The American Ruling Class

The film opens with Lapham posing whether America has a ruling class of wealthy families who control banks, business, and government. He sets the thematic question the narrative will explore. The moment frames the stakes for the two Yale graduates and the larger system they are about to navigate.

Lapham outlines the post-graduation paths for Jack Bellami and Mike Vanzetti—one from a rich background choosing banking, the other from a middle-class background choosing writing. The film uses their divergent routes to reveal possible routes to influence or resist the system. This framing primes the audience to watch how wealth and opportunity shape choices.

Jack, from a privileged family, decides to pursue a career in banking. He believes the banking industry already wields power and that joining it is the quickest way to influence the system from within.

Mike, from a middle-class background, commits to becoming a writer and rejects the traditional path. He rents a studio and takes a waitstaff job as he tries to find a voice capable of changing the world.

Jack's achievements at Goldman Sachs illustrate the system's clout and the possible advantages of inside access. Mike, meanwhile, begins to feel the pressure of money and a lack of financial security as his writing stalls.

Following their crossing paths, Jack offers Mike a position at the bank, signaling the crossover of their divergent paths. Mike initially declines, unsure if he wants to abandon his outside-the-system ideals.

Mike declines Jack's offer at first, clinging to his writerly ambitions and independence. The rejection heightens the sense that the system remains inaccessible to those who resist it.

As student loans pile up and his writing yields little income, Mike becomes frustrated with his inability to effect change through art alone. The financial squeeze pushes him toward reevaluating his priorities.

Taylor, Mike's girlfriend, invites him to a party hosted by a wealthy friend. The party underscores the allure and pressure of wealth and prompts Mike to reconsider compromises needed to survive.

Lapham takes Mike on a journey to Texas, described as a space that used to be Mexico. The visit is a stark demonstration of how power brokers coordinate government and wealth to shape reality.

In Texas, Mike witnesses firsthand how the powerful influence the government and how money can trump the efforts of ordinary people to alter society. The trip cements his disillusionment with the possibility of meaningful change from the outside.

Returning from Texas, Mike makes the pivotal choice to abandon his writerly dream and accept Jack's job offer. He resolves to join Goldman Sachs to secure financial power in an increasingly hostile environment.

During a visit to Taylor's mansion, Mike and Taylor play a game of tennis and discuss his decision. Taylor reacts with horror to Mike's new defeatist worldview, signaling the personal cost of his political compromises.

The film's first ending follows Mike on his first day as a banker, during an initiation program. His panic is evident as he realizes he may have traded his ideals for a controlled system he cannot easily escape.

The alternate ending shows Mike being sidetracked by a stage show performed by a rock singer and children. The closing image leaves him in the woods, leaving the question of whether he goes to work or reconsiders his path unresolved.