Billionaires fear loss of their anti-capitalist advantages
Billionaires are wailing that Elizabeth Warren and Bernie Sanders’s wealth tax proposals are attacks on free-market capitalism. Warren “vilifies successful people,” says Jamie Dimon, CEO of JPMorgan Chase. Rubbish. There are basically only five ways to accumulate a billion dollars, and none of them have to do with being successful in free-market capitalism. The first way is to exploit a monopoly. Dimon is worth $1.6 billion. That’s not because he succeeded in the free market. In 2008, the government bailed out JPMorgan and four other giant Wall Street banks because it ...