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Monday, October 28, 2024

Billionaires Should Avoid Politics, Stop Complaining, and Pay More Taxes

 

     They have all the money and now they want all the influence too. They can buy it. Russian oligarch Ilan Shor paid money for votes in Moldovan elections and was rightly banned for interfering in elections. Elon Musk makes the same offer to unregistered voters, albeit a chance at winnings rather than cash upfront. Apparently, the DOJ informed Musk, the world’s richest man, that what he was doing might be illegal. I’m not sure how that will play out. Meanwhile, Jeff Bezos, the world’s second richest man, orders (or approves his editor’s decision after recommending) that the Washington Post not endorse Kamala Harris as was widely expected, and apparently within hours Blue Origin executives meet with Trump. Was Bezos considering potential new government contracts for Blue Origin if Trump were to win? A story in the Guardian, referenced below, suggests a deeper conspiracy, or a quid pro quo. In any case, the non-endorsement resulted in a lot of subscription cancelations, although some questioned the value of cancellation in protest. Thus far, two long-time columnists have resigned over the issue. Post associate editor Jonathan Capehart remains at the Post but called the non-endorsement ‘abominable’ in a video statement. Oddly, perhaps, a similar series of events played out at the LA Times, owned by billionaire Patrick Soon-Shiong. The LA Times also declined to endorse Harris as expected. An email asking for reasons for the decision has had no reply thus far. Columnists also resigned and the Trump campaign praised the decision.

     What I am trying to say is that our elections are being influenced in deliberate ways by the richest people in the world. How the influence will play out is still up in the air, but I think the real issue is why they are getting involved at all. These may be the two richest men in the world, but they get one vote in an election just like we do. In that sense we are equal. However, if they are out there throwing money around and declaring obvious against-the-grain non-endorsements, they are influencing votes in the way they want them to be. Are they not satisfied with their one vote? It’s bad enough we have to worry about the Russians, the Chinese, and the Iranians. Now, we have to worry about the billionaires too. Musk also owns X so both own media. Musk has used his ownership of X in a few ways to bend the rules for his own interests and now Bezos is doing the same. If they were not going to make an endorsement, they could have announced it many months ago instead of waiting till the last minute. The timing certainly seems to give away the intention, that Bezos favors Trump.

     Maybe we regular people, who also have one vote, but little chance of any influence, don’t wanna hear about billionaires throwing their weight around. I also don’t wanna hear them complaining about things, anything. They have billions of dollars, and they still manage to complain.

     The latest rumor about Musk is that he has been in regular contact with Vladimir Putin, as Trump apparently has been as well. I’m shocked at the audacity of both of them. While J.D. Vance tries to walk yet another thin line in saying Putin is an adversary but not an enemy and that negotiating with him will be necessary, Ukraine will not agree to Americans negotiating with Russia for them under terms Trump dictates. He seemed to suggest that Trump and Putin could somehow negotiate Ukraine’s fate.

     The Democratic National Convention had a weird billionaire moment when just after Bernie Sanders railed against the billionaire class as he does, he was followed by billionaire Democrat governor J.B. Pritzker. Oops!

     Indeed, billionaires are all over our politics and the spectrum. Michael Bloomberg, Trump, Tom Steyer, Musk, Bezos, and Peter Theil to name some.

     It just seems to make sense to tax the super-wealthy more, especially as it could help the less wealthy to survive better. Some psychologists say we have an innate sense of fairness. Perhaps the extreme inequality inherent in the quantitative definition of the term ‘billionaire’ evokes that sense. It might seem to be a grotesque example of excess and inequality when many have nothing.  

     The latest news from WAPO is that some prominent billionaires and CEOs are hedging their bets toward Trump by failing to endorse and saying positive things about him since they know Trump will use that against them if he were to get elected. It’s kind of gross and sad to see them line up to kiss his ass just like all the Republicans did after bashing him in the past. At a recent meeting of the Business Council, a group for CEOs only, they reported that “some attendees wound up discussing how to protect themselves and their companies if Trump wins the presidency next week and tries to use the power of the Oval Office against his perceived enemies, said the people, speaking on the condition of anonymity to describe private conversations.” Trump rather openly encourages business leaders to court his favor and fear his disfavor, as he routinely uses threats as part of his MO. They also note that according to Trump campaign advisors: “numerous executives have been trying to reach out to the former president’s team late in the race.” They advisors also said this: “I’ve told CEOs to engage as fast as possible because the clock is ticking … . If you’re somebody who has endorsed Harris, and we’ve never heard from you at any point until after the election, you’ve got an uphill battle,…” “People are back-channeling, looking at their networks — they’re talking to lobbyists to see what they can do to connect with the president and his team.” That all just sounds gross to me and not the way government should work. And here is another Trump team quote: “Bezos not endorsing Kamala Harris — I think that’s a $50 million endorsement for Trump. Not picking a horse is picking a horse.” One-time Trump team lawyer Alan Dershowitz said this: “In the last two weeks, there has been a greater recognition of the possibility of a Trump presidency, and I’ve spoken to several very wealthy people who are interested in hedging their bets and figuring out how to protect themselves.” “It’s a natural phenomenon of people who depend on government support for their wealth.” I guess it’s kiss ass or pay the price! Even Warren Buffet decided not to endorse Harris after endorsing Obama, Hillary Clinton, and Biden. Sure, maybe these endorsements are not really necessary and maybe endorsements should become more limited as we let the people decide, but to see all these big changes at the last minute as the super-rich try to suck up to the guy that wants to be authoritarian-in-chief is just yucky. The article also notes: “Trump said in a coffee table book published in September that he was watching Zuckerberg closely and that the executive would “spend the rest of his life in prison” if he did anything illegal in this year’s election.” Zuckerberg praised Trump as “badass” after the assassination attempt. It seems that fear of punishment and retribution has taken over the realm of billionaires and CEOs who are not (yet) MAGA enough.

 

 

References:

 

Bezos faces criticism after executives met with Trump on day of Post’s non-endorsement. Michael Sainato. The Guardian. October 27, 2024. Bezos faces criticism after executives met with Trump on day of Post’s non-endorsement

Second Post columnist resigns while others defend publication. Opinion by Greta Reich. Politico. October 27, 2024. Second Post columnist resigns while others defend publication

The 'abominable' non-endorsement decision by The Washington Post. Jonathan Capehart. October 27, 2024. The 'abominable' non-endorsement decision by The Washington Post | Watch

Ex-WaPo editor claims Jeff Bezos colluded with Trump to kill Harris endorsement: ‘Quid-pro-quo’. Anna Young. New York Post. October 26, 2024. Ex-WaPo editor claims Jeff Bezos colluded with Trump to kill Harris endorsement: ‘Quid-pro-quo’

Some billionaires, CEOs hedge bets as Trump vows retribution. Jeff Stein, Jacqueline Alemany, Josh Dawsey. Washington Post. October 28, 2024. Some billionaires, CEOs hedge bets as Trump vows retribution

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