General Discussion
In reply to the discussion: Larry Summers: The US is becoming a 'Downton Abbey' economy [View all]magical thyme
(14,881 posts)So 'everyday people' he watches Downton Abby just like the rest of us ordinary schmoes.
And then there's this gem:
Presidents from Franklin Roosevelt to Harry Truman railed against the excesses of a privileged few in finance and business. Some have gone beyond rhetoric. Confronted with rising steel prices, John Kennedy sent the FBI storming into corporate offices and is widely thought to have ordered the authorities to audit executives personal tax returns. Richard Nixon used the same weapon in 1973, announcing tax investigations of the books of companies which raised their prices more than 1.5 per cent above the January ceiling.
http://www.ft.com/cms/s/2/875155ce-8f25-11e3-be85-00144feab7de.html#ixzz2tb25G1h3
Nice to imply that Roosevelt didn't get beyond rhetoric because, like, Glass-Steaghall had nothing to do with his success. And its repeal, tyvm Larry, didn't contribute greatly to our current nightmare scenario.
All leading us to his brilliant, and some how not terribly surprising, conclusion:
"Sooner or later inequality will have to be addressed. Much better that it be done by letting free markets operate and then working to improve the result."
Yup, just let those "free markets" continue the updraft until the 0.01% have it all.