It's OK to Be Angry About Capitalism Hardcover – February 21, 2023

I seldom read books written by politicians or their armies of consultants and aides. They are too predictably self-serving and inevitably provide little that is new or insightful. This book was an exception, and I was richly rewarded for my purchase and time. It is concise, well-written, and without reservation. Bernie threw caution to the wind and said what is known, but seldom talked about, in the halls of contemporary power in America today.Bernie addresses all the usual suspects, from health care to climate change. But he saves his greatest wrath for the capitalist forces that subordinate and exploit working Americans, most of whom are indentured wage-earners, and 60% of which struggle to get by from one paycheck to another. As he so correctly notes, it is capitalism itself, now hijacked by the owners of capital who control Wall Street, the banks, and corporate America, that is to blame for much of what ails America today.“The uber-capitalist economic system that has taken hold in the United States in recent years, propelled by uncontrollable greed and contempt for human decency, is not merely unjust. It is grossly immoral.”We are, as a result, witnesses to, and victims of, the greatest consolidation of wealth and income the country has ever seen:“Yet, roughly 90 percent of the wealth of the nation is owned by one-tenth of 1 percent of that total [population].”“Three firms – BlackRock, Vanguard, and State Street – now control assets of over $20 trillion and are the major stockholders in more than 96 percent of S&P companies.”“…three multibillionaires own more wealth than the 160 million Americans who make up the bottom half of our society.”Workers “wages have been stagnant for fifty years” despite huge increases in productivity, the benefits of which has all been transferred upward.There are many culprits, as Bernie notes, but none more significant than the formation of monopolies in all facets of the economy, particularly tech and finance. The eighteenth-century Scottish political economist, Adam Smith, who provided the blueprint for Western democratic capitalism, warned us that while free markets are more productive than regulated markets, they are prone to the formation of monopolies, which have to be regulated out of existence or they will destroy economic balance.This inherent tendency, however, was hastened by the tech revolution, which famously removed the most significant barrier to monopolization; the capture, management, and dissemination of information. No longer restricted by geography or the practical constraints of managing growth, the tech revolution, having first established massive tech monopolies through structural disruption, not managerial talent, went on to monopolize traditional industries of every stripe – all while enriching Wall Street, the banks, and the capital class.“Today, roughly 90 percent of all U.S. media is controlled by eight major media conglomerates…““In 2020, the CEOs of just eight prescription drug companies made $350 million in total compensation.”The most visible manifestation of this demonic uber-capitalism is the total commercialization of American society and culture. Corporate executives were turned into capitalists by the activist shareholders of the 1980s and 90s. Entertainment and leisure was commercialized at about the same time.In the 00s and 10s our political system was commercialized by the super-PACs and SCOTUS, which gave us Citizens United and Buckley v. Valeo, essentially turning our politicians into puppets of the capitalist class.Most recently, even amateur sports have been uber-commercialized, as witnessed by the NCAA men’s and women’s basketball championship. NIL’s and the trade portal, along with corporate glorification of celebrity college athletes in the interest of selling unrelated products have made college sports a battle of mercenaries, essentially vaporizing the notion of team play and team spirit.All told, this is a great book that shines a light on the blight of uber-capitalism and its negative impact on our politics, our society, and the quality of the lives we lead. In this election year it is the one book you should read. Thank you, Bernie.

Democrats will never learn the lesson, but the key to taking back America, whether acknowledged or not, is the platform established by Bernie Sanders. Whatever else you may think about him, Sanders has consistently proposed policies that are both broadly popular (even in red states) and always in the interests of the working class.As we descend into another gilded age—with unprecedented levels of income and wealth inequality—we need from Democrats now, more than ever, a more humane platform of economic populism that makes the foundations of a good life—healthcare, housing, education, childcare—more accessible and affordable. The alternative is what both parties have been doing for decades—unapologetically pandering to the rich while distracting the rest of us with false problems.This book provides the way forward. Sanders begins by recounting his presidential run—sabotaged by the Democratic establishment—and then his work as a Senator attempting to advance a progressive agenda for working families, only to have that work sabotaged as well, not only by Republicans but also by conservative Democrats beholden to the very corporate interests that financed their elections. It’s a depressing story, but also a good reminder of what the Build Back Better bill could have been, had it passed.Democrats decided to play it safe when they had the opportunity to go big, and what we got in return is the second presidency of Donald Trump.The second part of the book lays out a bold agenda that Democrats should consider as their alternative blueprint to Project 2025.The first thing to note is that, while Ezra Klein and others have introduced the “abundance” agenda as if it’s something new or revolutionary, Sanders has been running on this for years. As Sanders wrote, in the chapter titled “Billionaires Should Not Exist”:“We must move away from the economic mentality of scarcity and austerity to a mindset that seeks prosperity for all. To those who say that, in the wealthiest country in the history of the world, there is not enough to care for all the people, our answer must be: “That’s absurd. Of course there’s enough!” With the explosion of new technology and productivity that we are experiencing, we now have the capability to provide a good life for every American….Democrats should have learned their lesson. But there is very little evidence that this has happened. Too many of them still do not understand that the policies of a party that is supposed to stand for workers must actually do so when in power.”Sanders then presents his own “abundance” agenda, consisting of things like universal healthcare, guaranteed jobs programs that help to build things like infrastructure and housing, and the provision of affordable and accessible childcare and education. These proposals include plenty of “supply-side” policies, such as investing in and building affordable housing and clean energy, and financially compensating doctors to practice in underserved rural areas, as a couple of examples.In reviewing these initiatives, the reader should remember that these are not radical suggestions; some of the happiest and most productive countries in the world—Finland, Denmark, Iceland, Sweden, Netherlands, Norway—have already implemented many of them.A bit of a revelation for me was the realization that our affordability crisis in the US is entirely due to the creation of scarcity by choice. The richest country in the world has decided to make the basic necessities of life—the very foundations of economic freedom necessary for the pursuit of the good life—scarce and inaccessible, all so that ever-increasing levels of wealth can be funneled to the richest Americans and shareholders. None of this is natural or inevitable; it is the result of political choices we have all allowed, and of not penalizing the politicians that continue to make them.But until the white working class in this country realize that they have more in common with working-class minorities than they have with the cadre of billionaires cutting taxes for their rich friends, the country will descend further into the conservative nightmare we’re currently living through. The politics of Bernie Sanders, whether he’s the one running on it or someone else, is our best shot at a way out.

If you ever wondered why so many people love Bernie Sanders, you should read this book. He lays out a deeply thought-out presentation of the areas where our government fails us and how we can tackle fixing those areas. If you've got your mind made up and can't let yourself think about another perspective, then it's probably a waste of time to read this book. I don't agree with everything Bernie says, but my gosh, I found myself learning so much from his perspective.