Lecture Notes: Oligarchs and Political Dynamics in the U.S.

Introduction

• Speaker: Victor Davis Hansen for the Daily Signal
• Topic: The use of terms like oligarchs, autocrats, dictators, and aristocrats in current political discourse.
• Focus on the dynamic between wealthy individuals and political power, particularly the relationship between Elon Musk and Donald Trump.

Key Terms Defined

• Oligarchs: Rule by a small group.
• Plutocrats: Rule by the wealthy.
• Aristocrats: Rule by the so-called best or better born.

Historical Context

• Past Presidents: Obama, Clinton, and Biden.
• For 20 years, the notion of the country being controlled by oligarchs wasn't prominent.

Wealthy Individuals in U.S. Politics

• Prominent billionaires: Elon Musk, Jeff Bezos, Mark Zuckerberg, Warren Buffett, Larry Page, Sergey Brin, Larry Ellison, Bill Gates, Mike Bloomberg.
• Commonality: All worth over $100 billion and mostly supported Democrats until recently.

Shift in Political Support

• Recent Changes:
  • Jeff Bezos's Washington Post did not endorse Kamala Harris or Donald Trump.
  • Elon Musk, previously a supporter of Hillary Clinton and Joe Biden, began supporting Trump.
  • Some billionaires, like Mark Zuckerberg and Larry Ellison, began aligning more with Republicans.

Reasons for the Shift

• Democrats have been the traditional party of wealth and plutocracy.
• Frustration arose from the Democrats making demands on billionaires' contributions.
• Billionaires revolted against being told how to spend their money or operate their businesses.
• Trump's approach: Welcoming to billionaires, offering them nationalist protection and less regulation.

Campaign Contributions

• 2024 Election cycle: Democrats raised $1 billion more than Trump.
• Prominent donations by individuals like George Soros and Sam Bankman-Fried to Democrat causes.

Conclusion

• Current situation: 30% of billionaires have shifted or become neutral, while the majority still support Democrats.
• Democratic party demands absolute loyalty, but the landscape is changing.
• Big money remains a prominent feature of U.S. politics, traditionally aligned with Democrats.

Closing

• Encouragement to subscribe to the Daily Signal and visit Victor Davis Hansen’s website for more content.