When business meets politics

Why are business leaders getting so publicly involved in this election?

Author

Clint Betts
August 12, 2024

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QUESTION
Dear Clint,

As you know (how could you avoid it?), we’re in the middle of a presidential election in the United States. I’ve found it fascinating to see so many prominent business leaders vocally support and actively raise money for their preferred candidate. They’ve also taken to attacking other business leaders for supporting a different candidate.

I don’t remember business leaders becoming so publicly involved in past elections. What do you make of this?

Sincerely,

Janice

ANSWER
Dear Janice,

You’ve made an astute observation. It does appear business leaders are diving into the political pool with flamboyant cannonballs.

You have the likes of Elon Musk, David Sacks, Marc Andreessen, and Bill Ackman on one side. On the other, well, that’s where you’ll find Reid Hoffman, Vinod Khosla, Mark Cuban, and something called VCsforKamala.

They’re following in the footsteps of a man named Donald J. Trump. In 2012, prominent businessman Trump enthusiastically supported Mitt Romney for president. They liked each other back then. It’s all a distant fever dream now, but Romney held a (pun intended) huge press conference at the Trump Hotel in Las Vegas to proudly show off his hard-earned Trump endorsement. Romney even brought his wife!

In his book Romney: A Reckoning, McKay Coppins publishes an excerpt from Romney’s journal in which he writes, “This guy is not fake — he says 100% of what he thinks. No veneer, the real deal. Got to love him. Makes me laugh and makes me feel good, both. They just don’t make people like Donald Trump very often.”

It’s possible one of the aforementioned business leaders wants to run for political office in the future. That’s almost certainly true for Mark Cuban and David Sacks.

Why are they coming out so publicly? Three possibilities come to mind.

  1. They can. Never in the history of mankind have business leaders been more powerful. The overwhelming influence that a handful of corporations, each worth more than many countries, have over our daily lives would make Vanderbilt, Rockefeller, and Carnegie blush. In fact, one could argue, without being laughed out of the room, that Elon Musk is currently the most influential person in the world.

  2. There’s no one left to trust. No one believes the media, politicians, our long-standing institutions, or the self-proclaimed experts. It’s become “weird” to belong to a political party and blindly cheer them on like a hometown sports team. Almost by default, the public is looking to business leaders to step out of their comfort zone to provide leadership and lend their voice to matters that have little to do with their day jobs.

  3. The United States is on the brink. The brink of what? Each side would have a different answer to that question. Outside of the Civil War, it’s hard to think of a period when America has been more divided than we are now. Giving these business leaders the benefit of the doubt — which just means we’re going to assume they genuinely care about the country’s future — don’t they have an obligation to get in the arena to help decide its fate?

There’s no such thing as neutral in our current environment. Stands must be taken; battles must be waged; silence is no longer an option. The future is at stake, they say. They may be right.

Word of caution seems appropriate. Strangely enough, today, those words come from the least cautious philosopher to ever walk the earth, Friedrich Nietzsche.

❝

“Whoever fights with monsters should see to it that he does not become one himself. And when you stare for a long time into an abyss, the abyss stares back at you.”

BEYOND GOOD AND EVIL, Part IV, Section 146

Yours,

Clint Betts

Contact Clint

Phone: (385) 217-0670

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QUESTIONS WORTH ASKING

There exists in such a case a certain institution or law; let us say, for the sake of simplicity, a fence or gate erected across a road. The more modern type of reformer goes gaily up to it and says, “I don’t see the use of this; let us clear it away.” To which the more intelligent type of reformer will do well to answer: “If you don’t see the use of it, I certainly won’t let you clear it away. Go away and think. Then, when you can come back and tell me that you do see the use of it, I may allow you to destroy it.”

- G.K. Chesterton

The book "The Creature from Jekyll Island" by G. Edward Griffin provides a comprehensive account of the founding of the Federal Reserve, revealing the true motivations behind its establishment.

The Federal Reserve, a central institution in the American financial system, is commonly seen as a government entity aimed at ensuring economic stability. However, a closer look at its origins, especially the events preceding its establishment, presents a different story.

The Jekyll Island Meeting: A Cartel in the Making

The story of the Federal Reserve begins on Jekyll Island, where a secretive meeting was held in 1910. The participants of this meeting were not just any group of individuals; they were some of the most powerful bankers and financiers of the time, including representatives of the Morgan, Rockefeller, and Warburg interests.

These men, who controlled vast amounts of the world's wealth, gathered with a clear purpose: to create a banking cartel that would allow them to maintain control over the nation's financial resources while minimizing competition from smaller banks.

The meeting was highly secretive. Attendees, including Nelson Aldrich, Frank Vanderlip, Henry P. Davison, and Paul Warburg, took great pains to keep their identities and the purpose of their gathering hidden. They knew that if the public or the government found out about their true intentions, their plan would be foiled.

Manipulating Public Perception

One key challenge the Jekyll Island group faced was presenting their plan in a way that would be acceptable to Congress and the American public.

The concept of a central bank, particularly one controlled by private interests, was likely to be met with suspicion and opposition. To overcome this, the group devised a strategy to present the Federal Reserve as a decentralized institution that would prevent financial panics and ensure economic stability.

They avoided using the term "central bank" and emphasized the Federal Reserve's regional structure to create the illusion of a system that was not dominated by Wall Street.

The manipulation of public perception was crucial for the successful passage of the Federal Reserve Act. By convincing the public and lawmakers that the Federal Reserve was a necessary reform to prevent future financial crises, the architects of the system established a central bank that served their interests under the guise of a government agency.

MUST READ

The Snows of Kilimanjaro

Ernest Hemingway's "The Snows of Kilimanjaro" is a short story about a writer named Harry who is dying of gangrene while on a safari in Africa.

As he faces death, Harry reflects on his life, particularly his wasted potential and unfulfilled ambitions. Does any of this sound familiar?

  • Wasted Potential: Harry's regret over not utilizing his talent mirrors the regret many of us feel when we fail to seize opportunities or maximize our potential.

  • Procrastination: Harry's habit of postponing important tasks reflects a common human pitfall. The successful recognize the cost of procrastination and strive to act decisively.

  • Unfulfilled Dreams: The story underscores the pain of unfulfilled dreams, reminding us to pursue our goals with determination and not to let fear or complacency hinder our progress.

In essence, "The Snows of Kilimanjaro" poignantly reminds us of the consequences of unfulfilled potential and the importance of self-awareness, courage, and decisive action.

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