yah, that’s the investment at the margin, but that’s currently overwhelmed by excess capital looking for any returns, even net negative, as long as it’s less ne

yah, that’s the investment at the margin, but that’s currently overwhelmed by excess capital looking for any returns, even net negative, as long as it’s less negative than the next best alternative. excess capital decouples the risk-reward relationship. that’s why it makes the most economic sense to tax it back into line (and not other things), leaving money in the hands of spenders & more constrained investors to direct the market back to productivity, rather than extraction (for no good economic reason).