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Friends,
In the first Gilded Age, which ran from the 1890s through the 1920s, captains of American industry were dubbed “robber barons” for using their baronial wealth to bribe lawmakers, monopolize industry, and rob average Americans of the productivity of their labors.
Now, in a second Gilded Age, a new generation of robber barons is using their wealth to do the same — and to entrench their power.
The first Gilded Age was an era of conspicuous consumption. The second is an era of conspicuous influence.
The new robber barons are having their names etched into the pediments of the giant new ostentatious ballroom Trump is adding to the White House.
They already own — and influence — much of the news Americans receive. And they are eager to promote their views.
Marc Benioff, the billionaire founder and CEO of Salesforce, told The New York Times that Trump should send the National Guard to San Francisco. (After his remarks drew condemnation from many of the city’s civic leaders, he apologized. He seems about to get his wish nonetheless.)
Marc Rowan, the billionaire chief executive of Apollo Global Management, is the force behind Trump’s recent “compact” calling on universities to limit international students, protect conservative speech, require standardized testing for admissions, and adopt policies recognizing “that academic freedom is not absolute,” among other conditions. The Trump regime dangled “substantial and meaningful federal grants” for universities that agree.
(It didn’t work. Seven of the nine universities approached rejected the deal.)
Billionaire Stephen A. Schwarzman, the chief executive of Blackstone, is also shaping the Trump regime’s campaign to upend American higher education. Schwarzman has emerged as a key intermediary between Trump and Harvard University.
Other of America’s new robber barons are rapidly consolidating their control over what Americans read, hear, and learn about what’s occurring in our country and the world. They include Jeff Bezos; Larry Ellison and his son, David; Mark Andreessen; Rupert Murdoch; Charles Koch; Tim Cook; Mark Zuckerberg; and, of course, Elon Musk.
Perhaps the new robber baron’s most lasting impression on the U.S. government will be the lavish White House ballroom Trump is constructing — a 90,000-square-foot, gold-leafed, glass-walled banquet room that will literally overshadow the so-called People’s House.
It will not be an assembly hall, dance hall, music hall, dining hall, village hall, or town hall. It will be a giant banquet and ballroom designed to accommodate 650 wealthy VIPs.
Trump claims that the East Room, the largest room in the White House, is too small. Its capacity is 200 people. He doesn’t like the idea of hosting kings, queens, and prime ministers in pavilions on the South Lawn.
Trump’s real intention is to have the White House resemble Versailles.
Potential billionaire donors have already received pledge agreements for “The Donald J. Trump Ballroom at the White House.” In return for donations, contributors are eligible for “recognition associated with the White House Ballroom.”
Their names will be etched in the ballroom’s brick or stone edifice.
Trump last week hosted a dinner at the White House for the project’s donors, which included representatives from Microsoft, Google, Palantir, and other companies, as well as Schwarzman, Cameron and Tyler Winklevoss, and other billionaires.
Meredith O’Rourke, a top political fundraiser for Trump, is leading the effort, paired with the Trust for the National Mall, an organization that supports the National Park Service.
The trust’s nonprofit status means donations come with a federal tax write-off.
Construction began Monday. Trump is now literally taking a wrecking ball to the White House — sending parts of the East Wing’s roof, the building’s exterior, and portions of its interior crumbling to the ground.
It seems fitting that in this second Gilded Age — an age of conspicuous influence and affluent access — the People’s House will be replaced by the Billionaire’s House.
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