When Brad Miller talks

I wish more people would listen.

There’s a real-world consequence to keeping unnecessary financial innovation in place, argues Brad Miller, former congressman now a senior fellow at the Center for American Progress. “The yawning inequality of income and wealth is not because the middle class isn’t working hard enough or because the richest fraction of a percent is making an enormous contribution,” he told Salon. “Much of the reason is what economists call ‘rent seeking,’ or extracting money without doing anything useful, mostly in the financial sector. It’s a wonder the economy has the strength to get out of bed in the morning.”

Brad is cut from the same sturdy cloth as Elizabeth Warren. Glad to see he still has a platform for his progressive voice.

Comments

He's right, of course

As long as we allow financial institutions to continue investing in "exotic" products instead of extending credit to actual job-producing industries, the recession will continue.

Got to think some new thoughts

1. The Iron Law of Wages demands capitalists screw labor for the last cent until one more and they die. Just enough subsistence to keep the workers alive and no more.

2. Note flat wages for 35 years and exponentially expanding profits - the fat cat bastards do not want to share, anything, nor will they until we get out the guillotines. Jacobins arise, now.

3. In the mid 1900s folks found you could make more money with less risk and hassle from money and not from industry of any type. Computers then made it easier to make money from money and screw the lower classes. I watched the best and very brightest follow Gordon Gekko out the window to la la land, and now we have a system which governs us, which we do not understand and over which we have no control.

4. Wealthy and corporate class are formally detached from any allegiance to the US, or other countries" and are a hoard of powerful locusts devastating any country that demurs. They could care about who is president. How you going to change that??

Other than that Mrs. Murgatroid, how is the weather?

wafranklin