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Inequality isn't a red herring - not IMO. It's the natural outcome of our fed policies, which have existed largely to recapitalize banks. They've hampered gro

Inequality isn't a red herring - not IMO. It's the natural outcome of our fed policies, which have existed largely to recapitalize banks. They've hampered growth (hitting the middle class) while causing asset inflation (and how owns assets? The rich.) So inequality is real, but not for the reasons most think.

clarkmoody 10y ago
Don't want to have a back-and-forth about inequality. But at it's most basic level, what does it matter to me if someone else has lots of money/wealth? As long as they can't buy off government officials either through lobbying or cash bribes, then I don't care. Also, large and growing inequality is usually a symptom of a more deeper issue in an economy. Pushing to "fix inequality" is just patching a symptom, and proposed solutions usually involve giving more power to the state (which is probably the root of the inequality problem). And modern "inequality" in Western economies is nothing compared to what it was in the past, hence my comment about absolute standard of living. Historically, inequality meant that the aristocracy rode around in carriages while the peasants walked barefoot. Now, the rich have fancy cars / jets, and the "poor" have cheap cars. But everyone has cars! (or access to mass transit for most Europeans -- I'm coming from a US-centric view). Absolute standard of living has increased to an unbelievable level: 200 years ago, we worked outside on farms doing back-breaking labor from sunup to sundown. Now, a vanishingly small proportion works the farms, and even the tractors are air-conditioned. And absolute standard of living continues to rise for much of the world. So what if there's inequality? We are so much better off than we have ever been, in absolute terms.
- elgabogringo 10y ago
  Agree 100%... Inequality is an issue in this case because it's coming at the expense of the middle class... As you point out, current increases in inequality are symptoms of a bigger problem. The bigger problem (Govt debt, Fed money printing, and bank bailouts) needs to be addressed. Trying to address inequality without tackling the root cause will do little - in most cases, since the "solutions" are more harmful govt/fed interventions, it will just make inequality worse.

clarkmoody 10y ago

Don't want to have a back-and-forth about inequality. But at it's most basic level, what does it matter to me if someone else has lots of money/wealth? As long as they can't buy off government officials either through lobbying or cash bribes, then I don't care. Also, large and growing inequality is usually a symptom of a more deeper issue in an economy. Pushing to "fix inequality" is just patching a symptom, and proposed solutions usually involve giving more power to the state (which is probably the root of the inequality problem). And modern "inequality" in Western economies is nothing compared to what it was in the past, hence my comment about absolute standard of living. Historically, inequality meant that the aristocracy rode around in carriages while the peasants walked barefoot. Now, the rich have fancy cars / jets, and the "poor" have cheap cars. But everyone has cars! (or access to mass transit for most Europeans -- I'm coming from a US-centric view). Absolute standard of living has increased to an unbelievable level: 200 years ago, we worked outside on farms doing back-breaking labor from sunup to sundown. Now, a vanishingly small proportion works the farms, and even the tractors are air-conditioned. And absolute standard of living continues to rise for much of the world. So what if there's inequality? We are so much better off than we have ever been, in absolute terms.

elgabogringo 10y ago
Agree 100%... Inequality is an issue in this case because it's coming at the expense of the middle class... As you point out, current increases in inequality are symptoms of a bigger problem. The bigger problem (Govt debt, Fed money printing, and bank bailouts) needs to be addressed. Trying to address inequality without tackling the root cause will do little - in most cases, since the "solutions" are more harmful govt/fed interventions, it will just make inequality worse.