Tuesday, October 21, 2008

Let the dollars ciruclate

The McCain campaign has been attacking Obmama for "spreading the wealth around" basically Saying it's unAmerican to raise taxes on the rich. But as Wall street's meltdown proves, having to much money and power concentrated at the top is terrible. When the income gap of the top few widens this much it only leads to more greed, and gives way to abuse and spectacular failure. In my city, NYC, there is talk of the significant loss of tax revenue from all the Wall street guys who will lose there jobs and with them their 20 million dollar bonuses. The blow to the city would be much less if we didn't a have only a few people making so much money. The negative effects would materialize much slower and be much easier to contain. The bigger you are the harder you fall.

It's the same with industry, There should be no such thing as a bank that is "too big to fail" if a bank it too big to fail then it's a monopoly. We've done a piss poo job of breaking up Monopolies in recent history and it's no wonder since corporations of the world control our government. But if we agree that Monopolies are unfair, and go against America's competitive spirit, then why wouldn't the same logic apply to our taxes. When people get rich, even through hard work, they think they are entitled to every penny, but that's not the case, you still have a responsibility to society. You have to pay your share, if you don't want to pay more taxes then convince you company to pay your workers more. But like a large company, just because you make it to the top doesn't mean you get all the spoils automatically, if people, in this case the middle class and the poor, are being taking advantage of, then you should, and you will, be broken up.

I wouldn't call it greed, I'd call it fairness: but MD's character makes a good point:

For the record I haven't seen this (Wall Street) yet, but I shall like to.

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