Well, we knew this was happening. It’s been happening for a long time. But last night’s News Hour has a pretty user-friendly segment on it:
A little reminder of where all the money went.
WARREN BUFFETT, Berkshire Hathaway: It should be a land of opportunity. And people that get rich. They -- nobody is going to confiscate everything or anything of the sort.
But the distribution in this country -- market system has led to extremes. A guy that is wired like me -- I don't have any special status in this world. I'm not -- a great nurse, a great teacher may be much more valuable to society than I am. I'm wired so that I can figure out what things are worth. So...
WARREN BUFFETT: Yes. So, I get super rich.
And somebody whose adenoids are in a certain arrangement gets rich. But television makes a lot of people rich. I mean, Lou Gehrig held out for $25,000 in the late '30s. You know, they benched him. They didn't bench him, breaking his streak, but he had a long -- he had a long struggle.
Television has made the .230 hitter or the .240 hitter better than Ted Williams at .406.
So, it -- there's a lot of serendipity. We -- everybody in this country owes their good fortune in some way to the rest of the country.
Here's the cat version: