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View Diary: Abbreviated Pundit Round-up: Free Advice Edition (131 comments)

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  •  Some myths never die (8+ / 0-)
    What we find... is that Greenspan’s journey of discovery brings him right back to where he began — to an unshakable faith in free markets, an antipathy toward market regulation, and a conviction that progressive taxes and social spending are to blame for slow growth, stagnant wages and exploding deficits.
    A quick tour of the Forbes site would reveal the 400 richest people in the country--billionaires all--have an aggregate net worth of $2 Trillion. What are the doing with all that money? Where is the flood of capital investment that would create millions of jobs?

    Why would they make risky capital investments when it is so much easier just to accumulate the nation's assets? The passive income that these assets generate is far more lucrative than actually investing their capital, and far less risky. Besides, capital investments involve vision, talent, and hard work. It is much easier to buy more common stock, another office building perhaps, or a shopping mall, than it is to manage the real investment of capital.

    Take the Walton heirs, for example. Their clan has an aggregate net worth close to $150 billion, but not enough talent among them to build and operate a first class restaurant, much less a maglev network.

    The country desperately needs to invest energy and transportation infrastructure -- the kind that doesn't depend on fossil fuels. Time is running out, and the Forbes 400 don't have a clue where to start. They are not effective stewards of the wealth of our nation.

    ... but He loves you! -- George Carlin -- (-7.25, -6.21)

    by Tim DeLaney on Sun Oct 20, 2013 at 07:01:22 AM PDT

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