During the. During the Great Depression which im old enough to remember there was and most of my family were unemployed depression which im old enough to remember there was and most of my family were unemployed working class there wasnt it was bed you know much worse subjectively than today wood working class there wasnt it was bed you know much worse objectively than today but there was an expectation that things were going to get better. But there was an expectation that things were going to get better. There was a real sense of hopefulness there isnt today. There was a real sense of hopefulness there isnt today. Inequality is. Inequality is really unprecedented im sure that total inequality thats like the worst really unprecedented im sure that total inequality its like the worst periods of American History. Periods of American History. But if youre a find it more closely. But if youre a find it more closely the inequality comes from the extreme wealth in a tiny sector the puppy quality comes from the extreme wealth in a tiny sector of the population fraction of one percent. Elation fraction of one percent. There were periods like the gilded age in the twentys. There were periods like the gilded age in the twentys the early ninetys and so on when a situation of ill rather similar to this. Companies and so on when a situation of ill rather similar to this. Now this period 6 tree because if you look at their Wealth Distribution to an experience extreme because if you look at their Wealth Distribution the inequality mostly comes from super wealth. Quality mostly comes from super wealth. Literally the cup 110th of a percent. Literally the cup 110th of a percent are just super wealthy. Not only is it extremely or just super wealthy. Not only is it extremely unjust in itself. Inequality has highly negative consequences im just in it so. Inequality has highly negative consequences on the so is. Because the very fact of inequality has a corrosive harmful effect ackerson. The so is. Because the very fact of inequality has a corrosive harmful effect ackerson. You open by talk about the American Dream. Part of the American Dream is close mean deluded to open by talk about the American Dream part of the American Dream is close mean diluting it will encourage you work or you get rich it was possible for a work it will encourage work or. Get rich it was possible for a worker to get a decent job. In a core of children or to get a decent job 5 get a core of children to school. To a collapse to school. Collapse. Imagine yourself in an. Imagine yourself in an outside position looking for mars. Outside position looking for mars. Would he see. What he see. In the United States where there are protests like. In the United States where there are protests like democracy. Democracy. In a democracy Public Opinion is good. In a democracy Public Opinion is going to have some influence on policy. And have some influence on policy. And then the government carries out actions determined by the pattern. And then the government carries out actions determined by the population and thats what democracy means. Relation. Thats what democracy means. Its important to understand that privilege. Its important to understand that privileged and powerful sectors have never like democracy and for very good reached and powerful sectors have never like democracy and for very good reason. Democracy puts power into the hands of the gene. Democracy puts power into the hands of the general population and takes it away from them. And general population and takes it away from them. And its kind of the principle of concentration of wealth and power. Kind of principle of concentration of wealth and power. Concentration of. Concentration of wealth yields concentration of power particularly so as the wealth yields concentration of power particularly so as the cost of elections skyrockets which kind of forces the political cost of elections skyrockets which kind of forces the Political Parties into the pockets of major corporations. And this put arties into the pockets of major corporations. And this political power quickly translates into legislation that increases that it will power. Actually translates into legislation that increases the concentration of wealth so fiscal policy is like tax policy concentration of wealth so fiscal policy like expo us see the deregulation. Rules of Corporate Governance deregulation. Rules of Corporate Governance a whole variety of measures political measures designed tournaments a whole variety of measures political measures designed to increase the concentration of wealth and power which in turn to increase the concentration of wealth and power which in turn to yield more political power do the same thing. And they yield more political power to do the same thing. And thats what weve been seeing. Thats what weve been seeing. So we have this kind of vicious cycle in progress. You know actually it is so true to so we have this kind of vicious cycle in progress. You know actually it is so traditional that it was described by adam smith in 776 he read the famous wealth of nations. He says in england the principle architects of policy if you read famous wealth of nations. He says in england the principle architects of policy are the people on the society in his day merchants and manufacturers are the people on the society in his day merchants and manufacturers. And they make sure. That their own interests are very well cared and they make sure that their own interests are very well cared for however grievous the impact on the people of england there are others who are however grievous the impact on the people of england there are others. Now its not urgent manufacture it is its Financial Institutions and multinational corporations the people who adam smith called the masters of mankind and theyre following the veil maxim over our selves and nothing for anyone else its a Financial Institution multinational corporations the people who adam smith called the masters of mankind and theyre following the vile maxim over our selves and nothing for anyone else. Theyre just going to pursue policies that benefit that. Theyre just going to pursue policies that benefit them and harm everyone else. And in the absence of a general plan and harm everyone else. And in the absence of a general popular reaction thats pretty much what youd expect. A reaction thats pretty much what youd expect. Right through. Right through American History theres been an ongoing clash between true American History theres been an ongoing clash between. Pressure for more freedom and democracy coming from below. Pressure for more freedom and democracy coming from below and efforts that elite control and domination coming from and efforts that elite control and domination coming from above. Goes back to the founding of the country. Goes back to the founding of the country. James madison the main framer who was as much of a believer in democracy James Madison the main framer who was as much of a believer in democracy is anybody in the world that they nevertheless felt that the United States is anybody in the world that they nevertheless felt that the United States system should be designed and indeed with his initiative was designed system should be designed and indeed with his initiative was designed so that power should be in the hands of the wealthy. Because and so that power should be in the hands of the wealthy. Because the wealthy are the more responsible set of men and therefore the strictest the wealthier the more responsible set of men and therefore the structure of the formal constitutional system placed most power in the hands of the senate or of the formal constitutional system placed most power in the hands of the senate or the senate was not elected in those days it was select from the wealthy or the senate was not elected in those days it was selected from the wealthy men as madison put it had sympathy for Property Owners in their right. To read the debates at the cost of menace madison put it had sympathy for Property Owners in their right. If you read the debates at the constitutional convention. Madison the major concern of this initial convention. Madison the major concern of the society has to be to protect the minority of the opulent against the majority and it has to be to protect the minority of the opulent against the majority. And hear arguments. And hear argument suppose everyone had to vote freely and say well the majority of your suppose everyone had to vote freely as they will the majority of the poor get together and they would organize to take away the property the rich get together and they would organize to take away the property of the rich and he said that would obviously be unjust you cant have that so therefore the constitution and he said that would obviously be unjust you cant have that so therefore the constitutional system has to be set up to prevent democracy. As tim has to be set up to prevent democracy. Which is of some interest. Which is of some interest that this debate has a hard tradition goes back to the 1st that this debate has a hari tradition goes back to the 1st major book on political systems aristotles politics. Major book on political systems aristotles politics. He says of all of them the best is democracy and then he points out he says of all. Them the best is democracy at any point out exactly the flaws that medicine pointed out. Exactly the flaws that medicine pointed out. If athens were a democracy for free men the poor would get. If absent were democracy for free men the poor would get together and take away the property the rich. Well same deal together and take away the property the rich. Well same dilemma they had opposite solutions aristotle proposed what we would nowadays call them and they had opposite solutions aristotle proposed what we would nowadays call a welfare state and try to reduce inequality. Welfare state and try to reduce inequality. So same problem after. So same problem absent solutions one is reduce inequality will have this problem as at solutions one is reduce inequality will have this problem and the other is reduced democracy. The other is reduced democracy. If you look at the history of the United States. If you look at the history of the United States its a constant struggle between these 2 tendencies democratizing dates its a constant struggle between these 2 tendencies democratizing tendency thats mostly coming from the population pressure from below and you get tendency thats mostly coming from the population pressure from below and you get this constant battle going on periods or aggression periods of progress in 1000 cities constant battle of the. Periods or gratian periods of progress in 1906 for example were a period of significant democratization sixties for example were a period of significant democratization. Sectors in the 3rd. Sectors if i feel asia that are usually passive and have a city reach a militia that are usually passive and have a city became organized a good story to see their demand. Morgan honest active story to see their demand. And they became more and more. And they became more and more involved in Decision Making and the resume and so on. Are involved in Decision Making and the resume and so on. Its just changed consciousness and. Its just changed consciousness and. d minority rights in the region why are out. To minority rights in the region why are out. Why do. They need a. Ride. One of the. Womens rights victim in this. Womens rights victim in this case. If we force it to take. My patient well see. If we force it to say. Yes in terms of the you think that america is. In terms of the you think america is. Nice or if i am safe you know. What i say or if i am seeking its own survival position to creation im free to those who criticize us all the militants to provide the solution to creation im free to those who criticize us on the militancy bonder said they are serious about lawn on the bridge provided the bubon descent they are serious about lawn on the bridge provided the vietnamese people are our own black people and for our own what people can turn for other get me these people are our own black people and for our own what people can turn for other people one day we must ask a question on a 1000000 poor people people one day we must ask a question on a 1000000 poor people in america when you begin that process the reason a person amounts when you begin that process the reason a person amounts to the system about a broader distribution of wealth through christ and. The system about a broader distribution of wealth the question of restructuring. In society is rule symbolizing the structuring. Of things this time this rule symbolizing. Create fear. That caused great fear. I hadnt. Anticipated the power hadnt. Anticipated the power of a should have but it didnt then to speak the power of the reaction to the service shouldve but it didnt anticipate the power of the reaction to the civilizing effects of the sixtys did not anticipate the strength as an effects of the sixtys did not anticipate the strength of the reaction to it. With the reaction to it. The backlash. The backlash. What politicians do. Put themselves on the line what politicians do. Put themselves on the line they get accepted over. So when one of the. Big get. The reject. So when you want to be president and. Want to. Have to present injury. Was. Actually going to be close to what before 3 of them or 10 people going to be close but she was before 3 of them or cant be good. Ive been pushed through all those in the waters of my. Industry always in the water. There should. Or should. We have this little most kids we sure. We have those little most kids we sure are talking surprise us which was a surprise for me i was on the console all the things prizes which was a surprise for me i was on the console all along but that thought well because these are media people they come to from their job. For well because these are media people they come to from their job kind so no need to trouble myself about it oxo i wasnt ready for bit mad so no need to trouble myself about it oxo i wasnt ready for that magnitude of things happening that when they began to happen it was the sudden its all things happening that when they began to happen it was the spine that the society as it is was ready to react and that society as it is was ready to react to what it sees as humphrey or done just. What it sees as humphrey or done just. Cooked additional supposed to. Cooked additional subversives no not a bit of what was amazing at the outset that a little bit of something he sees its existence to. Your soul but youre all going to snatch no no no. No no. Please do it. Sam do you see when im with you to no shall proceed. Simply yes swinging with regional shall proceed. To look with a showing at the where its going to last when the church. Looked with a showing at the bread which it was going to sing is lost when the church. Has a political ship. You have to sleep study. He has a political ship. You have to sleep so to. Vote on a ship in. The upper new most of the book that boat of shipping. You ever knew most of the book did the work of the person able still to say no i dont know what that did to womanhood the 1st thing it will still do so you know i dont know what the war. Or. If it was the latest news in the puss. Boys and it was the latest news in the pulse. Boys and im all right there yet ive put this was going to say. All right so you have put your system of those a. Little fish through the summer in the story of the soulful. Little fish through the summer in the story of the soulful. There has been an enormous concentrated coordinated. There has been an enormous concentrated coordinated business offensive beginning in the seventys to try to beat back the business offensive beginning in the seventys to try to beat back the egalitarian efforts that went right through the nixon years and you see it in many of the egalitarian efforts that went right through the nixon years and you see it in many respects and over on the right you see it in things like the famous respect and over on the right you see it in things like the famous pell memorandum. Sent to the chamber of commerce powell memorandum. Sent to the chamber of commerce Major Business lobby Later Supreme CourtJustice PowellMajor Business lobby Later Supreme CourtJustice Powell warning them that business is losing control over the society. That business is losing control over the society. And something has to be done to counter these forces. And something has to be done to counter these forces course we put it in terms of the defense defending ourselves against outside our course we put it in terms of defense defending ourselves against outside power. If you look at it its a call for business to use its control over research if you look at it its a call for business to. Use its control over resources to carry out a major offensive to beat back this democratizing wave rhesus to carry out a major offensive to beat back this democratizing wave. Around the world around the liberals. And it isnt exactly center at least the im ready for bush to the 1st. Major major report ordered of the at the treasury latter Lateral Commission is disconcerting that this is. Whats called the Current Crisis is a complete markers. For credit or a commission is liberal internationalists in their flavors indicated by Lateral Commission is liberal internationalists in their flavors indicated by the fact that they pretty much staff the carter administration. And the fact that they pretty much staff the carter administration. And they were also told