Stupid 1%ers behaving badly
This Bloomberg article has many fantastically appalling quotes, but this one stands out for me:
“It’s simply a fact [by which we mean, "completely an ideological construct"] that pretty much all the private- sector jobs in America are created by the decisions of ‘the 1 percent’ to hire and invest,” [Robert Rosenkranz, CEO of Wilmington, Delaware-based Delphi Financial Group Inc.], 69, said in an e- mail. “Since their confidence in the future more than any other factor will drive those decisions, it makes little sense to undermine their confidence by vilifying them.”
Shall I cut some cheese to go with that whine?. Leaving aside the amazing two-fer of the Confidence Fair and the "job creators" talking point, why don't we just claw back a big chunk of the 1%s wealth, based on non-performance?
Think about it: The housing bubble was at the very least a fantastic misallocation of society's wealth, that the 1% profited greatly from, and are still profiting from. If we set up a form of collective ownership of the means of production, and crowd-sourced capital allocation on FaceBook, we could hardly do worse than Rosenkranz and his golfing buddies did. And that's before we even get to accounting control fraud.