Monday, March 17, 2008

The Golden Rule of Capitalism:

It only applies when rich people profit. Losses are to be socialized.

Yglesias and DeLong argue that this is a good opportunity to argue for highly progressive taxation of the rich to balance the fact that they aren't actually exposed to real risk. I would argue that electing progressive politicians (in the US) is a condition precedent to making those kind of progressive policy arguments. So don't expect those arguments to make their way into the mainstream public sphere any time soon.

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