First they took to the streets to protest the perceived misdeeds of Wall Street fat cats who were accused of profiting from government loans, and next they’ll come after dramatically wealthy Silicon Valley tech leaders who are riding a wave of success thanks to President Donald Trump.
That’s what Bank of America Merrill Lynch’s Chief Investment Strategist Michael Hartnett has predicted in the wake of a stock boom that began when Trump took office that has largely benefited Silicon Valley.
The boom “could ultimately lead to populist calls for redistribution of the increasingly concentrated wealth of Silicon Valley,” Hartnett said, noting that Occupy protesters back in 2011 fought back against the “one percent” who supposedly reaped profits from cheap government loans while the rest of the country bore the weight of the 2008 financial crisis.
Similarly, Hartnett believes that people will soon wake up to the fact that Silicon Valley’s globalist profiteering has resulted in fabulously wealthy CEOs and venture capitalists – who all tend to concentrate on the West Coast and vote Democrat – while the rest of the country has not had the same opportunity to share in the success.
Between Apple, Google, Microsoft, and Amazon, there is a staggering $16.1 trillion in market capitalization, which dwarfs the GDP of New York City by $1.2 trillion. Individually, each of the country’s five largest tech companies has a market capitalization that eclipses the GDP of Washington D.C., which should indicate Silicon Valley’s political strength.
According to the Center for Responsible Politics, Silcon Valley’s annual lobbying expenditures have precipitously risen since former President Barack Obama’s victory in 2008 from $17.8 million to $139.5 million, a rise of 800 percent. In 2016, 95 percent of the $8.1 million that Silicon Valley tech employees contributed to the presidential races went to Hillary Clinton.