A Hedge Fund Republic? – NYTimes.com

Great article.  This is Nicholas Kristof’s follow-up to his “Banana Republic column last month.

Here is a brief excerpt.  I encourage you to click the link to the full column.

But there is also a larger question: What kind of a country do we aspire to be? Would we really want to be the kind of plutocracy where the richest 1 percent possesses more net worth than the bottom 90 percent?

Oops! That’s already us. The top 1 percent of Americans owns 34 percent of America’s private net worth, according to figures compiled by the Economic Policy Institute in Washington. The bottom 90 percent owns just 29 percent.

That also means that the top 10 percent controls more than 70 percent of Americans’ total net worth.

via A Hedge Fund Republic? – NYTimes.com.