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Subject: The self-destruction of the 1% rss

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Greg Michealson
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Here's a excellent NY Times opinion piece relating to the United States' current economic situation. I think it's fairly non-partisan, but it's hard for me to judge since I can't see past my partisan blinders. I'll let our leading RSP economists sort it out.

http://www.nytimes.com/2012/10/14/opinion/sunday/the-self-de...
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Sean Chick (Formerly Paul O'Sullivan)
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Well, I'm afraid it'll have to wait. Whatever it was, I'm sure it was better than my plan to get out of this by pretending to be mad. I mean, who would have noticed another madman round here?
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I would have liked the author to discuss the fact that Venetian elites still made a lot of money and were quite powerful.

One thing missing in our elite is the quest for fame (not celebrity) and posterity. James Madison thought both, along with education, could counteract greed, extreme self-interest, and rigid partisanship. He was perhaps blinded by being in the company of Jefferson, Lafayette, and Gallatin among others.
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Mac Mcleod
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gittes wrote:
I would have liked the author to discuss the fact that Venetian elites still made a lot of money and were quite powerful.

One thing missing in our elite is the quest for fame (not celebrity) and posterity. James Madison thought both, along with education, could counteract greed, extreme self-interest, and rigid partisanship. He was perhaps blinded by being in the company of Jefferson, Lafayette, and Gallatin among others.


The american founding fathers were pretty much unique in history.
We just rolled three 6's.
You combine them with Washington and his lack of lust for power and you got a very nice run out of it.
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Xander Fulton
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Why does all-of-recorded-history hate the "job creators"?
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Sean Chick (Formerly Paul O'Sullivan)
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Well, I'm afraid it'll have to wait. Whatever it was, I'm sure it was better than my plan to get out of this by pretending to be mad. I mean, who would have noticed another madman round here?
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maxo-texas wrote:
The american founding fathers were pretty much unique in history.
We just rolled three 6's.
You combine them with Washington and his lack of lust for power and you got a very nice run out of it.


I often think we were spoiled by them, much like the Roman Republic.
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Walt
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mrspank wrote:
Here's a excellent NY Times opinion piece relating to the United States' current economic situation. I think it's fairly non-partisan, but it's hard for me to judge since I can't see past my partisan blinders.

Well, it's pretty anti-1%, so I'd have to call it Democratic. (I'm not fond of the 1% label, BTW.) What the Republicans do is say to the 1%ers, "Be greedy! Give us contributions so we can give you more tax breaks. You are the job-creators, the innovators, the prime-movers of the economy. You're being virtuous by making yourself richer." Naturally, the 1% eats this up.

Yet, as Warren Buffet states in the article, the way to make the most money is to build walls to protect a company against innovation. Not to innovate. One of his favorite companies is Coke, which has pretty much sold the same product for a century. Another is Wells Fargo, which did not get on the innovative derivatives and real estate security roller coaster, and got Wachovia (which had bought a bunch of other companies in the boom) at a bargain price to prevent its failure. Etc.

The danger for the GOP is that they really only do things for the 1%. The other 47% of their base is pretty much being conned. Trickle down, and all that. Eventually, they will figure that out. My questions are: How bad do things get before the house of electoral cards collapses? And how much gets destroyed if the collapse is radical?

My questions about Romney are: Is he the moderate Massachusetts Governor or is he the GOP apparatchik he's been playing? Will GOP Congressmen allow him to be anything other than the apparatchik? Will he truly go back to the Bush policies that were so disastrous?

Obama is far from perfect, but mostly he hasn't done much harm. (Yes, the embassy was tragic, but the attack would have always hit the weakest embassy, wherever it was, whoever was in office. On the plus side, nearly all US troops are out of Iraq, so they're no longer being attritted.)
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