84% of stocks owned by richest 10% of Americans

Every time Trump reminds you that the stock market has experienced a feverish, tubercular bloom under his presidency, just recall that 84% of stocks are held by 10% of Americans. Read the rest

A visual guide to America's concentrated, uncompetitive markets

Our New Gilded Age is defined by its oligarchic concentration of wealth and power: not just how much wealth is controlled by the 0.001%, but how many of our key markets are dominated by just a handful of players -- sometimes just a single company. Read the rest

US tax shortfalls have our public schools begging for donations

Between Trump's massive tax-breaks for the super-rich and rules like California's disastrous Prop 13, our cities perennially cash-starved and have led to the erosion of the same public services that make cities attractive to businesses (for example, the subway, public education, roads, grid and other public services that made NYC so attractive to tax-dodging Amazon for its second headquarters). Read the rest

Big Tech got big because we stopped enforcing antitrust law (not because tech is intrinsically monopolistic)

Tim Wu (previously) is a legal scholar best known for coining the term "Net Neutrality" -- his next book, The Curse of Bigness: Antitrust in the New Gilded Age (previously) challenges the accepted wisdom about today's digital monopolists, which is that they grew so big because of some underlying truth about online business ("first-mover advantage," "network effects," "globalism," etc). Instead, Wu argues that the reason we got digital monopolies is that we stopped enforcing anti-monopoly rules against digital companies (and then against all kinds of companies). Read the rest

America's new aristocracy: the 9.9% and their delusion of hereditary meritocracy

It's true that the 1% have accumulated a massive share of America's national wealth; but just as significant is the cohort of professionals -- "well-behaved, flannel-suited crowd of lawyers, doctors, dentists, mid-level investment bankers, M.B.A.s with opaque job titles, and assorted other professionals" -- who style themselves as the "meritocratic middle class" but who actually represent the top decile of American wealth, with net worths from $1.2m to $10m. Read the rest

Rail barons and the new gilded age: one-percenters travel in style by hitching private "super-luxe" railcars to Amtrak trains

The Wall Street Journal profiles rich "train buffs" who buy vintage Gilded Age railcars and refurbish them, then pay to have them hitched to Amtrak trains and pulled between their city houses and their country places. Read the rest

The world's richest 2000 billionaires could wipe out extreme poverty with one seventh of what they gained last year

Oxfam's released its annual report on inequality, timed to coincide with the World Economic Forum, and unlike previous reports (which focused on attractive but misleading stats about the relative wealth of poor and rich people), the new one focuses on the growth in the fortunes of the world's richest people, a stat that is a much more reliable indicator of growing inequality. Read the rest