••• UPDATE to the update: The ‘hoarding’ of American wealth
••• UPDATE — An economist of some note, who chooses to remain anonymous, forwarded me some more information on the hoarding of wealth in American … Please read and let us know what you think …
From Monday …
I have come across the term hoarder (or hoarded) a couple of times today. The first I thought was interesting, the second kind of made me stand up and take notice.
The first came from someone who formerly wrote a column for me at a different newspaper. … The text and link to which he refers is included.
The second was included in Phil Hardwick’s blog on our website.
Enjoy, and let me know what you think …
Hoarder comment No. 1
For some reason, I was motivated today to read FDR’s First Inaugural Address. A link to it is below, and I suggest that you read it carefully and see how 1929-1933 is so congruent with 2007-2011.
Franklin Roosevelt saved capitalism by excoriating those who were perverting it and calling them out. They called him a socialist, but he saved the country.
One would think that the 1930s would have convinced Americans for all time that “trickle-down” economics is ultimately a disaster.
The moneychangers, as Roosevelt called them, are not philanthropists concerned about the average American. Cutting their taxes does not produce more jobs; it produces more hoarded wealth and higher annual bonuses.
They are today’s perverters of capitalism, and they must be called out as Roosevelt called them out.
Hoarder comment No. 2
Speaking of small business, I couldn’t help but raise my eyebrows at this post from Gene Marks blog in the New York Times:
BEST CASE AGAINST LOBBYISTS Huffington Post’s Zach Carter and Ryan Grimm write about how the small-business lobby hurts small business: “Two years into the Obama administration, small businesses are still struggling to obtain credit and hire new workers, while big businesses withhold payments from them, horde cash and enjoy record profits. But if the top small-business goal for the past two years was to elect Republicans, the N.F.I.B. has done its job.”