Monday, March 23, 2009

The moral hazards of income inequality.

Market fundamentalists are the secular doppleganger of the Christian right and like their Lordly counterparts they've done a good job selling the notion that their values aren't just their own but a manifestation of eternal truth.   As such they don't seem to give much consideration to the possible downside costs, namely that people aren't going to accept income disparity on a massive order of magnitude forever and will start to think seriously about taking your shit from you since there are a lot more of us.   

Capping executive pay or targeting specific bonus recipients with taxes isn't a good idea. In fact its a very bad idea but it feels really damn good and the well is so poisoned by irresponsible behavior by the financial elite that its going to be hard to counter that.

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