Some more thoughts on reports that Wall Street Democrats will back Trump over Warren. Obviously it's hard to know how big a deal this is — how many of these guys are there, were they ever really Dems, and will they back Trump as more revelations emerge 1/ cnbc.com/2019/09/26/wal…
Always worth remembering that while liberal billionaires get a lot of press, most billionaires are very right-wing. Wall Street, centered in socially liberal NYC, may be a bit different — but maybe not that different 2/ theguardian.com/us-news/2018/o…
But there's actually a bit of a puzzle here. The very wealthy are far past the point where an extra million or two will make any meaningful difference to their quality of life. So why do they care? 3/
Scholars who've studied it say that it's largely about racking up the score against peers — but those peers would also end up paying more taxes under Warren, so again, why should they care? 4/ theatlantic.com/family/archive…
My guess: what really drives the desire for wealth is, as Tom Wolfe wrote long ago, "seeing em jump" — the deference wealth commands. The truly rich don't just expect to live like kings, they expect to be treated like kings, praised for their heroism and wisdom 5/
That's why there was so much plutocrat rage against Obama: despite the mildness of his rhetoric, they suspected him of not seeing them as the economy's heroes and saviors 6/ observer.com/2010/09/waaaaa…
And Warren is completely explicit: while she isn't anti-capitalist, she has built her political career on the (true) proposition that at least some great fortunes aren't just rewards for magnificent social contributions, but the result of predation and exploitation 7/
So Warren-hatred isn't about the threat to the haters' net worth; it's about the threat to their egos. Are they so petty that this will induce them to support a treasonous autocrat? Of course 8/
