Petulant Plutocrat

Sam Pizzigati Editor, Too Much online magazine

America’s millennials, hedge fund manager Daniel Arbess believes, have become the nation’s most “clueless” demographic. They “seem intent on voting against their interests,” Arbess pronounced last month in a Wall Street Journal op-ed that blasted millennials for backing Bernie Sanders and “his throwaway prescriptions for redistributing income.” Yes, the Wall Streeter acknowledges, “wealth is increasingly concentrating in the hands of relatively few innovators and financiers.” But clueless millennials need to realize, Arbess insists, that Wall Street rates as the “lifeblood” of America’s economy. Clueless? The ultimate in cluelessness, quips bank expert William Black, may be writing an op-ed in the Wall Street Journal “to reach millennials supporting Bernie.”

Sam Pizzigati edits Too Much, the online weekly on excess and inequality. He is an associate fellow at the Institute for Policy Studies in Washington, D.C. Last year, he played an active role on the team that generated The Nation magazine special issue on extreme inequality. That issue recently won the 2009 Hillman Prize for magazine journalism. Pizzigati’s latest book, Greed and Good: Understanding and Overcoming the Inequality that Limits Our Lives (Apex Press, 2004), won an “outstanding title” of the year ranking from the American Library Association’s Choice book review journal.

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