What rights do wealthy people have that middle class or the poor do not also have? What legal protections does a wealthy individual have that all other individuals do not have?
Impunity from prosecution.
DuPont Case This guy paid a 4k fine and got treated for pleading guilty to raping his 3 year old, the lawsuit got little to no coverage whatsoever until after the sentencing. And this is when he got sentenced. Think of about all those people who "settled out of court"? They just bribe their way out of decades of jailtime. I'm not saying Neo-Feudalism is blatant, it's a very covert system. Epstein's case (or lack of it) plays into this as well.
I'm not all that familiar with this case but this is anecdotal evidence. Two can play at that game and get no where.
Extremely Rich people who have gone to serve hard time for breaking the law
1. Raj Rajaratnam, net worth = $1.7 billion before jail, Crime = Insider trading, Sentence = 8 years
2. Micheal Milken, net worth = $3.7 billion, Crime = Insider trading, Sentence 2 years and $600 million fine + $47 million to SEC complaint
3. Bernard Ebbers, Net worth = $1.4 billion, Crime = Fraud, Sentence = 25 years(Died in prison recently serving 13 years)
4. Bernie Madoff, Net Worth = $20 billion, Cimre = Fraud, Sentence = 150 years and forfeiture of $17 billion
I can go on and on.
Political reforms rarely if ever actually do anything to touch the banking system or the bankers, like in 2008 Obama campaigned saying he'd punish those responsible for the crash and when he got elected he just stopped talking about it, lol. The wealthier someone is, the better use they can make of the legal system. Currently humanist ideals are like the old "a clergyman prays for all" but only apply to a select few while debt is being used to chain people into serfdom. This is far from the American Dream of equal opportunity.
There are two great myths of the 2008 housing crises.
The first myth is that is was caused purely by greed of big bankers and Wall Street.
In reality the housing bubble was a result of bad legislation that was passed in 1992 meant to champion 'affordable housing'. It set quotas on the number of loans banks had to give out to low income people and quotas for the number of mortgages of low income people the FNMA and FHLM had to back. If these quotas were not meet the these institutions would be fined and head members were even threatened with prosecution by Janet Reno. So these institutions were forced by law to back extremely risky loans which in turn created a bubble. Even funnier than that, when Obama entered office he then penalized these institutions for taking on too much risk.
The Second myth is that no one went to jail.
1. Lee Farkas, Sentence = 30 years and $38 million fine
2. Kareem Serageldin = 2.5 years, $25.6 million fine, $1 million SEC despute
3. Micheal McGarth, Sentence = 14 years
Once again there are several others but these are the big three. It's important to remember that you can only be convicted of a crime if something is a crime. Irresponsible does not equal illegal.
It's my own fault that I didn't explain myself better. Neo-feudalism is the endgame I think, like Tryp raised the notion that this is hyper-capitalism which I'm a bit on the fence about, because capitalism holds the opportunity of upward mobility while the way America is headed, the breakdown of the middle class means less opportunity and the eventual creation of a caste-like system. The over-arching human rights that are supposed to transcend class divisions are but symbolisms when money comes into the picture.
Is the middle class actually shrinking? This is a tough question to answer. usually median household income is used to drive this point but it doesn't paint the whole picture because despite median income being slightly less than it used to be the size of housholds has changed. The number of single member households has more than doubled. Hence it is implied that median household income would show decline, but that doesn't mean the middle class is shrinking it just means households are smaller.
Furthermore these stats don't take into account the lifetime growth of of a persons assets. The majority of those single households are millennials who have not reached peak income or net worth. It is natural that boomer households whose members are in there late 40's and 50's have more money than a single member mellinnial household as they've had more time to acquire wealth.
In fact many studies point to our generation being the richest generation in history, projections that we will incur 5x as much wealth as we have today via income and inheritance.
TheThis is the idea of equal opportunity, and I'm not saying there isn't some chance of moving to the highest echelons of society. My point is that the window is narrowing and I fear the current state of class division will solidify in the future, effectively rendering it into a neo-feudal state where serfdom is enforced via ever increasing debt. Productivity is in the hands of the ultra-rich who hinder innovation via the removal of the middle class. Like you have cartels buying up start-ups. Or let's take a zoomer example; big corporations copystriking independent Youtubers for using 0.1 second of a copyrightable clip, soundbeat, whatever, if even. It all plays into the same idea.
The very reason you are able to actualise an idea and gain a profit is because of the existence of a middle class which facilitates innovation thanks to the idea of liberal democracy.
I addressed this above.
I will note though that this argument has been made many times over the decades yet a new generation of rich young people come into being. Google, Twitter, Facebook, etc all created by millennnials and all highly innovative.
AI market is projected to reach $390 billion by 2025. The individuals building that innovative technology are mostly young software devs, engineers, and mathematicians. On top of that I am sure many young engineers and devs will create successful start-ups in this space. They will move up the ladder. But why? Because they decided to develop highly useful skills that allow them to create and innovate.
As for nobles falling out of grace; this does happen, however it's the exception to the rule. I've seen you mention Elizabeth Holmes before, lol. Generally the Neo Feudal nobility enjoys bailouts and a "too big to fail" status which effectively makes them immune to the livelihood-threatening risks that lower classes have to deal with.
I agree with this to some degree and I am not a fan of bailouts, if tough times hit and a company will fail if not intervened with we should let it die. Let the market evolve naturally.
Why haven't things changed? Your political system gives you the choice between two corrupt corporate cronies each time, nothing changes, the circus goes on and serves as a distraction for the corporate elite driving the country into a Neo-Feudal system. Voting won't change a thing, the real power lies with the ultra-rich, your chances at joining this tier are diminishing quickly.
There has always been corruption and I agree money should be seperate from politics.
But I see no reason to believe there is no ability to move up the ladder at the moment nor is opportunity shrinking. In the age of the internet there is more opportunity to generate wealth than at any point in history. I turned 1k into 10k in 1.5 months by trading electronically and all I had to do was read two books to learn the ropes. Everyone I know who has put effort into their existence by acquiring skills is at least in the high middle class.