Billionaire Seattle entrepreneur Nick Hanauer tells it like it is to other capitalists: “Capitalism, when well managed, is the greatest social technology ever invented to create prosperity in human societies. But capitalism left unchecked tends toward concentration and collapse. It can be managed either to benefit the few in the near term or the many in the long term. The work of democracies is to bend it to the latter. That is why investments in the middle class work. And tax breaks for rich people like us don’t. Balancing the power of workers and billionaires by raising the minimum wage isn’t bad for capitalism. It’s an indispensable tool smart capitalists use to make capitalism stable and sustainable. And no one has a bigger stake in that than zillionaires like us.” Hanauer, earned his net worth of a billion dollars as co-founder of Seattle-based venture capital company, Second Avenue Partners and by selling several tech companies for high price tags. Born in New York, NY in 1959, he earned a degree in Philosophy from the University of Washington, started his business career with family owned company Pacific Coast Feather Company (he is still the co-chair and CEO). He is also the co-founder of Museum Quality Framing Company which is a West-Coast franchise and was also an investor in Amazon and was also one of the companies advisors till 2000. He was the founder of gear which eventually merged to Overstock an Avenue A Media. This guy earned the right to educate us about how “Capitalism” should – and could – work! Read more: politico/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014_Page4.html#ixzz35y8Y9Hfl
Posted on: Sat, 28 Jun 2014 20:59:53 +0000
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