Posted on 07/04/2020 8:07:56 AM PDT by Wuli
The piece on the current crisis that catches our eye runs on the Times op-ed page today under the headline “The Neoliberal Looting of America.” It’s by a law professor on the Coast, Mehrsa Baradaran. It’s about how, as she puts it, “the health of the finance industry and stock market are completely disconnected from the actual financial health of the American people.” By our lights, it’s a fabulous issue.
Professor Baradaran lays the problem to what she calls an “ideological coup” that has “quietly transformed our society over the last 50 years, raising the fortunes of the financial economy — and its agents like private equity firms — at the expense of the real economy experienced by most Americans.” The roots of the “intellectual takeover,” she reckons, lie in a “backlash against socialism in Cold War Europe.”
Our purpose here is not to dispute with Ms. Baradaran over the problem. It is merely to point out that an intellectual backlash against socialism is not the only thing that occurred in the last 50 years. For there was another ideological coup, and precisely 50 years ago. That would be the abandonment of the Bretton Woods monetary system that was set up in the closing days of World War II and undergirded the post-war recovery.
....................... [see the whole article at the link]
(Excerpt) Read more at nysun.com ...
Ok, so my take is much more simple. Hard work, good old fashioned economics is how one gets ahead. Hedge funds, day trading, deep thought investing. No Thank You.
I think, at this point neither side is likely to listen, much less agree, on any subject other than their dislike for each other.
I agree with your premise about getting ahead.
Where the editorial is going is countering the Left’s contention that our economic “disparity” arises from the Wall Street culture, but they, the Left, fail to notice the role of fiat money and its debasement of currency, which is what is earned by all your hard work.
The greatest income inequality is in socialist countries like Cuba, Venezuela, North Korea, and China.
The healthiest and most vibrant economies have a large range of incomes, with most of the income in the center.
I did not say that income inequality is “bad”.
My comment was only referencing the argument of the Left, not making their argument.
To me, the entire thing is based on the concept that an equal distribution of income is a good thing. Really? History is strewn with the wreckage of such social experiments from New Harmony and Walden to modern-day Venezuela. Kill economic incentive to improve one’s income and you destroy the underlying economic and political system.
I did not say that income inequality is “bad”.
My comment was only referencing the argument of the Left, not making their argument.
And you are right about socialism.
It “flattens the curve” by making the majority more equally burdened by how much more the state takes from what they earn (there are never enough “high income earners” to take what socialism must take for the state, so everyone is more burdened by the state), and their own elites, like all elites, remain at the top.
Well...like Jim Rockford said...”When you negotiate (come half way) with a lunatic, you become a lunatic”!
There is only one way to negotiate with leftists—they totally surrender.
There is nothing more to discuss.
We’ll shall see how many will die for their sacred beliefs, I predict. Not counting the ones camping out on the freeway!
“To me, the entire thing is based on the concept that an equal distribution of income is a good thing.”
First, I am not making their argument. But, most of those arguing against what they see as income “disparity” do not make arguments for “equal distribution of income” on the micro-economic level.
There usual argument is that there should not be gaps as big as they are between the income levels most people fit into - that some have “outrageously high” income levels to a great many who have “extremely low” income levels. FROM THEIR jaundiced perspective. In their view the “highs” would not be quite as distant from the “lows”. Like I said in another post, the socialist view today is to “flatten the curve”.
Of course they cannot get enough for the state out of the top whatever % of income earners, so while they shoot for higher wages on the lower levels, they regulate higher taxes on everyone, usually leaving less in the pocket of everyone than without all the “help” from socialism.
I have no problem with huge gaps in income levels, however one wants to measure it. 99% of the time, those income gaps are of their own doing through bad choices. (The exception are those who are physically and mentally handicapped that really do need help.) There are all kinds of educational opportunities out there for people of all income levels, especially the young. I have a friend whose son just got out of the Air Force and he’s making more per year than I ever made as a university professor. The military is probably one of the most overlooked educational opportunities available.
Understand.
No,there is no agreement and no compromise EVER!
“I have no problem with huge gaps in income levels, however one wants to measure it. 99% of the time, those income gaps are of their own doing through bad choices.
Many of the “gaps” are due to CHOICES, period. Many are not “bad” choices, they are just what is, due to life needs and circumstances.
That is not to say there are not “bad” choices in the mix, it is only to say that some choices that result in being in an income level below your peers are not “bad” choices. Some are circumstantial necessities and/or due to values deemed good that are not all monetary and some are just due to personal preferences regardless of monetary factors.
But yes, the “gap” is really just an artifact of peoples choices and circumstances.
When 100% of everything academic, career and job wise is equal - exact same experience, totally equal, there is no pay gap. The gap comes from difference accumulated up to whatever point in life someone is at, not generally “pay discrimination”.
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