Last night, Donald Sterling on Magic Johnson: He fucked every girl in America, he has AIDS, he is not a role model, he has not helped the black community in the way rich Jews like him, Sterling, help the Jewish community...


The good thing about all of this is the public can finally see what most billionaires are really like. The media overrepresents talented entrepreneurs like Bill Gates and Steve Jobs, and underrepresents the bulk of billionaires who have no gifts whatsoever and contribute little to nothing to the society they benefit from. Their money grows on its own (with the help of a small army of financial managers) and does not care what they say or do, what they think or dream up. The man or woman is on one side and the money they own is on the other, and no meaningful link exists between the content of the owner and the magnitude of the wealth.

The overrepresentation of the (few) Bill Gates of the world functions to justify the individual ownership of vast amounts of money: They deserve all of those millions or billions because they had the brains and will to strike it rich and others did not. Indeed, Thomas Piketty makes the point in his popular book Capital in the 21st Century that the famous Forbes 400 list of the richest people in America is "systematically biased to overrepresent entrepreneurs and underrepresent heirs and heiresses." In another part of the book, which concerns university endowments, Piketty offers evidence that a massive amount of money only needs itself to grow (easily at 8% a year—as the economy grows at only 1% to 2%). This is the nightmare that only progressive taxes can wake us up from.