses didnt invade because we are an armed people and they where not talking the army but the people ie civilians… The referenced "letter" is claimed to be in the extensive personal files of Gordon W. Prange, the personal historian for Gen. Douglas MacArthur. The Yamamoto quote in this letter is said to be, "to invade the United States would prove most difficult because behind every blade of grass is an American with a rifle

  41. Brooks Workman says:

    Andrew Yang is not perfect but he is the best step forward to fixing the problems we have, at least today. By far.

    Yang 2020

  42. Flappy McFlappington says:

    https://imgur.com/a/CVW7PCw

  43. Fred Stanford says:

    5:57 "Raising wages increases demand" – that is nothing but BS. If a brewery raises the pay for its workers, the must then raise the price of their beer. Is that supposed to increase demand? Amazing that somebody with so much success makes such a stupid statement.

  44. stormwatcher59 says:

    YANG 2020!

  45. MyFriendMe says:

    That $15/hour minimum wage in Seattle led to mass layoffs & automation that obliterated a huge portion of the low-skilled working class jobs, putting thousands more people on welfare, and causing WA to raise taxes on the middle class. Oops.

  46. Jyoeru Zaberu says:

    I like the French Rev association because that is 100% where this ship is headed, and this was 100% the Tennis Court Oaths part of that chain of events.

    You know the saying about someone wanting "champagne on a beer budget"?

    That's how I feel about the (obscenely) rich. You can have your mansion when everyone can reasonably get a home. You can have your 2nd home when everyone has a GOOD first home. You can have your 15th custom Ferrari when everyone has a reliable and sustainable means of transportation, more specifically a safe one. You can have endless buffets of endangered species when you've solved poverty–a problem that 100% exists BECAUSE there are rich people.

    Until then, expect one day you will become dinner.

  47. Jyoeru Zaberu says:

    7:34 would like to have a word with you.

  48. john smith says:

    The rich don't have to worry , the police/army/killer robots will protect them

  49. Bob Newb says:

    http://daviddfriedman.com/The_Machinery_of_Freedom_.pdf

  50. AnAmericanMan says:

    I'm a plutocrat, I'd better tune in….

  51. seker7 says:

    First 2 minutes ofhis was this rich f##k bragging about how filthy rich IT got (with 0 'bootstraps')

  52. seker7 says:

    …and how many BILLION's this this POS get from duh' Rich Welfare' IT got for 30 yrs

  53. Conny Alm says:

    And nothing happens to this day…time for pitchforks is here.

  54. Jason McQueen says:

    I'm not convinced. The reason I'm not convinced is the fact that I cannot buy a gallon of milk for $1.79 like my mother could thirty years ago. Today it costs $4.99. To my dad thirty years ago, a good wage was $10 an hour. Today, I make about $20 an hour for similar work. You can buy roughly the same stuff with the modern wage that you could with the thirty years ago wage. Yes, raising the minimum wage drastically could theoretically have a positive impact on the economy. But the effect is temporary. Once everything catches up and works out, everything will be pretty much as it is now, except the numbers will be bigger, just like the price of milk.

    The real problem isn't economic at all, it's societal. It comes from how we as a group choose to live. Think about it: widespread divorce costs this country a lot. So does full time child care. So do nursing homes. So does fatherless children committing more crime. So does depression and anxiety. So do schools that can no longer function with two dozen kids per class without a teacher and two paras when a hundred years ago one teacher could teach nearly a hundred students. And it never occurs to anyone to ask themselves why.

  55. Moist-Mike says:

    This guy is an economic savant, but now that he's a billionaire, he can also afford to be an economic leftist. No matter what happens to the economy and the rest of the world based on his advice, he can retreat into his billions and not feel any of the negative effects of that advice. The people he's talking to are a bunch of leftist morons and are destined to suffer from his hubris and their own leftist stupidity. I am Moist Mike. I have spoken.

  56. Katie_pol says:

    Well, he’s not wrong. Those guillotines are looking better by the day.

  57. skugglatron says:

    Hitler loved Henry Ford

  58. sexypoetry says:

    the tricky "trickle up" theory

  59. Tonino Belimussi says:

    At 1:27 I turned off, this guy is as interesting as a bookkeeper's monologue. He may be rich, he ain't funny.

  60. CiviteitRN says:

    You deserve the pitchforks and it would be good for the rest of us.

  61. whatgamesweplay says:

    I work for a small plutocrat. He would never watch this video. he'd send it to me, ask for a summary then never get around to read it.

  62. Eric W says:

    How is Seattle doing today? (Aug 2019) .

  63. Jim Leedy says:

    I guess google wanted me to see this one. It has been in my feed for weeks. Like they would change my mind. The video started out good, and then he took a hard left. "New Capitalism" is sounding a lot like "bigger government should do something about this problem before the masses organize an uprising!" That is what every giant corporation is saying these days. The same leaders who are paying handsomely for lobbyists to make sure that there isn't too much competition. They want the benevolent government to take it and distribute it fairly, so long as they are still above it all. Well, a government isn't always benevolent, but it is always inefficient. Take away the power that crony capitalists have on the gov. not by giving the government more power. Reduce regulation that stifles competition, simplify the tax code so there are no favors to give out, implement term limits. If the plutocrats want to avoid the pitchforks, they can opt to share their billions with their employees, but having Uncle Stupid do it for us is never going to work.

  64. seahog32 says:

    He missed the fact that being a billionaire does not make you automatically a plutocrat. Not by default, anyway. Plutocracy means the country being run by the ultra-rich. Time to get involved in politics maybe?

    Talking means nothing, Nick. Start using your money to twist arms in the highest places to make them turn the ideas you are presenting here into policies. That is, first, if you like to call yourself a real plutocrat and, second, if you are serious about what you are preaching here. Somehow though I can't get rid of a feeling that won't be the case.

  65. Rob Andrews says:

    If this continues , what will happen to the increasing number of old people. In many states we can't get proper coverage, now. Teeth, eyesight, hearing are major concerns in Florida.

    "Chewing, seeing and hearing, are part of a health body." —Bernie Sanders

  66. Ronald Wilson says:

    The pitchforks won't be aimed at plutocrats alone. Those who tear at the foundations of our society (e.g., the nuclear family, Judeo-Christian morality, freedom of speech and assembly, the right of self-defense) will also be targeted. People want more than just material wealth.

  67. ransom182 says:

    He’s a CLOSET COMMUNIST!!!!!

  68. Sonja Nikolic says:

    Good talk. Too bad they didn't listen.

  69. Tiffany Houchin says:

    What is truly amazing is how anti-Capitalist our society truly is. Adam Smith said monopolies are supposed to be stopped by the government, and the people are going to see the most benefits from a capitalist system. Insider trading was also not allowed in a Capitalist society. Read “Wealth of Nations,” by Adam Smith. We are NOT A CAPITALIST SOCIETY. WE ARE A GOVERNMENT SPONSORED OLIGARCHY. We have 99% of the people sharing 1% of the wealth in the USA, deeply in debt. Meanwhile, the 1% enjoys over 95% of the nation’s wealth, and refuse to pay fair wages because union labor has been killed by the corporations and the government. Even Regan decided to break up the Air Traffic Controller’s Union, a serious blow from the very TOP to shove another knife 🔪 into Union labor. It’s amazing how many people are fooling themselves into believing that they are “Capitalist.” We ARE NOT FOLLOWING THE RULES OF CAPITALISM, AND GREED HAS CORRUPTED THE WORLD TO AN UNIMAGINABLE LEVEL. We are walking the fine line of fascism, where country and corporations align themselves with a strong military industrial complex. This man should not have the money he has, but taxpayers are still handing out money to people just like him due to the orders from the top. The government does not care to control the monopolies in the market because they were able to get their hands on money 💰 from the corporate world, and it has utterly corrupted the interests of the many over the few. We cannot continue on this path. It’s going to soon usher in a New World Order, where democracy is dead 💀, and the people are just forced into doing whatever they are told for as little money as possible, if any. This is truly a sickness that is going to spread world wide, and the top 1% will continue to rule the people, but under the new constitution they have already written. That started in 2014, with Georgia signing on first for the new edited corporate constitution. Many states have already signed signed up for this behind the scenes and are getting ready to usher trump into a second term so they can call their own new Constitutional Constitution. Bush left us in debt- and now we are further in debt than we have ever been and it cannot continue. It’s as if George Orwell came to the USA and took a long look at what was going to happen in the future (1984). Read these two books, they are must read books. It will show you just how far away from “Capitalism” we have traveled. The future isn’t looking good for anyone.

  70. PAPOOSELAKESURFER says:

    Plutocrats have planned the solution for over two centuries, it is called eugenics. Look at UN Agenda 21/30, fluoride in the water, brain toxin sugar substitutes, the plutocrat risk has not been neglected.

  71. Robert Marlowe says:

    It would be nice if everyone had a basic understanding of contemporary economic theory.

  72. Tom Mench says:

    Correction it wont be pitch forks it will be guns & hanging rope

  73. Daian Moi says:

    I love this video, but you're playing a dangerous game when the most selfish of the 1% who does not elect to give up some of their wealth are rewarded with having even more power. It is not survival of the fittest, but survival of the most selfish conservative capitalist. The system will never produce virtue so long as power is so inexplicably tied to wealth.

  74. valar says:

    Pitchfork peasants with murder in their eyes.

  75. Jesse Roberson says:

    Tie workers pay to CEO pay.

  76. jamesblunt006 says:

    The title of this video should be "The Trickle Down Lie Debunked"

  77. Lorie Nelson says:

    I wish more plutocrats were even capable of understanding this message. Rampant narcissism and obsession with money, toys and what they look like are a few examples of many illnesses preventing them from even being able to relate to this message.

  78. Christopher Floyd says:

    I would like to hear what he has to say about today's Trump USA, and the world in general.

  79. Robin Roush says:

    I don't think Seattle is kicking anybody's as these days

  80. Kick someup says:

    I closed my eyes while watching this. Jimmy Kimmel is smarter than I thought.

  81. WILLIAM OBRIEN says:

    It's a myth that business create jobs. Jobs are created by demand. If a business has a product (goods, services,etc.) that is in demand, it will create jobs to meet that demand. If the demand drops, the jobs go away. Businesses do not operate altruistically. The only entity that create jobs irrespective of actual demand is the government. The government is also the largest single job creator via filling millions of government jobs as well as jobs in the private sector, because everything the government uses, from toilet paper to aircraft carriers, is purchased from the private sector.

  82. James Cordeiro says:

    For a smart guy he sure likes the "Trickle Down" straw man.

  83. Lia Mari says:

    Here come the pitchforks.
    I wish it didn’t quite sound so self-serving. Like he’s more interested in raising wages, not because we deserve a larger share of the pie we create, but more throwing a steak to an attacking dog.

    It’s not just higher wages we need, we higher taxes to cover social programs, etc etc etc.

    The $15 minimum wage is #NotSoRadicle anymore. It’s just the beginning.

    Excellent talk, interesting POV.

  84. PHILIP BRIGGS says:

    From a sociological analysis, he is so right and sound. It is self evident!

  85. HT200 says:

    We will never have a thriving society until we get rid of today's conservatives. The koch brothers, Mcconnell,etc. all those corrupt sons of bitches are a cancer upon this country.

  86. Darren .Dixon says:

    Currently looking for investment into pitch fork and Guillotine manufacturing.

  87. Lucy DM says:

    ‘high tolerance for risk’ you mean for your employees? you may lose a few million or even have a business close down, but your capital will always support you, while that risk puts dozens maybe even hundreds of your employees jobs on the line, leaving their livelihoods in jeopardy. if thats one of your good qualities i’d hate to know you.

    there is no solution within capitalism.

  88. Les M. says:

    Growth and prosperity are converting nature into resources that drive the economy but this results in the sixth mass extinction which we are going through right now.

  89. Enrique Velez says:

    Aw, thanks, it would be super nice if plutocrats paid their taxes, tho.

  90. MsBizzyGurl says:

    Limit growth. Increase education. Require sustainable contribution. Overpopulation and ignorance topples society. The US was founded as a capitalist society that built wealth on the backs of lower classes. Economic equality is a myth. Ford could not fill his factory unless he paid for it. Skills matter and that's what enables upward mobility.

  91. Wilhelm Heinzerling says:

    We are in a 2nd gilded age

  92. Wilhelm Heinzerling says:

    05:20 THANK YOU

    More money the average citizen has, the more theyll buy

  93. Lynn Hargett says:

    Is a proven fact that workers are more productive when they're happy, appreciated and valued for their thoughts and input. When a worker has to work two jobs and is away from the home more than they're at the home, with their children. you can see why America has so much angst, and frustration. Most parents have to work two jobs in order to just get clothes on their kids back. Maybe this billionaire should run for president.

  94. Steve Pettersen says:

    Thanks for telling everybody how great Seattle is/was. Now everybody is moving here.

  95. Robert Dillon says:

    Trickledown economics failed Reagan was wrong!

  96. Tonydjjokerit says:

    my sentiments exactly!The US is heading for a watershed moment where it may not be able to return.I wish our government in the UK would listen to Nick,however pitchforks may not be enough

  97. robert taylor says:

    The plutocrats, the capitalist have got it all wrong; it’s not their entrepreneurial risk taking or the capital invested in the company that creates profit (“excess value”), it is the human capital misconstrued as “labor”, which is the true generator of the “excess value”.

    Does anyone really believe that Zuckerberg, or any of the unicorn founders, in any industry, actually earned their billions by their own expertness? They succeed only because of the quality of the human capital they attract, as well as a whole lot of luck; being in the right place at the right time.

    If you extrapolate through history the sources of the accumulated capital acquired by the 1 percent and especially the 1/10 of a percent worldwide, their collective wealth largely represents the appropriated wealth of the commons. We’ve been beguiled and hoodwinked by capitalism and yet we celebrate it!

  98. Dave says:

    Back when I was a kid, millionaires where rare, now billionaires are the new normal, soon trillionaires will be our new reality.

  99. Chris Bonnett says:

    In 1800 we believed the planet could only support a 1 billion population.
    He's right, he was lucky. He doesn't understand economics.
    When wealth is massive, the poor have enough.
    In France, the poor were staving to death.
    Our poor have cellphones, 250 channels on their TV that they watch in air conditioned homes and are "overweight".

  100. Gendo ruwo says:

    The more i think about this the more this vid make sense.
    It's true that capitalism need both production and consumption to survive… And the extremely rich people make TERRIBLE consumers.
    Without the middle class, there's nothing left, no more growth, only decay.
    The economic ecosystem should not be allowed to go way too unbalanced.
    not sure whether or not the 'minimum wage' is the best solution, but it's clear that if something is not done to alleviate the problem, it's going to be terrible for all.

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