Tag Archives | Inequality
A vigorous case for the super rich is argued by Edward Conard of Bain Capital in an interview with Adam Davidson for the New York Times Magazine:
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Ever since the financial crisis started, we’ve heard plenty from the 1 percent. We’ve heard them giving defensive testimony in Congressional hearings or issuing anodyne statements flanked by lawyers and image consultants. They typically repeat platitudes about investment, risk-taking and job creation with the veiled contempt that the nation doesn’t understand their contribution. You get the sense that they’re afraid to say what they really believe. What do the superrich say when the cameras aren’t there?
With that in mind, I recently met Edward Conard on 57th Street and Madison Avenue, just outside his office at Bain Capital, the private-equity firm he helped build into a multibillion-dollar business by buying, fixing up and selling off companies at a profit. Conard, who retired a few years ago at 51, is not merely a member of the 1 percent.
“People get really tired of having all the tough villains front-loaded against them and resent getting short changed on play time because some fat mouth-breather’s hogging it all with a stack of quarters that could knock out a Clydesdale. If that’s all on offer, can you blame folks for staying home?”
Games are the repositories of our culture’s most primal values. As ostensible objects of complete fancy, they (can) deftly sidestep at will many of the extraneous ambiguities that force us to compromise our deepest values and thus help give clearest expression to our highest ideals.
For starters, game consequences are not so final or existential as they are in real life. You’re typically given at least 3 initial ‘lives’ to perform strategy experiments and become comfortable with play options before you’re fatally croaked. And even then you’re usually offered the option to restart the game. You have an opportunity to weigh options with some level of maturity and develop a play style that suits you personally.… Read the rest
Stephen King is so rich and so famous that he can say whatever he likes and it won’t matter a bit to him or his readers … so he does, in the Daily Beast:
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Chris Christie may be fat, but he ain’t Santa Claus. In fact, he seems unable to decide if he is New Jersey’s governor or its caporegime, and it may be a comment on the coarsening of American discourse that his brash rudeness is often taken for charm. In February, while discussing New Jersey’s newly amended income-tax law, which allows the rich to pay less (proportionally) than the middle class, Christie was asked about Warren Buffett’s observation that he paid less federal income taxes than his personal secretary, and that wasn’t fair. “He should just write a check and shut up,” Christie responded, with his typical verve. “I’m tired of hearing about it. If he wants to give the government more money, he’s got the ability to write a check—go ahead and write it.”
Heard it all before.
Natalie Solidarity writes at Diatribe Media:
According to the Women’s Law Center, women face unequal pay for equal work, earning on average only 77¢ for every dollar earned by men, with African American and Latina women faring even worse. Legislative bills to strengthen the laws against discrimination are still in urgent need. Furthermore, depending on industry, women earn significantly less than the 77/100 that their male counterparts for working the same jobs.
Inequality is not a new trend. A comprehensive study by the U.S. Government Accountability Office found that the gender wage gap can only be partially explained by human capital factors and so-called “work patterns.” The GAO study, released in 2003, was based on data from 1983 through 2000 from a representative sample of Americans between the ages of 25 and 65. The researchers controlled for work patterns, which include years of work experience, education, and hours of work per year, as well as differences in industry, occupation, race, marital status, and job tenure.… Read the rest
If you work on Wall Street it’s time to take Bill’s Hicks’ advice for advertising and marketers … because this will never happen. Sheila Bair writes in the Washington Post:
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Are you concerned about growing income inequality in America? Are you resentful of all that wealth concentrated in the 1 percent? I’ve got the perfect solution, a modest proposal that involves just a small adjustment in the Federal Reserve’s easy monetary policy. Best of all, it will mean that none of us have to work for a living anymore.
For several years now, the Fed has been making money available to the financial sector at near-zero interest rates. Big banks and hedge funds, among others, have taken this cheap money and invested it in securities with high yields. This type of profit-making, called the “carry trade,” has been enormously profitable for them.
So why not let everyone participate? Under my plan, each American household could borrow $10 million from the Fed at zero interest.
“Adam Smith contended that moral sentiments like egalitarianism derived from a ‘fellow-feeling’ that would increase with our level of sympathy for others, predicting not merely aversion to inequity, but also our propensity to engage in egalitarian behaviors,” the researchers wrote. Via ScienceDaily:
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The part of the brain we use when engaging in egalitarian behavior may also be linked to a larger sense of morality, researchers have found. Their conclusions, which offer scientific support for Adam Smith’s theories of morality, are based on experimental research published in the latest issue of the Proceedings of the National Academy of Sciences.
The study, coming seven months after the start of the Occupy Wall Street Movement, which has been aimed at addressing income inequality, was conducted by researchers from: New York University’s Wilf Family Department of Politics; the University of Toronto; the University of California, San Diego; the University of California, Davis; and the University of Nebraska, Lincoln.
Some perspective displayed in a poster created approximately a century ago by The Industrial Worker. The tiered wedding cake of society, if you will. Via Retronaut: