Anger: Markets and the Reverse Galt Reality

Watching Jon Stewart eviscerate Cramer, MSNBC and Financial Reporting was a cathartic experience.  All the more so with the rash of movement conservatives and talking heads putting Ayn Rand on a pedestal and contemplating the virtues of Going Galt.  Because the idea being “Going Galt” is that it is the CEO’s who are the wealth producers in this country.  Stewart’s finely edged attack makes precisely the opposite point.  Average Americans are the ones financing the greedy, wildly speculative and dangerous games the wealthy play with our entire economic system:

there exist “two markets”…the long-term investments of ordinary people and the short-term speculative trades of Wall Street. As Stewart tells Cramer, the former is underwriting the excesses of the latter

Which is why “Going Galt” is such a reprehensible game of Bush-Rove style political punditry.  They’ve bult the foundation of their arguments out of the precise opposite of the truth and stuck by it without the slightest hint of irony.  Meanwhile the companies who tripped over their own greed with our retirements and investments down the tube are using our tax dollars, meant to stimulate the economy, to give their “best and brightest” millions in dollars in bonuses.  The people who trashed our economy while making millions for themselves ought to be fined for every damnable cent they made at our expense!  If there is no responsibility, if there are no consequences for the fraud and stupidity that have nearly destroyed our country’s fiscal health, then what is stopping anyone from commiting these crimes again if we recover from the current crises?

This is why so many people are furious.  The economic vandals are getting away with their crimes (or being rewarded for them) while ordinary people shoulder both the blame and the cost, and our media establishment only forsakes the role of cheerleader for journalist when its become fashionable rather than useful.

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4 Responses

  1. Great post. Very glad I found your blog. My husband and I loved that episode of the Daily Show, and are big fans of Jon Stewart.

  2. Then you won’t mind when we go Galt. I was the highest paid engineer at a large aerospace company, and went Galt 3 years ago. I refuse to let the leeches of society use my talent and productivity to pay for their nanny-state.

  3. Dave Galt,
    We all miss you terribly! Oh please, please come back! I’m sure the aerospace company sends you weekly fruit baskets with little hallmark cards asking you to come back and work for them and save society.

    I find it laughable to think that you were an engineer. Aren’t engineers supposed to be good with math? Or do you really think giving up pay to lower your tax bracket leads to more money in your pocket, compared to keeping an insanely high rate of compensation?

  4. Great, for all those Chinese and Indian engineers who will do the work for you at cents to the dollar. I mean it’s not like your former employer could not find anyone else to do the work you use to do, right?

    I wonder what a new graduates from engineering colleges would say: you mean I still get a six-to-seven figure salary after I pay taxes? Sure…sign me up!

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