Concentration of Wealth Quotes
Essentially Mellon told the President to let the entire economy crash. With huge numbers of people out of work, labor would be more humble and not only settle for lower wages, but will work harder, and without "excess" income beyond their basic needs, they would not drink and engage in other immoral activities. President Hoover, a wealthy man himself, did not go along with Mellon's idea of making the situation worse, but his conservative philosophy of government would not allow the Government to "interfere" with the private economy or give any direct assistance to the citizens.
His last speech before his appointment to the court.
The percentage changes over time, but in a capitalistic system, capital (wealth) can be invested and generates wealth.
For the previous 7 years the economy had grown but almost all the benefits went to the rich producing a dramatic period where the average worker did not even get a raise under the George W. Bush economic and tax policies.
His concern is that the modern Internet will not necessarily economically profit the middle class or the poor, but might concentrate wealth in the hand of the few even more so than the industrial revolution did. Others disagree.
Most people who hear this quote for the first time assume that it originates with some radical socialist of the 1930s. However it came from a President of the United States and a Republican President at that. Few scholars will place this quotation correctly.
