Less than a year since global taxpayers threw literally trillions of their own money into the pot to save the banking and financial system from collapse, the greediest ghouls on the planet just don’t get it. While thousands of those same taxpayers are now wondering what happens when their unemployment benefits end in the next month or so, the top 25 hedge fund traders paid themselves more than $25billion last year — an average of one billion dollars each. For a single year.
They produce nothing but paper profits. They create no jobs, invent no products, design no life-improving processes. They are card sharks making huge bets with their own and other very rich people’s money. And there lies a multiplying problem. The massive caches of capital that are plunked down with every bet belong to a highly restricted group of investors. As they use these market-making chunks of money to manipulate the odds enough to protect their downside without restricting their upside, the multi-billion dollar gains are shared only with this small group of individuals. The rich very much do get richer, and the poor get nothing but generations of income tax and reduced services.
Can this bubble of greed truly survive?