Is there any way to protect the U.S. or world markets?
Question/Comment: Your presentation last night was clear and lively. Thanks. My question is: Is there ANY way to protect the U.S. or world markets from individuals and/or huge companies who may be lurking in the greedy wealthy underworld, waiting to capitalize on this downturn and continue their rise to ever more vast riches?
Paul Solman: Hey, we WANT the denizens of the greedy wealthy underworld to try to capitalize, by buying up what no one seems to want and thus injecting their CAPITAL into the system. As I keep writing and saying, capitalism (and civilization itself) is all about trust. Right now, we need buyers. Greedy buyers.
Meanwhile, we’ve got to have rules of behavior and we have to enforce them. If vast riches are going to be accumulated, why don’t we raise the taxes on them? How about an estate tax, so they can’t pass an unfair (or ill-gotten) advantage on to their kids? How about a limit on the executive pay of anyone working for an institution the government is helping rescue? There’s LOTS we can do.