Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else (54 page)

“My first reaction was nostalgia”
N. Gregory Mankiw, “Know What You’re Protesting,”
New York Times
, December 3, 2011.

The only four fields
Professor salary figures come from the Chronicle of Higher Education’s
2011 Almanac of Higher Education,
August 21, 2011.

Even as they cash their speaking fees
Emily Flitter, Kristina Cooke, and Pedro da Costa, “Special Report: For Some Professors, Disclosure Is Academic,” Reuters, December 20, 2010.

Winner-Take-All Politics
A big hat tip here to Jacob Hacker!

an increasing number of politicians are members
Eric Lichtblau, “Economic Downturn Took a Detour at Capitol Hill,”
New York Times
, December 26, 2011.

One academic study has suggested that serving in Washington
Alan J. Ziobrowski, James W. Boyd, Ping Cheng, and Brigitte J. Ziobrowski, “Abnormal Returns from the Common Stock Investments of Members of the U.S. House of Representatives,”
Business and Politics
13:1 (2011).

But a different study by LSE and MIT researchers challenged
Andrew Eggers and Jens Hainmueller, “Capitol Losses: The Mediocre Performance of Congressional Stock Portfolios, 2004–2008,” MIT Political Science Department Research Paper No. 2011-5, December 2, 2011.

Between 2000 and 2007 the Clintons earned $111 million
Kenneth P. Vogel, “Tax Returns Show How Clintons Got Rich Quick,”
Politico
, April 4, 2008.

Tom Daschle, the former Democratic Senate majority leader
David D. Kirkpatrick, “In Daschle’s Tax Woes, a Peek into Washington,”
New York Times
, February 1, 2009.

senators were 50 percent
Larry Bartels, “Economic Inequality and Political Representation,” in
The Unsustainable American State
, eds. Lawrence Jacobs and Desmond Kin (Oxford University Press, 2009), pp. 167–96.

You could see the power of these networks
Richard Teitelbaum, “How Paulson Gave Hedge Funds Advance Word of Fannie Mae Rescue,” Bloomberg News, November 29, 2011.

“The proportion of people with training and experience in finance”
Zingales, “Capitalism After the Crisis.”

“It turns out that if I pay”
CF interviews with Dan Ariely, December 2010 and January 2011.

“We are deeply social animals”
“Working Wealthy Predominate the New Global Elite,”
International Herald Tribune
, January 25, 2011.

“‘Yes, he would give them’”
Jane Austen,
Sense and Sensibility
(Dover, 1995), p. 3.

CONCLUSION

“We may have democracy”
Mr. Justice Brandeis, Great American
, ed. Irving Dilliard (Modern View Press, 1941), p. 42

“The society that puts equality”
Milton Friedman, “Free to Choose,” PBS, 1980.

The story of Venice’s rise and fall
Daron Acemoglu and James A. Robinson,
Why Nations Fail
(Crown, 2012), pp. 152–56.

“There’s a lot of anger in society because of what the government did”
CF interview with Eric Schmidt, February 23, 2011.

“It’s probably true that some activities are truly creative”
CF interview with Emmanuel Saez, February 24, 2011.

“A truly great business”
Warren Buffett, Berkshire Hathaway Inc. 2007 Annual Report, February 29, 2008.

Great Gatsby Curve
“The Rise and Consequences of Inequality in the United States.”

statistics have shown
See Thomas B. Edsall, “The Reproduction of Privilege,”
New York Times
“Campaign Stops”
blog, March 12, 2012.

worth more than $4 million
See Felix Salmon, “Simmons Leaves Goldman’s Board,” Reuters, February 13, 2010.

whether the legacy system
For a good exploration of this topic, see Elyse Ashburn, “At Elite Colleges, Legacy Status May Count More Than Was Previously Thought,”
Chronicle of Higher Education
, January 5, 2011.

“Since, by the Grace of God”
Roger Crowley,
City of Fortune: How Venice Ruled the Seas
(Random House, 2012), p. xxviii.

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