Jesse Eisinger

Right. So what's happened is we've had the Great Depression, we've had World War II. Those were extraordinarily leveling events for the American economy. And in the 50s and 60s, the way a CEO is paid and wealthy people, by and large, are paid, they're paid salaries. So the giant corporations of the time are companies like GM, and executives aren't being paid.

In stock, they're being paid salaries, and those salaries are taxed.

In stock, they're being paid salaries, and those salaries are taxed.

In stock, they're being paid salaries, and those salaries are taxed.

Exactly.

Exactly.

Exactly.

Yeah, exactly. But then there's a revolution that starts in the 70s that rewires American capitalism.

Yeah, exactly. But then there's a revolution that starts in the 70s that rewires American capitalism.

Yeah, exactly. But then there's a revolution that starts in the 70s that rewires American capitalism.

And so you have this kind of explosive ability to make money because a stock option is worth nothing unless the stock goes way up. And then you get huge amounts. So you have this giant upside for these stocks. And we also have a technology revolution. So people are founding companies in their proverbial garages, and they own big chunks of it.

And so you have this kind of explosive ability to make money because a stock option is worth nothing unless the stock goes way up. And then you get huge amounts. So you have this giant upside for these stocks. And we also have a technology revolution. So people are founding companies in their proverbial garages, and they own big chunks of it.

And so you have this kind of explosive ability to make money because a stock option is worth nothing unless the stock goes way up. And then you get huge amounts. So you have this giant upside for these stocks. And we also have a technology revolution. So people are founding companies in their proverbial garages, and they own big chunks of it.

And these are very profitable companies because they're doing things like software, so you don't have to spend a lot of money to make the incremental floppy disk. And so you see somebody like Larry Ellison at Oracle or Steve Ballmer and Bill Gates at Microsoft

And these are very profitable companies because they're doing things like software, so you don't have to spend a lot of money to make the incremental floppy disk. And so you see somebody like Larry Ellison at Oracle or Steve Ballmer and Bill Gates at Microsoft

And these are very profitable companies because they're doing things like software, so you don't have to spend a lot of money to make the incremental floppy disk. And so you see somebody like Larry Ellison at Oracle or Steve Ballmer and Bill Gates at Microsoft

concentrated ownership of companies that have huge margins and their stocks explode and we get a new kind of wealth that turns out largely to be untaxed.

concentrated ownership of companies that have huge margins and their stocks explode and we get a new kind of wealth that turns out largely to be untaxed.

concentrated ownership of companies that have huge margins and their stocks explode and we get a new kind of wealth that turns out largely to be untaxed.