{"id":324316,"date":"2017-09-02T17:44:35","date_gmt":"2017-09-02T16:44:35","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/michael-milken-vs-the-power-elite\/"},"modified":"2017-09-02T17:44:35","modified_gmt":"2017-09-02T16:44:35","slug":"michael-milken-vs-the-power-elite","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/michael-milken-vs-the-power-elite\/","title":{"rendered":"Michael Milken vs. the Power Elite"},"content":{"rendered":"<div>\n<p><em>The Free Market 7, no. 6 (June 1989)<\/em><\/p>\n<p>Quick: what do the following world-famous men have in common: John Kenneth Galbraith, Donald J. Trump, and David Rockefeller? What values could possibly be shared by the socialist economist who got rich by writing best-selling volumes denouncing affluence; the billionaire wheeler-dealer; and the fabulous head of the financially and politically powerful Rockefeller World Empire?<\/p>\n<p><em>Would you believe<\/em>: hatred of making money and of \u201ccapitalist greed\u201d? Yes, at least when it comes to making money by one particular man, the Wall Street bond specialist Michael R. Milken. In an article in which the august\u00a0<em>New York Times<\/em>\u00a0was moved to drop its cherished veil of objectivity, and shout in its headline, \u201cWages Even Wall St. Can\u2019t Stomach\u201d (April 3), these three gentlemen each weighed in against the $550 million earned by Mr. Milken in 1987. Galbraith, of course, was Galbraith, denouncing the \u201cprocess of financial aberration\u201d under modern American capitalism.<\/p>\n<p>More interesting were billionaires Trump and Rockefeller. Speaking from his own lofty financial perch, Donald Trump unctuously declared, of Milken\u2019s salary, \u201cyou can be happy on a lot less money,\u201d going on to express his \u201camazement\u201d that his former employers, the Wall Street firm of Drexel Burnham Lambert \u201cwould allow someone to benefit that greatly.\u201d Well, it should be easy enough to clear up Mr. Trump\u2019s alleged befuddlement. We could use economic jargon and say that the payment was justified by Mr. Milken\u2019s \u201cmarginal value product\u201d to the firm, or simply say that Milken was clearly worth it, otherwise Drexel Burnham would not have happily continued the arrangement from 1975 until this year.<\/p>\n<p><em><strong><a href=\"http:\/\/www.cmi-gold-silver.com\/blog\/buy-old-us-gold-coins\/?utm_source=LRC_Text_Ad&amp;utm_campaign=buy_old_us_coins\">Time to buy old US gold coins<\/a><\/strong><\/em><\/p>\n<p>In fact, Mr. Milken was&#8230;<\/p>\n<\/div>\n<p><a href=\"https:\/\/www.lewrockwell.com\/2017\/09\/murray-n-rothbard\/michael-milken-vs-power-elite\/\">Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Free Market 7, no. 6 (June 1989) Quick: what do the following world-famous men have in common: John Kenneth Galbraith, Donald J. Trump, and David Rockefeller? What values could possibly be shared by the socialist economist who got rich by writing best-selling volumes denouncing affluence; the billionaire wheeler-dealer; and the fabulous head of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-324316","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/324316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=324316"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/324316\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=324316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=324316"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=324316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}