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There is a class of people who make obscene amounts of money while introducing systemic risks into the economy. When the inevitable blowup happens (like in 200
by jcbrand 8y ago
There is a class of people who make obscene amounts of money while introducing systemic risks into the economy.
When the inevitable blowup happens (like in 2008), then these people keep their bonuses of tens or hundreds of millions of dollars while the losses are socialized, which means you're on the hook and your tax money is used to bail out "too big to fail" banks, insurance companies and auto companies.
10 years later people are still talking about a "recovery".
The money supply has been diluted via money printing (so-called "quantitative easing") which is still being done in EU and Japan on a massive scale.
The already wealthy are positioned much closer to the money spigots (by being able to get money at much lower interest rates), and can therefore do "carry-trades". Basically a license to print money.
Money printing and interest rates kept at an artificially low rate deprives from savers and pensioners of income they would otherwise have.