Obama and Sowell: who can tell when people have made enough money?

Obama's statement "I do think at a certain point you’ve made enough money." is described by Thomas Sowell In 'Intellectuals and Society" .......

Many intellectuals and their followers have been unduly impressed by the fact that highly educated elites like themselves have far more knowledge per capita—in the sense of special knowledge—than does the population at large. From this it is a short step to considering the educated elites to be superior guides to what should and should not be done in a society. They have often overlooked the crucial fact that the population at large may have vastly more total knowledge—in the mundane sense—than the elites, even if that knowledge is scattered in individually unimpressive fragments among vast numbers of people.

If no one has even one percent of the knowledge currently available, not counting the vast amounts of knowledge yet to be discovered, the imposition from the top down of the notions in favor among elites, convinced of their own superior knowledge and virtue, is a formula for disaster.

Sometimes it is economic disaster, which central planning, for example, turned out to be in so many countries around the world during the twentieth century that even most governments run by communists and socialists began replacing such top-down economic planning by freer markets by the end of the century…Other forms of this general notion include judicial activism, urban societies, and other institutional expressions of the belief that social decisions cannot be left to be determined by the actions and values of the less knowledgeable population at large.