Thank you Mike. I am with you on nearly all of this, and I'd like to respond more fully but am backed up on my other deadlines. The two things I wanted to say though:
The massive income disparity started in 1980, with the Reagan admin, and deficit spending, tax elimination, massive deregulation of markets...
But my point on the stock market has nothing to do with public companies empying a third of non farm labor or anyting else direct.
It has to do with the economy and currency flow as a whole. Bezos is only a billionaire because his founder shares (and followons) are worth thousands of times more than in 1994. In a way, it is Wall Street that is responsible for his massive wealth.
And while I do understand the need for a secondary market: after the initial sale, as the stock flies higer, the company getts none of that. Meaning, that is just exchage direct between investors/funds etc.
They are not creating products, not creating jobs, just pushing money back and forth. As the stock flies higher, the currency required to make it so is locked in, and thus no longer flowing in the economy.
The result of the market flying high is that currency is trapped, the economy becomes anemic, and the fed has to print more.
Income disparity is a function of the macroeconomic conditions that are present in the secondary and passive intrument markets.