About this video

• Video Title: Who Owns America? Bernie Sanders Says the Quiet Part Out Loud
• Channel: Trevor Noah
• Speakers: Trevor Noah, Bernie Sanders
• Duration: 01:26:59

Overview

This video features an interview with Senator Bernie Sanders, hosted by Trevor Noah, discussing the concentration of wealth and power in America, often referred to as oligarchy. Sanders argues that a small group of wealthy individuals and corporations control the economy, media, and political landscape, leading to inequality and a system that fails working-class Americans. The conversation touches on historical context, the impact of money in politics, the rise of AI, and potential solutions for a more equitable society.

Key takeaways

• Oligarchy and Inequality: The video highlights the extreme concentration of wealth and power in the hands of a few, with statistics showing that one individual can possess more wealth than the bottom 52% of American households. This is contrasted with the struggles of the working class, whose real wages have stagnated or declined over the past 50 years.
• Influence of Wealth on Politics and Media: Sanders argues that wealthy individuals and corporations exert undue influence on elections and media narratives. This is evidenced by large campaign contributions, Super PACs, and the consolidation of media ownership, which shapes public discourse and political outcomes.
• Systemic Failures: The conversation addresses how the current system is broken, affecting various sectors like healthcare, education, and housing. The lack of affordable healthcare, soaring college debt, and inaccessible housing are presented as symptoms of a system that prioritizes profit over people's well-being.
• The Role of the Democratic Party: Sanders critiques the Democratic Party for becoming increasingly corporatist and losing touch with the needs of the working class, often prioritizing identity politics over fundamental economic issues.
• Potential for Change: Despite the daunting challenges, the discussion offers a hopeful outlook, emphasizing the power of grassroots movements, community organizing, and the potential for progressive ideas to gain traction, as seen in local campaigns.
• The Threat of AI and Automation: The interview touches upon the potential job displacement caused by advancements in AI and robotics, raising concerns about the future of work and human connection in an increasingly automated society.

Bernie Sanders provides several examples to illustrate the concentration of ownership in major industries:

• Financial Sector: He names BlackRock, Vanguard, and State Street as three corporations that, combined, are the dominant stockholders in 95% of American corporations.
• Media Ownership: He points out that four of the wealthiest individuals own major media outlets:
  • Elon Musk owns Twitter.
  • Jeff Bezos owns The Washington Post and Twitch.
  • The Ellison family owns Paramount, which owns CBS.
  • Mark Zuckerberg owns Meta, which controls Facebook and Instagram.
  • Rupert Murdoch owns Fox, The Wall Street Journal, and The New York Post.
• Food Industry: He mentions that only four major companies control almost all the meat in America.
• Baby Food Industry: He uses the example of a baby food shortage caused by a single company's plant contamination, highlighting how consolidation leaves consumers vulnerable.

Bernie Sanders explains the connection between the wealth of individuals like Elon Musk and their political influence through several key mechanisms:

• Direct Campaign Contributions and Super PACs: Wealthy individuals can spend vast sums of money to support political candidates or causes through direct donations and Super PACs. Sanders cites Elon Musk spending $270 million to help elect Donald Trump, suggesting this is an investment made to receive something in return, such as tax breaks or favorable policies.
• Lobbying and Policy Influence: Large corporations and wealthy individuals employ lobbyists to influence legislation and policy. Sanders argues that their financial power allows them to shape laws in their favor, citing tax breaks and deregulation as examples.
• Controlling Media Narratives: Through ownership of media companies, billionaires can influence what information the public receives and what issues are discussed. This allows them to shape public opinion and political discourse to align with their interests.
• "Buying Elections": Sanders explicitly states that "Billionaires should not be able to buy elections," implying that their financial resources give them an outsized role in determining election outcomes, overriding the will of ordinary voters.
• Intimidation and Retaliation: Sanders describes how wealthy donors and business interests can exert pressure on politicians. He gives the example of Senator Tom Tillis facing backlash from Trump and billionaires for opposing a bill, leading him to withdraw from re-election. This demonstrates how financial power can be used to punish dissent and ensure loyalty.
• "Government of the Billionaire Class, by the Billionaire Class, and for the Billionaire Class": This phrase encapsulates Sanders's core argument that the entire political system has been captured by the interests of the wealthy, making it difficult for anyone without significant financial backing to gain traction or enact policies that benefit the broader population.

Bernie Sanders proposes several solutions to counter the influence of big money in politics and create a more level playing field for candidates:

• Public Funding of Elections: He advocates for a system where candidates receive public funding for their campaigns. This would allow individuals who don't have access to wealthy donors or Super PACs to run for office.
• Campaign Finance Reform: This includes measures to curb the influence of large contributions and Super PACs.
• Ending Citizens United: He explicitly calls for the overturning of the Supreme Court decision Citizens United v. Federal Election Commission, which he believes has opened the floodgates for unlimited corporate and union spending in elections.
• Small Contribution Thresholds for Ballot Access: Sanders suggests that to get on the ballot, candidates should be required to demonstrate support through a certain number of small contributions from individuals. This would prove grassroots backing and prevent candidates from being dismissed as "flakes."
• Spending Limits: Similar to salary caps in professional sports leagues, he proposes limits on how much money can be spent in elections to ensure a fairer fight between candidates, regardless of their financial backing.
• Strengthening Trade Unions: While not directly about campaign finance, Sanders believes that a stronger labor movement is crucial for empowering working-class people and counterbalancing corporate power, which indirectly affects political influence.
• Progressive Taxation: He argues for a progressive tax system where the wealthy and corporations pay their fair share. This could free up resources that are currently concentrated in the hands of a few and could be used to fund public services and potentially public election funding.

These proposals aim to shift power away from wealthy donors and special interests and towards ordinary citizens and grassroots movements.