Billionaires: What Went Wrong?

Feb 26, 2021
215 925 Views

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We got 99 problems... and over 800 billionaires is one.
Love 'em or hate 'em, it's weird how dang wealthy billionaires are. Was this the inevitable consequence of a free market economy, or is something way weirder going on? Let's find out in this Wisecrack Edition on Billionaires: What Went Wrong?
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=== Watch More Episodes! ===
The Truth about Bill Gates ►
Anti-Vaxxers: What Went Wrong? ►
Gamestop: The Economics of Sad Hedge Funds ►
Written by Amanda Scherker
Hosted by Michael Burns
Directed by Michael Luxemburg
Motion Graphics by Riley A
Illustrations by J.R. Fleming
Editing and Additional Animation by Andrew Nishimura
Video Title Card by Amanda Murphy
Produced by Evan Yee

#billionaires #billgates #wisecrack
© 2021 Wisecrack / Omnia Media, Inc / Enthusiast Gaming

  • Personally, I feel like the debate over billionares being good or bad is a misleading one. It's a lot like "the good king" myth, where the question of whether we should be supporting a monarchy at all is side stepped.

    Waitwhat469Waitwhat469Hour ago
  • One interesting thing I've seen is the increase in interest in cooperative style ownership of buisnesses, with even bloomberg having an article in the increase and sustainment of coop style buisnesses during the last bust cycle.

    Waitwhat469Waitwhat469Hour ago
  • seeing a Liberal being used as a source against laize faire is a trip.

    NightthoughtNightthought2 hours ago
  • Well it is obvious why no one complains in this days, because we have been trained to glorify money and admiring people with money without questioning because of the social darwinism. Having a stupid amount of money have been the focus in our society for decades. We saw that literally everywhere, in series, movies, magazines and now in USworlds. And if you also make this people "relatable", by inventing a tragic origin story or conveniently modifying their story, and "likable" by allowing them to put memes and all this "funny and cool" stuff on their social media, then you have the perfect combination. It doesn't matter if they treat bad their employees, it doesn't matter they are exploiting the development countries for their resources, it doesn't matter they block other innovations. Just let them put memes on their social media and let them talk about video games and edgy stuff and no one will ever say anything. On the contrary, people are going to adore them because they are "grounded".

    Valentina SeverinoValentina SeverinoDay ago
  • Love Billionaires 😎

    Bahman SaBahman Sa3 days ago
  • How compelling... Now please face the wall.

    Jason DuttonJason Dutton5 days ago
  • Guess not much has changed

    allthatgliters020allthatgliters0206 days ago
  • The amount of ppl who think you should be grateful for your crumbs not complain & not fight any rich ppl rules bcuz they want them to benefit too for the magic day when they too get rich 🙄 I hear this sentiment way to often. As if upward mobility exists anymore. And somehow it's OK for billions to go to corporations in gov't tax breaks n subsidies but the gov't giving the ppl anything is "handouts" I even heard an old man say the other day the that he refused to accept medicare because it was socialism & he was responsible and saved plenty to pay his own way 😏 Thank you for the badly needed history lesson 👏 🧡 🦇

    Trixie T0xXx1kTrixie T0xXx1k7 days ago
  • Short answer of what went wrong. We became depended of the product they were selling since before the pandemic

    Ryan AdamsRyan Adams7 days ago
  • Karl Marx with the class struggle nonsense: "My ideas killed more than 100 million of people from starvation, disease, gulags and very massive State murderer" .

    Star mastercStar masterc7 days ago
  • Eat them all

    RamphRamph7 days ago
  • Billionaires are the distraction trillionaires put out so we don't believe they exist.

    odeeanodeean7 days ago
  • Give us an economy that functions like Mario Kart's item system lol

    Colin Searfoss-SmithColin Searfoss-Smith8 days ago
  • 16:16 What evidence did you present that gave us the impression of false accessibility to climb the social ladder? It's not false it's still very possible to gain wealth from humble beginnings like the true story behind Hillbilly Elegy thanks to capitalism. Sure maybe not everyone will become multibillionaires but that's a curse as well as a blessing we just think the pasture is always greener.

    Austin BakerAustin Baker9 days ago
  • Why don't people understand? Trading stocks is gambling. The market IS a Casino. The 1% are gambling to make themselves richer helping only themselves. So maybe we should abolish the stock market? (Maybe that would be a disaster somebody enlighten me)

    Austin BakerAustin Baker9 days ago
  • We think the world is ending when a couple of school shootings happen, there were full scale battles between the militia and working class worth 1,000,000 rounds of ammunition. Perspective

    Austin BakerAustin Baker9 days ago
  • Part of me misses the good old days of raising an army and storming a castle, beheading a rich king and taking their wealth. It just doesn’t work like that anymore.

    Soren KazarenSoren Kazaren9 days ago
  • So true, just give me a peace of that action.

    Mavid DedinaMavid Dedina10 days ago
  • The love of money is the root of evil.

    BotzBotz11 days ago
  • This was a fantastic video. Really excellent explanation of gilded age. A little light on the later stuff but still really good

    Farhat AhmedFarhat Ahmed11 days ago
  • What do I think? I think the greatest and most dreadful accomplishment in American business of the last 30 years has been the ability of the Republican rich to get Republican voters to vote against their OWN BEST INTERESTS time and time again, gasslighting a vast segment of voters to NOT JUST vote AGAINST their own best interest but to get them EXCITED to actively and - with no prompting - attack the institutions that exist wholly to protect them, like unions. It's sick and it's HAS to stop or BE stopped. If it is not then very, VERY soon there will simply be NOTHING left of the nation we call home. There will be nothing left of the brave and bold everyday people who built it and who bled to protect it. (Nothing but offshore non taxable bank accounts of the ultrawealthy and the wealth that is not theirs to have nor keep.)

    Sean BrazellSean Brazell14 days ago
  • Christina Freeland is Canada’s first female finance minister & is the effective equivalent of a vice-president to Trudeau. Glad to see her inclusion - even just for a small quote.

    The Circuit BenderThe Circuit Bender14 days ago
  • America, a place for rich and slaves

    Miguel RodriguesMiguel Rodrigues14 days ago
  • Money is power and power corrupts, who knew? To make it that far you practically have to be sociopath as pre-requisite. Is it really any mystery these people are leading us all into servitude while jealously guarding their own miserable wealth like Scrooge McDuck? If society went on a rampage and killed the lot of them you'd solve most of humanity's problems in one bloody afternoon. Make no mistake, these scumbags are all the ennemies of humanity.

    Vincent VoidheartVincent Voidheart14 days ago
  • Nice historical overview. Your statement that today most American's are not really trying to challenge the system and rules by which the oligarchy play the way Americans did during the Guild Age is clearly true. They mostly want a piece of the pie, and in order for that to happen, the last thing we want is to dismantle the system. As an historian, this reminds of me the Latin American revolutions, which wasn't so much a revolution as a transfer of power from elites in Spain to elites in Spanish America. The North American Revolution was similar in that while lecturing the world on liberty and the propaganda of land of the free and home of the brave, in fact slavery got worse after we emerged as a new nation, Native Americans were shoved "to the Stony Mountains" in Jefferson's terms and were not even U.S. citizens until after WWI (some states barred Indians from voting until 1957), women had to wait until 1920 for universal suffrage, and black people had to wait until the 1960s to end Jim Crow, at least officially. Heck, anybody remember the 2005 Citigroup investment memo? It stated as a matter of fact that we are a plutonomy, and clients should therefore invest in what the rich luxuriate in not the middle class which was fading. As all good investment advisors, what are the risks of investing in the plutonomy? A key threat is, wait for it, Democracy. If people got so sick of the system that they actually changed it. But no fear the memo went on to say. As long as Americans continue to believe that they too can become one of rich, they were unlikely to challenge the game.

    Ruben RiveraRuben Rivera16 days ago
  • You should look closer at the carbon credit. It's not working the way you think. It renders your Tesla point moot.

    Jeff HillJeff Hill17 days ago
  • People talk about Citizens United too much and ignore Buckley v Valeo and First National Bank of Boston vs Bellotti.

    The God EmperorThe God Emperor18 days ago
  • Well, I don't know if it's a problem or not. But it's not gonna go away. Not until every damn one stops wanting to be the next billionaire.

    Kunal DoleKunal Dole18 days ago
  • Capitalism is a cancer that needs to be eradicated

    The UnintendedThe Unintended18 days ago
    • You would love Mao Zedung.

      Star mastercStar masterc7 days ago
  • Hopefully humanity can transcend capitalism before it goes extinct. Fat chance though.

    Grave New WorldGrave New World19 days ago
  • They are definitely a pasty faced menace to society!

    Joshua AfroMagicJoshua AfroMagic20 days ago
  • Great content as usual! I wonder why you didn't address the creation of the Fed?

    Emmanuel LaflammeEmmanuel Laflamme20 days ago
  • Deep or Dumb? This time definitely dumb. You guys are normally so good at going deeper but here you just repeat the same simplistic, boring and frankly false narrative. Even if you are in the left spectrum wouldnt you want to give a mantra everybody has already heard like a million times a new perspective? That would be my standard as creative person. If I want to hear the same old rug I can visit the a young socialsts yt channel. Would you actually care and look deeper you would find that in the 1860-1900s in the free market average salaries doubled every decade and life improved drastically for everybody. You would also find that the elites once rich didnt want to compete anymore and used lobbyism to keep their competitors away through legislation and subsidize their businesses, which is all but a free market. And you would find that the increase of wealth among the 1% in recent years is not to ravaging neo liberalism but central bank inflicted asset bubble inflation which once again has noting to do with the free market. But it seems curiosity and creativity always come second to cherished beliefs..

    GigagagagamerGigagagagamer22 days ago
  • I don't really know if calling a "robber baron" whose wealth was the result of... scamming the government, and thus the taxpayer, and rigging the system in his favor a "philanthropist" for giving a small portion of that money back to those he deemed deserving is entirely accurate, tbh. If Robin Hood got his money by robbing the poor at gunpoint, he wouldn't be called a hero.

    HakkapeeleHakkapeele24 days ago
  • Would you care if it didn’t make you money?

    L CGL CG25 days ago
  • For the western kids. MAny other kids around the world it’s a bit better

    L CGL CG25 days ago
  • This is the second worse of generation

    L CGL CG25 days ago
  • Good video. Simplify your lexicon.

    L CGL CG25 days ago
  • Democracy is Kleptocracy in the making

    Rich HornieRich Hornie25 days ago
  • The difference between the robber baron days and now is TV. We have accepted a TV induced collective hallucination of the possibility of future wealth (that will never happen in reality).

    Dr. Eldon Tyrell-RosenDr. Eldon Tyrell-Rosen26 days ago
  • *"And, for an instant, she stared directly into those soft blue eyes and knew, with an instinctive mammalian certainty, that the exceedingly rich were no longer even remotely human."* Marly Krushkhova and Josef Virek Count Zero by William Gibson (1986)

    Dr. Eldon Tyrell-RosenDr. Eldon Tyrell-Rosen26 days ago
  • The 2021 storming of the United States Capitol was the closest the USA ever got to a working class Revolution in the last 100 years. Which was painted as a right wing terror squad by the media.

    Jurica SaponjaJurica Saponja26 days ago
  • Tell me your very left wing without telling me your very left wing

    Henry BrooksHenry Brooks26 days ago
  • The United States just created a modern generally acceptable type of monarchy, which is capitalism.And it works so well because it gives everybody else hope to aspire to the top,if they work their butt off,calling it the American dream

    ode majode maj27 days ago
  • Second Algorithm's boost

    Random ThingsRandom Things27 days ago
  • Algorithm boost

    Random ThingsRandom Things27 days ago
  • Whats with the wisecrack clickbait titles? Like what in gods fucking name do u mean what went wrong?

    Francis peñaFrancis peña27 days ago

    The Bass is LoadedThe Bass is Loaded28 days ago
    • no rich people are blessed they deserve to be rich because the universe wanted them to be superior if you’re poor deal with it because you’re unlucky

      Icii _Icii _26 days ago
  • They can screw right off to mars or wherever else they wanna go. "ohhhh but I donated this much to this thing - I built this thing." Still a dragon sitting on their treasure trove I'm sure.

    Fuzzy WizardFuzzy Wizard29 days ago
  • Identity politics has destroyed class warfare.

    Jorge Quinta-NovaJorge Quinta-NovaMonth ago
  • Bitcoin should be transparent and it isn’t as easy as people thinks it is, there are so many strategies to be learnt and unfolded about Bitcoin trading

    Declan ThompsonDeclan ThompsonMonth ago
    • I don't usually do reviews but Earning x3 of my monthly salary from Mr Christopher trading account in just a week is overwhelming

      Мирослав УваровМирослав УваровMonth ago
    • Am I the only one who doesn't understand forex trading? Watching a documentary about it now and still don't know how to get it right

      Эдуард ТарасовЭдуард ТарасовMonth ago
    • Working under him management setup has Extraordinary is the right word for expert Mr Christopher, his experience as a trader is so unique...

      Ilaria NegriIlaria NegriMonth ago
    • Started up few hours ago but I'm already feeling the excitement of the profit outcome

      Beatrice DamicoBeatrice DamicoMonth ago
    • Started up few hours ago but I'm already feeling the excitement of the profit outcome

      Katherine BrownKatherine BrownMonth ago
  • Resistance is quiet because people are so damn isolated.

    Tyler MacDonaldTyler MacDonaldMonth ago
  • Thank you for this fucking video. God damn people need to learn this history instead of bullshit about how great Abraham was and the civil war.

    Tyler MacDonaldTyler MacDonaldMonth ago
  • Free market capitalism in the best system we have. It may have flaws but it gives chance for individuals with ideas to rise to the top

    Nikola IvanovNikola IvanovMonth ago
  • When you live in a materialistic culture that worships money, the uber rich become God's who you seek to mimic, not restrain. The religion the uber rich convert Americans to is called The Meriticracy. Americans "tithe" to the rich in the hopes that their gods will "trickle down" rewards for their sacrifice. Americans suffer to find favor with the billionaire gods so that they too may ascend to the heaven of hedonistic and cruel excess.

    Whank McSockpuppetWhank McSockpuppetMonth ago
  • Wait is that photo of Zuck real!? 🤣🤣

    FalsificationismFalsificationismMonth ago
  • this is so perfect

    first namefirst nameMonth ago
  • Money can't buy popularity... Me in Kenya: 👁️👃👁️

    Entropic PedroEntropic PedroMonth ago
  • 15:32 Flashback of Thug notes.

    Deonte RobinsonDeonte RobinsonMonth ago
  • Billionaires are the scum of the earth and I wish people would realize that if we band together we can't take them down

    LunaLunaMonth ago
  • Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock

    Secretly a CelebritySecretly a CelebrityMonth ago
  • I look at it like this, regardless of what the ideology in power is, whether is communism, fascism or socialism, mercantilism or feudalism there will always be some small elite that holds the whip hand.

    Gotham's Dark knightGotham's Dark knightMonth ago
  • Eat the rich

    Alberto LaurellaAlberto LaurellaMonth ago
  • Too many billionaires, I reckon. Yes, Blair Mountain. I seem to recall that that was the biggest military operation on US soil outside of the Civil War.

    Jay DearienJay DearienMonth ago
  • Nice Grateful Dead shirt!!!

    Eric ZimmermanEric ZimmermanMonth ago
  • Cycles, patterns, rhymes, and repeats.

    Aeth AlpenglowAeth AlpenglowMonth ago
  • The reason the pushback hasn't happened as much yet as it will is we're still getting over the fact the USSR and China weren't/aren't socialist. The failure of those systems (that again aren't what they claim to be) plus the propaganda saying there is no alternative (plus things like technology) have made us forget what public ownership actually is. I'm pretty confident class consciousness will happen soon though and we will actually have real socialism (which isn't "when the government does stuff" it's democracy in the work place where employees get a say in how the company is run and decomodifcation of things that don't actually benifit from being comedified like healthcare, education, public housing etc) and then we can actually move into a world where we all actually can get out of poverty rather than just a few people having most of the wealth

    Smiley PSmiley PMonth ago
  • It’s simple, the existence of billionaires and mega corporations undermines democracy because too much power is in the hands of two few people. Secondly, it’s just poor economics. The more money one person has, means the less money everybody else has to spend in the economy. So they don’t spend it and the economy gets worse, or the central banks have to create more money which devalues the currency to try and keep the billionaires happy and give The illusion that the average person is making money, when it’s all credit or doesn’t even buy as much. If the last 30 years has taught us anything it’s not that your wages are too low, it’s that you just need to give people easier access to credit, which creates boom and bust cycles

    Conor SConor SMonth ago
  • The red scare made any change for the foreseeable future impossible. And probably after the foreseeable future climate change will destroy human civilisation. Act now or die later. The only thing the people can lose is the perceiption that they can become billionaires themselves... I mean chains

    Y_ IIIY_ IIIMonth ago
  • I had to immediately pause and read that article on tesla. Amazing what can happen right under your nose.

    Chudman00Chudman00Month ago
  • Soo, Let s read Marx ???

    Stegariu CostinStegariu CostinMonth ago
  • Billionaires are humans. When all you have is a hammer, everything looks like a nail. I'm convinced if we handed the reins of the economy over to children, there would be post-scarceity in a generation. A while ago I wanted to get into CRISPR to cure ageing, but I don't think a cure for ageing bodes well for any human living today. We need to fix the cultural/ideological issues first.

    Timothy BellTimothy BellMonth ago
    • "The last balloon is Leaving, The last balloon from fear, The last balloon is leaving, Form that line right here. Climb aboard, climb aboard, You men folk, You won't need any bombs of knives, Climb aboard, climb aboard, You men folk, Leave all that to your former lives. Climb aboard, climb aboard, You women, You won't need any gems or furs, Climb aboard, climb aboard, You women, Leave all that to the bad old years. Climb aboard, climb aboard, You children, Move aloft with your feet, and fast, Climb aboard, climb aboard, You children, We're weighed down by our evil past. Drop us all, You should drop us all, Drop us all and free your head."

      Timothy BellTimothy BellMonth ago
    • Because kids are anti-fragile and feel empathy for their peers readily. They haven't learned to suppress it yet.

      Timothy BellTimothy BellMonth ago
  • 6:22 This is misleading. If those Automakers _actually created and sold_ electric cars/fuel efficient vehicles, they *would not have to purchase carbon credits* from a company such as Tesla...

    SmallTownGamerSmallTownGamerMonth ago
  • Please do the philosophy of the weekend

    Blessing FakudzeBlessing FakudzeMonth ago
  • They exist, that’s what went wrong

    Leo HarrisonLeo HarrisonMonth ago
  • Unlike Kleptocrachies of the past, America provides something a bit above soul-crushing poverty to the majority of its labor class. As long as most of us have a roof, a bed, a tv, and food, we won't risk our lives and freedom to overthrow the owning class.

    RJ EhlertRJ EhlertMonth ago
  • capitalist propaganda has become extremely successful, that's why

    Edgar Allen HoeEdgar Allen HoeMonth ago
  • Cant wait for the next 5 generations to look back at our time and say "Yea this shit was ridiculous." One poor kid will be forced to read the opening chapter about minimum wage workers

    TheLonely KloudTheLonely KloudMonth ago
  • What went wrong is that billionaires are a major ologistical error that results from capitalism, a mathematically broken economic system.

    fl00fydragonfl00fydragonMonth ago
  • Had no access to

    Jason CombsJason CombsMonth ago
  • Unsubscribed because of the stupidity of this video 😂

    watchdealer11watchdealer11Month ago
  • When you have an 11th grader understanding of economics 🤡

    watchdealer11watchdealer11Month ago
  • This video is shit...really old hat.

    Quentin BrowneQuentin BrowneMonth ago
  • Kill'em alll!!!!!

    Duda SaintsDuda SaintsMonth ago
  • If you look at Europe it hasn't been that quiet, here in France 2018's yellow vests movement had a big impact and set a precedent.

    The BacklogThe BacklogMonth ago
  • I guess the love of money does really mess up your life. I does make you happy for a while, but it really makes you miserable in the long run. 😐😐😐

    Kevin dela CruzKevin dela CruzMonth ago
  • ha i saw you!

    Jade MillsJade MillsMonth ago
  • hump...I cant get over they gased them. In our sum. Per shame!

    Jade MillsJade MillsMonth ago
  • Fuck billionaires. Bring back the guillotine lol

    Puffalo ChillPuffalo ChillMonth ago
  • 15:54 it's simple why this is. Journalism is dead, especially investigative. The mainstream media the big media empires are just PR branches for corporations.

    TwitchyTopHatTwitchyTopHatMonth ago
  • Corporate Oligarchy. The United States is NOT a republic anymore, it simply isn't. It's just an aesthetic.

    TwitchyTopHatTwitchyTopHatMonth ago
  • Time to eat some billionaires

    TwitchyTopHatTwitchyTopHatMonth ago
  • with all do respect, that is one unsavory bowl of mac-n-cheese

    Peter SiriPeter SiriMonth ago
  • This channel is underrated & underappreciated wow

    Forest VVoodsForest VVoodsMonth ago
  • There are only three ways to becoming a billionaire. Direct government contribution, government protection from competition, or government refusal to enforce existing laws. Usually it is some combination of these elements.

    Rick BRick BMonth ago
  • Thanks for that information about labor movements

    FredericoFredericoMonth ago
  • Fuck neoliberalism!

    Spacechimp64Spacechimp64Month ago
  • down with billionaires, decentralization and democracy are the key to the good future

    TheBloodPainterTheBloodPainterMonth ago
  • "and had no access to reddit" lmao great line

    Wyatt EvansWyatt EvansMonth ago
  • The financial activity generated only accounts for 4% of jobs. So what I got out of this is that these millionaires and billionaires are literally parasites to the economy and to the average person.

    OmniliskOmniliskMonth ago
    • They are also a huge drag on the real economy, that being, the economy that actually makes things and provides services. This video also overlooks the fact that billionaires can only exist with support of the government and its protection from competition.

      Rick BRick BMonth ago