ESSAY: Billionaire do-gooding is out. Naked oligarchy is in
Notes on the Bezos wedding, the Zuckerberg cop-out, and Trump's cruel budget
Like bottomless mimosas and a mother’s unsolicited advice, eras don’t just end. The new thing elbows its way in, the old thing lingers like a houseguest, and they compete for primacy. Only eventually — sometimes long after — do you notice the eclipse.
No one was ever going to announce that the era of performative elite do-gooding had ceded to the era of naked oligarchy. But this week three events made that eclipse clear.
The first was the multi-billionaire Jeff Bezos’s wedding, in Venice, to Lauren Sánchez, who would surely float if she fell into a canal. As celebrities poured into a city already strained by tourism, and the happy couple was photographed frolicking in a literal foam party aboard a yacht, there was an almost refreshing, well, nakedness to the avarice, to the carelessness, to the not-giving of civic fucks. There was a reminder of the omnipotence and the utter loneliness at the commanding heights: you can get anyone you want to your wedding, and the people you want are the people you’d invite if you told your assistant to run to the dentist’s office, pick up People magazine, write down names in it, and invite them. These are people who have everything, and who don’t have the thing everybody else does.
The second was the inevitable announcement by multi-billionaire Mark Zuckerberg’s charitable foundation, run with his wife, Priscilla Chan, that it is no longer focused on ending all the diseases, as it once promised. Rather, in the Trump era, it is focused on things that would not be any trouble to Trump. “Can we cure all diseases in our children’s lifetime?” read a screen behind the couple at a rehearsal in 2016. The answer turns out to be: No. The Washington Post, owned by the oligarch in the above item, nonetheless rightly warned, in the Zuckerberg-Chan case, of “the risks for communities reliant on wealthy private donors.”
The third event was the passage today of Donald Trump’s and the Republicans’ budget, a document of searing meanness that former Labor Secretary Robert Reich calls the “Worst Bill in History” — a “giant budget-busting, Medicaid-shattering, shafting-the-poor-and-working-class, making-the-rich-even richer bill.” Like the Bezos wedding and the Zuckerberg-Chan pivot, the bill had one refreshing quality, though. It made zero effort to mask its ugliness. It said the cruel part out loud.
There is a nakedness to our oligarchy now, and it is pruny as hell. But at least there is this: As far as I can tell, the era of highly performative elite do-gooding is passing. The billionaires who felt the need to give TED talks about eradicating poverty while also causing poverty. The incessant blabbing about Africa by oligarchs who rarely left Connecticut. The pledges to save democracy, save the planet, and, yes, end all diseases. The buy-one-donate-one products. Red things involving Bono.
I wrote a whole book about that era and its maneuvers and deceptions and costs, and it occurs to me now that the entire complex of activities I chronicled is giving way to something altogether different. What is ascendant now is nakedness — of greed, of sociopathy, of power thirst. Somewhere along the way, the professed goal of the elite morphed from fighting inequality from above to defending their castles in the sky.
There is a kind of progress in this, because what is naked is easier to see, even if pruny.
This eclipsing of performative virtue by pungent avarice, of fake billionaire “change” by real billionaire wolfishness, is part of why figures like Zohran Mamdani are rising. When I published Winners Take All in 2018, the things I was trying to deconstruct took explaining. That is, after all, why you write a book. I’m not sure a book is needed now.
The moves, the lust, the underlying goals — all of it is in the open. This era is less confusing. And people are voting accordingly.
It’s also why a generation gap is opening. The old guard power elite, seeing Mamdani’s rise, is terrified that the Soviet Union could soon be coming to a bodega near them, even though they probably don’t live near any bodegas and probably think the word “bodega” is Arabic. But their children and grandchildren are not afraid of free buses and childcare. They’re willing to take a chance on something that would switch their trajectory off the track from nothing to nowhere and on to a course of life.
Brilliant. Sitting here and holding my copy of Winner Take All, and remembering when I had energy and hope. I guess it was about 2018. It's true, we don't need a book now because everything is "out," but thanks for the reminder that power breeds reckless arrogance. The oligarchs and plutocrats have produced a Russia like climate in the US, How clever. But, it still sacares most people, especially if they invested their futures in a Red Hat made in China. Oh the irony of it all.
Since reading your book, my mantra has been "pay attention," but apparently we didn't. At 83, if I go to the streets it will probably my last parade. BUT, I still have hope. There are other young leaders like Zohran waiting to prove they "paid attetion." I really don't want to go until I see more glimmers of real hope and real change.
You have so correctly and elegantly expressed exactly how I have been feeling about the philanthropy of the ultra-rich. Their do-gooding as you call it doesn't come anywhere close to what they should be contributing to the education, health, shelter, wages and culture for 90% of the people living on this planet. They don't pay their fair share in taxes and they haven't a clue about the reality of living for most of us. They can literally get away with murder.