So says Collin Ferguson about Bernie Madaoff (see below) debacle, but specifically about the lacking in goodness of greed--despite the claims of Michael Douglas (see above).
In a rare defense of capitalism (of course, I recently gave a equally rare applause to capitalism), late night or otherwise, Ferguson reminded everyone that its guiding principle need not be greed, rather, "the money goes here, goes there," not to be hoarded up by a few. And though at first naive sounding, he's actually right.
In reality, that's exactly what usually happens. That's why trickle-down doesn't work as a stimulus--the rich are the only people that can afford to hoard monies received via tax breaks and not spend it in the economy. Middle and working class folks don't have the same luxury, they must spend.
In a rare defense of capitalism (of course, I recently gave a equally rare applause to capitalism), late night or otherwise, Ferguson reminded everyone that its guiding principle need not be greed, rather, "the money goes here, goes there," not to be hoarded up by a few. And though at first naive sounding, he's actually right.
In reality, that's exactly what usually happens. That's why trickle-down doesn't work as a stimulus--the rich are the only people that can afford to hoard monies received via tax breaks and not spend it in the economy. Middle and working class folks don't have the same luxury, they must spend.
I barely remember the banking meltdown of the late eighties; Wall St. mishigos and a housing bubble, then as now, was mostly to blame if not totally responsible for the mess. It was probably the first time I thought of a bank other than simply a place to keep money, ostensibly, safe. What I learned is that they weren't completely safe, actually.
I do remember the FDIC, and the little plastic plaques that were stuck up on the cold marble or bullet proof glass--depending on the neighborhood--that stated how individual savings accounts would be covered up to $100, 000. It seemed like a lot of money, at the time, and still does.
Of course, recently, the limit of protection has been increased to $250,000--for the rest of the year, anyway. So, if you have greater than $100, 000 and less than $250, 000, you'd better hope your bank fails by December 31st.
