|You see those post-war years, ending with Reagan? That was the lifespan of The American Dream.|
If Saez and Zucman are right, and I have every reason to believe that they are, even those upset by trends in US inequality are living in the past. They still think Gordon Gekko is the problem — but if you look at my first chart, you see that things have moved on a lot since 1987, when Wall Street came out. Back then scrappy self-made predators ruled; now we’re much more likely to be talking about their children and heirs.Patrimonial capitalism is already here, to a much greater extent than people realize.