RE: State of wall street financial market
The Occupy Wall Street people are not protesting corporations, they're protesting corporate money controlling politics. A lot of media keeps caricaturing them inaccurately.
The crux of the matter is that right now there are a number of policies that the majority of the US population supports which are not even being discussed by Congress, the most obvious one being raising taxes on the top 1%. American politicians have become loyal to their campaign contributors and lobbyists, not their constituents and it's fucking over the entire system.
As for people who are rich deserving it, there's a lot of luck that's involved with becoming successful. Not to mention these people got rich using roads, highways, electricity, mail services, utilities, police protection, and tax breaks that WE ALL PAID FOR. WE HELPED THEM, so they must give SOMETHING back. That's the social contract. We all pitch in so that we can all have opportunity, and those that succeed are expected to give some back.
I agree, the top rate should not be 75%, but it should not be lower than the middle class, which is what it is now. Or as Warren Buffet (worth $45 billion) said: "I should not be paying a lower tax rate than my secretary." It should go back at least to what it was during the Clinton years.
I also think that Brian pointed out something that's true: a deregulated financial sector doesn't actually add value to the economy. Wall Street is incentivized to create bubbles to cash in on them. Credit-Default-Swaps and a lot of the credit packages that were created that got us into this mess didn't actually serve any valuable purpose for the economy -- it was synthetic value created out of thin air to keep themselves profitable at our expense.
So again, I would disagree: many rich people do not deserve to be rich. Someone like Steve Jobs absolutely deserves his billions. Many of the hedge fund managers and CEO's on Wall Street do not deserve all of the money they have. Capitalism is based on the idea that you earn money for providing value to the marketplace. But when one sector of the economy pays the government into letting them profit off of creating fake value for the economy, then the system is broken and needs to be fixed. Our financial sector is a cancer right now, and it's bringing the country down, and unfortunately, it looks like most of the western world down with us...
I respect the hell out of Ron Paul, but the guy would make it worse, not better.
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(This post was last modified: 10-23-2011 04:15 AM by Mark.)