Msg. 11057 of 54959 (This msg. is a reply to
11054 by
orda)
Jump:
Hi orda.
I've long believed/argued, regarding income tax reform, that it is essential to recognize that "Wall Street's" income is something completely different than "Main Street's".
The moneychangers make massive amounts "producing" relatively little of "real" value and productivity.
I would love to see a $100 million a year hedge fund manager pay higher tax rates than the entrepreneur that invents something useful, creates a business producing it, and makes a mint selling it.
I really love (not) the 60/40 long/short nonsense of futures trading.
Giovanni Arrighi in his book The Long Twentieth Century argues that there have been four major phases of capitalist development since the Middle Ages, starting in Genoa and moving on to Holland and Britain before the start of American dominance during the Great Depression of 1873-96.
It was during this period, Arrighi argues, that commerce started to play second fiddle in Britain to finance, just as it had in Genoa and Holland when their phases of pre-eminence were drawing to a close. The financialisation of the American economy in turn can be traced back to the mid-1970s, so by this interpretation of history, the dotcom collapse of 2000-01 and the financial crisis of 2007-08 (with the military entanglements in Iraq and Afghanistan sandwiched in between) are part of a much longer term development. According to this thesis, the concentration of economic power on Wall Street, the stagnation of incomes for all but the rich, the structural trade deficit, the military overreach, the switch from being the world's biggest creditor nation to its biggest debtor add up to a simple conclusion: we are in the twilight years of the long American century. http://www.guardian.co.uk/business/2010/aug/23/us-economy-unemployment-property-market
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