I think I might agree with the author in a more limited context, that on an institution by institution basis there is a fair amount of power that is outside the reach of voting and hence outside the influence of the working class.
An example here is the federal reserve. Interest rate decisions and quantitative easing decisions are vastly influential, and famously independent of the president.
I don't subscribe to any conspiracy theories that the federal reserve is being controlled by the rich. However, I think there's no doubt that both the individuals at the top of the fed, and their professional circles, have no overlap with the working class, and in the long run this shows.
For example, when the fed did their last interest rate increase near the end of 2018, the stock market essentially revolted, with a "huge" correction (to about august 2017 values). The federal reserve acquiesced to pressure and proceeded to take a much more dovish tone, following with 3 rate cuts the next year.
There's another story there about a trade war, low inflation, and sustaining an expansion. But if you take a look at a long term graph of interest rates over time from 1980 to present, you see a trend of going down, down, down. It just so happens that interest rates going down also inflates asset values.
I don't think it's a coincidence that the asset-owning class that populates the federal reserve often makes decision that benefit those who own assets.
If you look longer term, after WWII there was this cycle of recession and recovery, but each recovery was at higher interest rates. This lasted until 1979. Then the Fed, led by Volcker, changed policy. Since then, each cycle has been at lower interest rates - but higher unemployment.
I agree with your points generally, but I don't think these are the claims put forward in this article. The article makes sweeping generalizations without any basis (AFAICS).
An example here is the federal reserve. Interest rate decisions and quantitative easing decisions are vastly influential, and famously independent of the president.
I don't subscribe to any conspiracy theories that the federal reserve is being controlled by the rich. However, I think there's no doubt that both the individuals at the top of the fed, and their professional circles, have no overlap with the working class, and in the long run this shows.
For example, when the fed did their last interest rate increase near the end of 2018, the stock market essentially revolted, with a "huge" correction (to about august 2017 values). The federal reserve acquiesced to pressure and proceeded to take a much more dovish tone, following with 3 rate cuts the next year.
There's another story there about a trade war, low inflation, and sustaining an expansion. But if you take a look at a long term graph of interest rates over time from 1980 to present, you see a trend of going down, down, down. It just so happens that interest rates going down also inflates asset values.
I don't think it's a coincidence that the asset-owning class that populates the federal reserve often makes decision that benefit those who own assets.