Thursday, February 6, 2014
Wall street
Barack Obama’s Wall Street is booming, not because of a superb business cycle, but because there is no interest on capital anywhere else to be found. The rich profit from their more sophisticated knowledge of stocks, the poor from debt relief. The middle?
What good is it to them that they played by all the rules and saved money — if only to receive no interest on any of their passbook accounts? The self-employed man who was not a pensioned employee in the public sector, who does not chat with his stock broker each week, and who is not eligible for mortgage-debt relief, student-debt relief for his children, credit-card relief, or any federal relief of any sort is a veritable fool. He socked away each month a few hundred dollars in his savings — but in an era when having cash in the bank means that inflation eats it away faster than minimal interest can preserve it.
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