Actually, I think he's dead on here.
The distrust and antagonism towards "the elite" among more ordinary Americans is not based on their financial success. It's based on their obvious contempt and disdain for us and what we believe in.
I'd much rather have had a drink with Sam Walton than with Mr. Frank, and I suspect Mr. Walton would feel the same way. I read Walton's biography, and I got no hint from it that he despised me. Mr. Frank can't complete a paragraph without showing his disdain.
George Wallace got shot for antagonizing the “pointy headed intellectuals”, the elite
Other than his success, I don’t know much about Walton. But years ago I taught in a Long Island Gold Coast school district. I taught the Graces, of W.R Grace fame, the Ronzoni kids, and several other financially upscale kids. Those kids were great, the parents top notch. The folks I had qualms about were those kids whose parents grew up on 4th Avenue in Brooklyn and never ever wanted to be reminded about that. I think of them whenever I see the haloed one.