Elizabeth Warren gets it
Elizabeth Warren gets it
Very few US senators, and even fewer members of the US House of Representatives, have a clue about how the American economy functions. They speak in platitudes and sound bites about a system that is staggeringly complex and generally inaccessible to the American people.
The financial system is corrupt because it punishes average Americans by demanding never-ending subsidies and bailouts for the wealthiest and greediest group of people who ever breathed fresh air on this good Earth. The laws are written by the bankers’ lobbyists, and paid for by their donations. The result is SVB.
What is the proper name for this economic system? It’s certainly not capitalism. Capitalism requires risk. The simple truth is that our financial elites face no risk. They have concocted a system in which their capacity to destroy the global economy and the livelihood of millions — if not billions — of people guarantee it. They either get bailed out, or we all go down.
Should it be labeled the SBF economy? After all, just months ago, the accused criminal was being celebrated on the cover of Fortune as Earth’s likely first trillionaire? Perhaps it should be called the WeWork economy? Do you know how to become a billionaire in the 21st century? Simple! Figure out a way to make $19 billion in cash by losing $20 billion — that’s what WeWork founder Adam Neumann figured out.
Maybe it’s time to drop the partisan labels that tend to blind Americans to reality and deafen them to the truth. Maybe it’s time to evaluate who is saying what and why on its own merits.