In these verses Jacob refers to those who think they are too learned, too superior, too sophisticated to repent and humbly go down into the waters of baptism. However, he does not want to be misunderstood, and says, “To be learned is good if they hearken unto the counsels of God.” And Jacob thinks he should say something about the proud and the rich. Some of these proud, wealthy people were beginning to appear among the Nephites, therefore Jacob says:
“But wo unto the rich, who are rich as to the things of the world. For because they are rich they despise the poor, and they persecute the meek, and their hearts are upon their treasures; wherefore, their treasure is their God. And behold, their treasure shall perish with them also.”