Bel on the Shoulder - A Parable
I came across this story while cleaning out some folders on my hard drive. it’s a bit anachronistic, in that Governor Kirk Fordice passed away quite a while ago, but it also addresses current affairs. I’m publishing it on the Jackson Progressive site, since it belongs with that collection. Close the tab or window to return.
Read Bel on the ShoulderKrugman Nails It
An excerpt:
What’s going on here? The answer, surely, is that Wall Street’s Masters of the Universe realize, deep down, how morally indefensible their position is. They’re not John Galt; they’re not even Steve Jobs. They’re people who got rich by peddling complex financial schemes that, far from delivering clear benefits to the American people, helped push us into a crisis whose aftereffects continue to blight the lives of tens of millions of their fellow citizens.
Yet they have paid no price. Their institutions were bailed out by taxpayers, with few strings attached. They continue to benefit from explicit and implicit federal guarantees — basically, they’re still in a game of heads they win, tails taxpayers lose. And they benefit from tax loopholes that in many cases have people with multimillion-dollar incomes paying lower rates than middle-class families.