Political Memes

Economic power is power, yes.

I do not believe that wealth equality or equality at all is desirable.

I understand that many working class people find themselves in a precarious position nowadays. I am sympathetic, but I believe that this is better addressed by reforms to the capitalist system than socialism.

In my previous comment I already addressed why I think most people would be more comfortable and better suited having less economic power. This does not necessarily mean their quality of life is worse.

Regarding your other point: "I also believe that broad ownership results in less destructive means of generating returns. The wealthiest individuals don't act responsibly (i.e., returns supercede consideration of current and future health and well-being of humanity)." I completely disagree. The reason the "current and future health of humanity" is not accounted for is that under a market system these things are not factored into the price. So the market as a regulating tool is ignoring these issues. It would be no different if a commonly owned investment fund was investing, for instance, as it would still do things that make the most sense under a market system. This is known as a problem of externalities, and it is an argument for government intervention in the market system that I fully accept, but not for redistribution of wealth as that will likely not change anything for as long as markets are involved.