Here is the key quote from Smithers:
[T]here have been two major changes. First, the share of output which goes to all employees has fallen to its lowest recorded level. Second, the proportion of total remuneration that goes to the higher paid has shot up. Both of these changes have been bad from the viewpoint of the average worker. The result is that current management reward systems are producing both economic damage and social disquiet.Smithers thinks that the current situation -- the domination of the 1% -- is so out of whack it can't been maintained and we will soon realign with historical norms.
But what will spark this realignment? Is another crash coming? It's certainly a strong possibility.