“So it is true that rich people can spend more money than middle class people, but there’s this upper limit on what we can spend. I drive a very nice car, but it’s only one car. I don’t own a thousand, even though I earn a thousand times the median wage. I have a few jackets, not a few thousand. My family can afford to go out to eat more than most American families, but not more than three times a day. We can’t go out 3,000 times a day.
“So if you concentrate wealth in the hands of a very few people, you break down this feedback loop between customers and businesses.
“You need everyone to be able to afford a pillow every year in order to have a successful pillow business, and concentrating wealth at the top essentially creates a death spiral of falling demand.
“…this idea that the more greedy we are as individuals, the better off the society is, in general, is a lie.
“If you live in a society where most people are cooperating and taking care of one another, but you don’t and no one punishes you for that, that is very advantageous, and indeed there are people in our society that do take advantage of that.
“People like me need to be forced to do the right thing.
“This is a terrible, terrible problem in our society, where people like me live increasingly isolated lives; we fly in our own airplanes; we go to our own schools; we live in neighborhoods that are gated and guarded; we have our own police forces. And we live lives which are detached from the lived experience of ordinary people and we forget what the challenges are.”