BUSINESS
01/11/2011 08:12 am ET Updated May 25, 2011

How The 'New Global Elite' Rose To Power: The Atlantic

Before the recession, it was relatively easy to ignore this concentration of wealth among an elite few. The wondrous inventions of the modern economy--Google, Amazon, the iPhone--broadly improved the lives of middle-class consumers, even as they made a tiny subset of entrepreneurs hugely wealthy. And the less-wondrous inventions--particularly the explosion of subprime credit--helped mask the rise of income inequality for many of those whose earnings were stagnant.
But the financial crisis and its long, dismal aftermath have changed all that. A multibillion-dollar bailout and Wall Street's swift, subsequent reinstatement of gargantuan bonuses have inspired a narrative of parasitic bankers and other elites rigging the game for their own benefit.

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