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Excellent points.

I would also add that the modern day rich are not industrialists and people who produce wealth, but instead those who either inherited it or stole it through financial fraud or political corruption.

The very kind of people who created an environment where honest wealth is hard to come by and fiscal prudence is destroyed.

Here’s a sample of the kind of people who get rich these days: the Clintons, Jon Corzine, George Soros, Warren Buffett, Lloyd Blankfein, Jamie Dimon, Mark Zuckerberg, Mitt Romney, Angelo Mozillo, Hank Paulson.

For every Peter Thiel who gets wealthy from actually producing something useful, there are a hundred of these other scoundrels who got it the wrong way.

If today’s rich were actually producing things other than financial bubbles, this country would look completely different.