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. And this, in turn, has led to wider—and not unreasonable—fears that we are living in not merely a plutonomy, but a plutocracy, in which the rich display outsize political influence, narrowly self-interested motives, and a casual indifference to anyone outside their own rarefied economic bubble.

It seems Olbermann is too extreme for US television. But Glenn Beck and Sean Hannity, now they are mainstream. What universe could that proposition be true in? That of cranky old white billionaires. And television news is owned by them. Not by you.