Well yes, it can be both. But overlords are a)universally corrupt b) they are always a minority. The overlords have their way only because the majority allow it. You will see these dynamics even in tiny groups where the minority loud/obnoxious individuals rise to power.

Focusing on the overlords is almost always a distraction on the underlying issue - that of the the electorate being too stupid, or ignorant to realize that they are being taken advantage of.