Wednesday, May 24, 2017

Revenge Of The Anti-Nerds

Silicon Valley may be facing its own version of "Occupy":
With large cap tech stocks that are mostly headquartered in Silicon Valley accounting for about 40 percent of all market gains from the Trump stock boom, Bank of America Merrill Lynch’s Chief Investment Strategist Michael Hartnett suggests that the irrational bonanza “could ultimately lead to populist calls for redistribution of the increasingly concentrated wealth of Silicon Valley,” as first reported by the Value Walk blog.

B of A sees parallels to the “Occupy Wall Street” protests in 2011 that targeted the “one percent,” including big banks that were bailed and given cheap federal loans during the financial crisis of 2007-8. Occupy protestors claimed the government loans were a wealth transfer for the rich, at the expense of workers.

The bipartisan Center for Responsive Politics, which tracks the influence of Silicon Valley money on American elections and government bureaucrats, commented, “Just as water flows downhill, money in politics flows to where the power is.” Their research found that with the rise of Democrat Barack Obama since 2008, Silicon Valley’s annual lobbying expenditures skyrocketed by 800 percent, from $17.8 million to $139.5 million.
Nerds with power tend to be not much different from others with power...

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