Remember: they create the wealth

Note that according to our media and popular culture guys like Matty Moroun - billionaire and the according to Forbes the 321st richest American, "create the wealth" and for that reason should be celebrated.

He owns the Ambassador Bridge linking Detroit and Windsor Ontario and also ownes several associated businesses, duty free shops etc. He also owns a lot of property in Detroit.

Our culture tells us that such people should be honored and celebrated because "they create the wealth". Without them the rest of us would be poorer. Attacks on them are generally motivated by jealousy we are told.

Reality tells a far different story. He's pretty much of a monopolist and an operator who is very good at playing the system. He is directly fighting a new bridge which would be financed partly with public money. This new bridge would a) increase the amount of traffic possible between Detroit and Canada, b) create many new jobs in the short run and retain some of those jobs for a long time, c) give the Ambassador Bridge much needed competition.

The Moroun family is fighting the new project tooth and nail and according to one source has threatened to "destroy" it completely. IE prevent the creation of new wealth.

Wait, I thought that entrepreneurs were in favor of competition. I thought they *created the wealth* by competing hard and welcoming new competition wherever and whenever it arises. In this case it looks a lot like Matty Moroun and his family are fighting to keep monopoly power. And it looks like that monopoly power has been instrumental in making Moroun and his family very very rich - at the *expense* of the rest of us. Of course he wants the gravy train to continue.

And the property he owns in Detroit? Slums mostly.

But remember, regardless of the facts, our popular culture tells us that these guys "create the wealth".

Sources:
http://tpmmuckraker.talkingpointsmemo.com/2011/06/koch-backed_afp_admits_to_posting_fake_eviction_no_1.php
http://en.wikipedia.org/wiki/Matty_Moroun
http://www.mattymoroun.com/
http://buildthedricnow.com/2010/06/01/466/