"There are two sustainable ways to make money in finance: find people with risks that need to be carried and match them with people with unused risk-bearing capacity, or find people with such risks and match them with people who are clueless but who have money." - J. Bradford DeLonghttp://www.project-syndicate.org/commentary/delong121/English
Saturday, December 31, 2011
Why financial crises are correlated with an increasingly clueless plutocracy...
Friday, December 30, 2011
"There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible." - Henry Ford.
Ford knew the best defense against socialism and government interference in the free market is good-paying jobs. Supporting a growing middle class and an expanding the economy makes the capitalist richer in the long run.
Industrial serfdom can only lead to the decline of capitalism.
We could use a few more long-sighted capitalists and fewer short-sighted plutocrats if we want to keep a (relatively) free market economy.
Saturday, December 17, 2011
An important rehashing "If I were a poor black kid" from a real poor black kid who is now an economist...