Unlike those in the lower half of the top 1%, those in the top half and, particularly, top 0.1%, can often borrow for almost nothing, keep profits and production overseas, hold personal assets in tax havens, ride out down markets and economies, and influence legislation in the U.S. They have access to the very best in accounting firms, tax and other attorneys, numerous consultants, private wealth managers, a network of other wealthy and powerful friends, lucrative business opportunities, and many other benefits. Most of those in the bottom half of the top 1% lack power and global flexibility and are essentially well-compensated workhorses for the top 0.5%, just like the bottom 99%. In my view, the American dream of striking it rich is merely a well-marketed fantasy that keeps the bottom 99.5% hoping for better and prevents social and political instability. The odds of getting into that top 0.5% are very slim and the door is kept firmly shut by those within it.

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This is the view of an (anonymous) investment manager on the state of wealth in the U.S.. It’s a depressing read and doesn’t provide much reason to be optimistic that things are going to get any better, even (especially?) with the so-called socialist we have in the White House.

Particularly troubling is the bit about how cynical the people working on Wall Street are. According to this take, most are in it simply to cash out with as much money as possible in the shortest time possible, understand exactly why this a terrible thing not just for themselves but for the rest of the global economy and do absolutely nothing to fix this. The almost complete deregulation of the financial services industry, capped with the end of Glass-Steagall in 1999, has created a culture of greed and amorality that will only continue to hurt the other 99.9% of us.