The bronze 'Charging Bull' sculpture that symbolizes Wall Street is photographed Tuesday, Feb. 14, 2006, in the financial district of New York. (AP Photo...
Diane Bondareff/AP Photo

‘If you go back to 1933…’

Ben White and Maggie Haberman report this morning that the political winds seem to have shifted lately in the One Percenters’ direction. Whereas a few months ago, economic populism looked like it’d give Democrats a boost in 2014, and polls showed strong public support for addressing economic inequality, Wall Street and its allies are feeling more confident.
In two-dozen interviews, the denizens of Wall Street and wealthy precincts around the nation said they are still plenty worried about the shift in tone toward top earners and the popularity of class-based appeals…. But wealthy Republicans – who were having a collective meltdown just two months ago – also say they see signs that the political zeitgeist may be shifting back their way and hope the trend continues.
 
“I hope it’s not working,” Ken Langone, the billionaire co-founder of Home Depot and major GOP donor, said of populist political appeals. “Because if you go back to 1933, with different words, this is what Hitler was saying in Germany. You don’t survive as a society if you encourage and thrive on envy or jealousy.”
Oh for crying out loud. Do we really have to deal with another billionaire with a victim’s complex who sees a parallel between economic populism and Nazis?
 
Apparently so.
 
If this sounds familiar, it was just two months ago that venture capitalist Tom Perkins caused a stir in a Wall Street Journal letter, arguing that the “progressive war on the American one percent” is comparable to Nazi genocide. “Kristallnacht was unthinkable in 1930,” he wrote, “is its descendent ‘progressive’ radicalism unthinkable now?”
 
He later said he regretted the Kristallnacht reference, but nevertheless believed his point had merit.
 
Despite the controversy surrounding Perkins’ bizarre concerns, Home Depot’s Ken Langone apparently decided to embrace the exact same message.
 
This shouldn’t be necessary, but as a rule, Nazi comparisons in domestic political debates are a bad idea. But they’re an especially egregious mistake when they’re rooted in a ridiculous fantasy.
 
Whether Langone understands this or not, the scope of contemporary economic populism is often quite narrow. In a political context, it tends to focus on stagnant wages, regressive tax policies, and safeguards against the worst of Wall Street excesses. As a policy matter, we’re generally talking about a higher minimum wage, extended unemployment benefits, food stamps, access to affordable medical care, and lately, expanded access to overtime compensation.
 
Billionaires may have substantive disagreements with these concerns and their proposed remedies, but to see them as somehow similar to Nazi genocide is more than a little twisted.
 
The more annoying phenomenon isn’t an American mainstream that believes the wealthy can afford to pay a little more in taxes, but rather, coddled billionaires benefiting from a modern-day Gilded Age feeling sorry for themselves.
 
As we talked about in January, it’s comparable in a way to a curious strain of political correctness. The more progressive talk about the concentration of wealth at the very top, tax rates, poverty, and stagnant wages, the more some of the very wealthy tell each other, “Oh my God, they may be coming to get us.”
 
If liberals would only stop talking about economic justice, maybe the richest among us wouldn’t have their feelings hurt.
 
Or maybe billionaires should just let go of this fantasy, stop seeing themselves as victims, and abandon the disgusting notion that American liberals have something in common with Hitler because they’re concerned with the consequences of growing economic inequality.
 

Economic Inequality, Income Inequality and Wealth

'If you go back to 1933...'