Tech Oligarchs Tightening Their Grip on Democrats

The current state of the Republican Party may seem like a demolition derby, but there’s an equally fascinating, if less well-understood, conflict within the Democratic Party. In this case, the disruptive force is largely Silicon Valley, a natural oligarchy that now funds a party teetering toward populism and even socialism.

The fundamental contradictions, as Karl Marx would have noted, lie in the collision of interests between a group that has come to epitomize self-consciously progressive megawealth and a mass base which is increasingly concerned about downward mobility. For all his occasional populist lapses, President Obama generally has embraced Silicon Valley as an intrinsic part of his political coalition. He has even enlisted several tech giants – including venture capitalist John Doerr, LinkedIn billionaire Reid Hoffman and Sun Microsystems co-founder Vinod Khosla – in helping plan out Obama’s no-doubt lavish and highly political retirement.

In contrast, Hillary Clinton is hardly the icon in the Valley and its San Francisco annex as are both her husband and President Obama. But her “technocratic liberalism,” albeit hard to pin down, and close ties to the financial oligarchs seems more congenial than the grass-roots populism identified with Bernie Sanders, her chief rival for the Democratic presidential nomination.

“They don’t like Sanders at all,” notes researcher Greg Ferenstein, who has been polling Internet company founders for an upcoming book. Sanders’ emphasis on income redistribution and protecting union privileges and pensions is hardly popular among the tech elite. “He’s an egalitarian liberal,” Ferenstein explains, “These people are tech liberals. Equality is a nonissue in Silicon Valley.”

Read the entire piece at The Orange County Register.