Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Internet billionaire Nick Hanauer warns of coming revolution
BBC News ^ | 6/30/2014 | BBC

Posted on 07/01/2014 11:33:25 PM PDT by Nextrush

Nick Hanauer, internet entrepreneur, has a message for his fellow "zillionaires", the revolution is coming.

Mr. Hanauer, an early investor in internet retail giant Amazon.....

Now, he writes in Politico magazine, he sees a different kind of future, and the outlook for people like him is not a bright one:

"If we don't do something to fix the glaring inequities in this economy, the pitchforks are going to come for us. No society can sustain this kind of rising inequality. In fact, there is no example in human history where wealth accumulated like this and the pitchforks didn't eventually come out"

Do you think the US is special or different, he asks. You're wrong. No nation is immune, he says-just ask the Russian tsars or the French aristocracy....

Mr. Hanauer endorses what he calls "middle-out" economics. He advocates raising the minimum wage and endorses Seattle's recent move to raise the lowest hourly wage for an employee in the city judisdiction to $15....

Rick Newman of Yahoo Finance thinks Mr. Hanauer is getting a bit too worked up, however.

"The rich out to chill out," he writes. "While the masses may envy their wealth, there's no evidence of a revolution brewing, or even a well-behaved civil disturbance.".......

"It's nearly inevitable there will be government spending cuts and, yes tax hikes, when the government's finances become unsustainable, which could take a decade or more," he says. "When it happens, the politicians in Washington will find ways to spread the pain around, and America will muddle through."..............

(Excerpt) Read more at bbc.com ...


TOPICS: Business/Economy; Culture/Society; Extended News; News/Current Events
KEYWORDS: billionaires; gop; hanauer; inequality; inequity; nickhanauer; paulryan; piketty; thirdparty; thomaspiketty; uniparty; zillionaires
After the Marxist drivel from the billionaire, I find the comments of Mr. Newman more to the point about the direction this country is headed.

Our Uniparty rulers operating under the Patty Murray-Paul Ryan budget currently in place (cutting military pensions, exteneded unemployment, raising new taxes called "airline fees") are moving us in the direction of future austerity measures including higher taxes and spending cuts like the European countries have gone through.

Newman speaks of the government spending becoming unsustainable in a decade or more. That's the timeframe GOP politicians like Paul Ryan speak of when they talk about a "balanced budget".

Newman envisions America muddling through the austerity when it hits us hard ...Any opinions out there?????/

1 posted on 07/01/2014 11:33:25 PM PDT by Nextrush
[ Post Reply | Private Reply | View Replies]

To: Nextrush

So write me a seven figure check.

I’ll be grateful and could use the loot.


2 posted on 07/01/2014 11:35:28 PM PDT by Vendome (Don't take life so seriously-you won't live through it anyway-Enjoy Yourself ala Louis Prima)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nextrush

The link for this story is bad, so here’s a good one.

http://www.bbc.com/news/blogs-echochambers-28068277


3 posted on 07/01/2014 11:38:32 PM PDT by Nextrush (OBAMACARE IS A BAILOUT FOR THE HEALTHCARE INDUSTRY)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nextrush
We're already in a long-wave contraction. ZIRP, Operation Twist, we're pumping nearly $2T into the economy through deficit spending and the Fed, but the economy is still shrinking.

Yes, it's going to get worse. Right now, we are papering over the dips. What happens when we run out of "paper"? Who knows? Most of the world is doing the same thing, so the façade will continue until...it doesn't.

This was over 40 years in the making. Washington knows what's happening but is powerless to fix it.

Do I expect blood on the streets? In some areas, probably. Do I expect the America I grew up in to survive? Yes, but it won't be anywhere near as powerful or free as it was before.

4 posted on 07/01/2014 11:44:54 PM PDT by TheWriterTX (Trust not in earthly princes....)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TheWriterTX

The politicians are talking loudly using emotional words with symbolic actions to get votes and power while the clock slowly ticks towards the inevitable collapse of the nation’s financial house of cards.


5 posted on 07/01/2014 11:56:36 PM PDT by Nextrush (OBAMACARE IS A BAILOUT FOR THE HEALTHCARE INDUSTRY)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Nextrush

Time’s on my side: I just have to survive until I die.


6 posted on 07/02/2014 12:01:50 AM PDT by dagogo redux (A whiff of primitive spirits in the air, harbingers of an impending descent into the feral.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Nextrush
"If we don't do something to fix the glaring inequities in this economy, the pitchforks are going to come for us. No society can sustain this kind of rising inequality.

The guy is an idiot.

The “inequity” of the Roaring Twenties was greater than today.

On big difference though is that the little guy of the twenties could see that that kind of wealth could be his. Today the big government has for the most part frozen the little guy out by passing some many laws and regulations that the little guy can not possibly navigate those laws and achieve success.

Reduce the regulatory load on small business and cut taxes and watch economic growth explode. The number of millionaires would rocket. Unemployment numbers would plummet.

Income inequality is of no importance. It is opportunity inequality that matters.

The government is throwing up road blocks to success for the low income guy trying to start his own business. Get government out of his way and he won’t care what Donald Trump is doing unless he wants to know how he made his millions.

I remember 20 to 30 years ago when the most popular books were books by millionaires on how they made their millions. Give a guy a fighting chance to start his own business and he will keep starting businesses until he is successful.

7 posted on 07/02/2014 12:03:49 AM PDT by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: All

you mean a billionaire is not smart enough to realize it’s not the rich people that are the problem but the politicians?


8 posted on 07/02/2014 12:04:29 AM PDT by willywill
[ Post Reply | Private Reply | To 6 | View Replies]

To: Nextrush

The U.S. is such a wealthy country that the wealthy don’t even consider themselves rich. They just fly off to their second homes, swim in their private swimming pools, and buy whatever they want. They consider that normal. Those who are scraping by see it differently.

I remember a headline from the nineties that went “You Mean the Eighties Are Over and You Forgot to Get Rich?” Exactly. If you missed the boat, there is now generally no way to catch up with it.


9 posted on 07/02/2014 12:05:03 AM PDT by firebrand
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nextrush

Mr. Hanauer hasn’t learnt much history. The inequality he speaks of has been the standard all the way up until 1775 with only a few brief and/or small exceptions along the way. Then there was a sudden out break in the equality of opportunity but since about 1870 it has been slowly eroded back to despotism. in some areas like Asia, Africa and Latin America, it really never took hold.


10 posted on 07/02/2014 12:11:35 AM PDT by fella ("As it was before Noah so shall it be again,")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Pontiac
On big difference though is that the little guy of the twenties could see that that kind of wealth could be his.

I don't think so! IMHO, people just don't appreciate the generalized spread of wealth we have today. All the stuff that can be had by those with the most modest means that was undreamt of even thirty years ago ... for how primitive were the eighties? Then what about the twenties and the thirties? You had kids growing up learning how to amuse themselves with paper clips and thimbles. Now, $40 toys blow through the lives of toddlers like so many dry leaves.

I have to think of Dostoyesvsky, "I believe in it, I answer for it, for the whole work of man really seems to consist in nothing but proving to himself every minute that he is a man and not a piano-key!"

11 posted on 07/02/2014 12:40:50 AM PDT by dr_lew
[ Post Reply | Private Reply | To 7 | View Replies]

To: willywill

“...just ask the Russian tsars or the French aristocracy...”

He ALMOST had it. I didn’t read the article, but I wonder if he also makes the mistake of saying Robin Hood stole from the rich?


12 posted on 07/02/2014 12:51:05 AM PDT by 21twelve (http://www.freerepublic.com/focus/f-news/2185147/posts 2013 is 1933 REBORN)
[ Post Reply | Private Reply | To 8 | View Replies]

Hanauer’s idiotic philosophy is the catalyst for the threats he fears.


13 posted on 07/02/2014 12:54:37 AM PDT by Gene Eric (Don't be a statist!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nextrush

American revolution Part 2 is coming.


14 posted on 07/02/2014 1:12:15 AM PDT by Biggirl (“Go, do not be afraid, and serve”-Pope Francis)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nextrush

This is why we have the Tea Party movement. It got started in order to “clean out the rats nests” in the first place.


15 posted on 07/02/2014 1:13:13 AM PDT by Biggirl (“Go, do not be afraid, and serve”-Pope Francis)
[ Post Reply | Private Reply | To 1 | View Replies]

To: All

Some millionaire will read this and say, “hey, let’s start a pitchfork company.”


16 posted on 07/02/2014 1:46:50 AM PDT by Peter ODonnell (Sectarian warfare -- no dog in that hunt)
[ Post Reply | Private Reply | To 15 | View Replies]

To: Nextrush

Guess in his bubble peace loving lefties are gonna decimate armed Conservatives???????? Dude this isn’t 1930s Russia!

This just shows rich people can be stupid.


17 posted on 07/02/2014 1:47:30 AM PDT by RginTN
[ Post Reply | Private Reply | To 1 | View Replies]

To: Pontiac
Income inequality is of no importance. It is opportunity inequality that matters.

QFT and well stated, too!!

18 posted on 07/02/2014 1:51:27 AM PDT by T-Bird45 (It feels like the seventies, and it shouldn't.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Nextrush

Revolutions happen when you allow the underclass to grow too large. The middle class is too busy trying to get wealthy.


19 posted on 07/02/2014 1:57:28 AM PDT by SauronOfMordor (Socialists want YOUR wealth redistributed, never THEIRS!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: T-Bird45

Thanks


20 posted on 07/02/2014 2:09:17 AM PDT by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
[ Post Reply | Private Reply | To 18 | View Replies]

To: dr_lew
IMHO, people just don't appreciate the generalized spread of wealth we have today. All the stuff that can be had by those with the most modest means that was undreamt of even thirty years ago

Sure capitalism has brought great wonders to market and has lowered the cost of goods and services through innovation and great strides in improve efficiencies.

But you do have a point that the poor in this country have available to them undreamed of wealth compared to the poor of a century ago.

Force redistribution of wealth has made the poor of today obese. The poor today have a high caloric intake with nothing to do to burn those calories. Who could have imagined in the 1920s that the poor of the next century would suffer from rich man’s diseases like gout?

The welfare state does nothing to benefit the rich nor the poor.

21 posted on 07/02/2014 2:18:21 AM PDT by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: SauronOfMordor
Revolutions happen when you allow the underclass to grow too large.

I disagree.

Revolutions happen when the oppressed are given hope and indications that the oppressive government is unstable.

The Russian revolution happened when the Czar showed willingness to bargain and to begin to relinquish some power.

Again the USSR fell when Gorbachev began to make reforms.

Either revolution could have been avoided had the leaders used extreme violence to suppress unrest.

For example the Chinese government avoided revolution by violently suppressing dissent after the events of Tiananmen Square.

22 posted on 07/02/2014 2:29:03 AM PDT by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
[ Post Reply | Private Reply | To 19 | View Replies]

To: SauronOfMordor

The middle class in this country is dying.


23 posted on 07/02/2014 2:46:08 AM PDT by Biggirl (“Go, do not be afraid, and serve”-Pope Francis)
[ Post Reply | Private Reply | To 19 | View Replies]

To: RginTN
lefties are gonna decimate armed Conservatives?

The rich fear the left, which includes the government. They do not fear conservatives at all. The rich use conservatives as a convenient punching bag to make friends with the left. When a small tribe is greatly outnumbered, appeasement is the most effective strategy, hence limousine liberalism. This was first discovered by a king long ago. Soros is trying a new tactic: smoke the bee hive.

24 posted on 07/02/2014 3:00:42 AM PDT by Reeses
[ Post Reply | Private Reply | To 17 | View Replies]

To: Nextrush
Just what the world needs: bored, paranoid new rich obsessed with pushing socialism on us because they're scared people will come for their wealth.

Hey idiot, the free market got you there and it will get others there too if they want it.

25 posted on 07/02/2014 4:07:15 AM PDT by Vision (Living in beauty)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nextrush

The pitchforks eventually come no matter what, it has nothing to do with income inequality, and is just the nature of government.


26 posted on 07/02/2014 4:42:48 AM PDT by TexasFreeper2009 (Obama lied .. the economy died.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Pontiac

good point! the poor of today are too out of shape to lift a pitchfork!

ROFL!

Plus, they might miss the latest episode of american idol !


27 posted on 07/02/2014 4:46:11 AM PDT by TexasFreeper2009 (Obama lied .. the economy died.)
[ Post Reply | Private Reply | To 21 | View Replies]

To: Reeses

Well Conservatives don’t have a history of killing millions to achieve utopia so I can understand why wealthy lefties fear lefties with that history of violence worldwide.


28 posted on 07/02/2014 4:49:01 AM PDT by RginTN
[ Post Reply | Private Reply | To 24 | View Replies]

To: Nextrush

The US is more equal and the poor are more wealthy than most other nations.

When the pitchforks come out overseas in a single developed nation, then it is time to worry. As of now it has not happened in nations with far worse conditions than the US.

An event such as grid failure can force it to happen but as long as most people have food and distractions, they are unlikely to get violent.


29 posted on 07/02/2014 5:10:15 AM PDT by varyouga
[ Post Reply | Private Reply | To 1 | View Replies]

To: Peter ODonnell
Some millionaire will read this and say, “hey, let’s start a pitchfork company.”

"Torches and Pitchforks" sounds like a great name for a national chain of retail stores. Just think of the more modern products they could offer...

30 posted on 07/02/2014 5:11:39 AM PDT by Charles Martel (Endeavor to persevere...)
[ Post Reply | Private Reply | To 16 | View Replies]

To: Charles Martel

“Torches & Pitchforks”

EBT cards and WIC vouchers accepted here.


31 posted on 07/02/2014 6:11:41 AM PDT by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
[ Post Reply | Private Reply | To 30 | View Replies]

To: Nextrush

Lets not make the mistake of accepting the left’s argument that income inequality is a problem. No one has described WHY this would be a problem other than resentment (mostly by leftists). Until the wealth of a few limits the amount of goods available to the masses this is just another imaginary issue ginned up by the left to justify redistribution and income confiscation.


32 posted on 07/02/2014 6:13:25 AM PDT by Brooklyn Attitude (Things are only going to get worse.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nextrush

Nothing is preventing these leftist super-rich crybabies from addressing this “problem” by giving away most of their wealth.


33 posted on 07/02/2014 6:16:12 AM PDT by Brooklyn Attitude (Things are only going to get worse.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Brooklyn Attitude
No one has described WHY this would be a problem other than resentment (mostly by leftists).

Envy is an unfortunate side effect of vanity. Leftists ride to power on the flames of envy so they incite vanity and envy at every opportunity, and the urban media helps them. History shows though that happiness and prosperity only come to nations to the extent they succeed at suppressing envy.

34 posted on 07/02/2014 7:05:02 AM PDT by Reeses
[ Post Reply | Private Reply | To 32 | View Replies]

To: varyouga

You have a good point there, but any kind of discomfort or inconvenience tends to make people angry.

A lot of the population needs some sort of drugs including prescription ones and or alcohol to sustain them.

I’ve seen people yelling and getting angry on a 90 degree day. It can get warmer outside than that.


35 posted on 07/02/2014 7:50:16 AM PDT by Nextrush (OBAMACARE IS A BAILOUT FOR THE HEALTHCARE INDUSTRY)
[ Post Reply | Private Reply | To 29 | View Replies]

To: Pontiac

I just posted about drugs including prescription ones and alcohol “sustaining” large portions of the population, maybe many are “food addicts” as well using overeating to sustain their self-image.


36 posted on 07/02/2014 7:54:54 AM PDT by Nextrush (OBAMACARE IS A BAILOUT FOR THE HEALTHCARE INDUSTRY)
[ Post Reply | Private Reply | To 21 | View Replies]

To: Reeses

A more sober population living according to spiritual principles would help instead of a drug and alcohol driven one with emotional outbursts of religious zealotry mixed in as is often the case with “the masses”.


37 posted on 07/02/2014 8:02:02 AM PDT by Nextrush (OBAMACARE IS A BAILOUT FOR THE HEALTHCARE INDUSTRY)
[ Post Reply | Private Reply | To 34 | View Replies]

To: Reeses
The rich use conservatives as a convenient punching bag to make friends with the left.

Ha ha. And so true!

38 posted on 07/02/2014 8:04:33 AM PDT by firebrand
[ Post Reply | Private Reply | To 24 | View Replies]

To: dagogo redux

In my area some people used to be fond of saying that there is only one thing a person HAS TO DO and that is DIE. At a young age I started telling them they are wrong, a person also has to LIVE UNTIL he dies.


39 posted on 07/02/2014 10:55:54 AM PDT by RipSawyer
[ Post Reply | Private Reply | To 6 | View Replies]

To: Pontiac

“Income inequality is of no importance. It is opportunity inequality that matters.”
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

Amen, brother and that is the KILLER. When people were settling a new wilderness here opportunity was as equal as it can ever be. Now it is anything BUT equal and I’m not talking about the same thing as the race hustlers, I am speaking of something much different.


40 posted on 07/02/2014 10:59:20 AM PDT by RipSawyer
[ Post Reply | Private Reply | To 7 | View Replies]

To: Nextrush
Sorry Mr Hanauer but raising the minimum wage is not the answer. Possibly helpful in the very short term but harmful or even destructive in the longer term. Minimum wages get passed on to the consumer, many of which would likely benefit from the minimum wage boost but suffer even worse from the out of control inflation resulting from the raise. Inflation would spiral immensely.

Want to really help? Stop the greed by people like you and your kind. Seal the borders and stop taking jobs from real American workers.

41 posted on 07/02/2014 12:27:58 PM PDT by Ron H. (Revolution is coming soon to a nation near you!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nextrush
Mr. Hanauer endorses what he calls "middle-out" economics. He advocates raising the minimum wage and endorses Seattle's recent move to raise the lowest hourly wage for an employee in the city judisdiction to $15....

Mr Hanauer, your solution is the drive the cost of goods and services higher so even more people can't afford them?

42 posted on 07/02/2014 1:09:35 PM PDT by hattend (Firearms and ammunition...the only growing industries under the Obama regime.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: varyouga
...but as long as most people have food and distractions, they are unlikely to get violent.

As long as there are bread and circuses, Caesar is safe....

43 posted on 07/02/2014 3:46:04 PM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
[ Post Reply | Private Reply | To 29 | View Replies]

To: Nextrush

Dollar to donuts he’s got a stash of cash and metals at home.


44 posted on 07/02/2014 4:04:56 PM PDT by CodeToad (Arm Up! They Are!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Smokin' Joe

Juvenal’s famous lament was made in the depths of Roman decadence, which he felt acutely. “Now that no one buys our votes, the people have long since cast off their cares.”

These remarks were made in the context of the demise of Sejanus, who had been immensely popular, and a presumed successor to Tiberius, but was lynched by the mob, in response to a “great and wordy letter from Capri”.

It’s not as though the populace was being appeased by “Bread and Games”. They were already far gone.


45 posted on 07/02/2014 11:18:06 PM PDT by dr_lew
[ Post Reply | Private Reply | To 43 | View Replies]

To: Biggirl
The middle class in this country is dying.

Yep, everyone can call it what they want or blame and point fingers in every direction, however it is rapidly declining certainly dying.

Then throw in government pensions where many retire in their 50 with $80,000 plus per lift plus top shelf benefit, while others who worked just as hard in the private sector have had their wages slashed, hours cut, benefits made worthless or eliminate all together, savings and retirements put off or gone....

All this while the price of everything has doubled or more as their wages have been totally stagnant for well over 15 years now...

One not need be a senior economist to figure out this eventually detonates.

46 posted on 07/02/2014 11:34:37 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
[ Post Reply | Private Reply | To 23 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson