"I can say that I did it all. The secret though is just keep walking through life without analyzing it too much or clinging to it too much. Just walk on." -- Marilyn Silverstone, photographer and Buddhist nun, d. 1999
Even in the best of circumstances, the old free trade theory said only that the winners could compensate the losers, not that they would. And they haven’t — quite the opposite. Advocates of trade agreements often say that for America to be competitive, not only will wages have to be cut, but so will taxes and expenditures, especially on programs that are of benefit to ordinary citizens. We should accept the short-term pain, they say, because in the long run, all will benefit. But as John Maynard Keynes famously said in another context, “in the long run we are all dead.” In this case, there is little evidence that the trade agreements will lead to faster or more profound growth.
'On The Wrong Side of Globalization' the Opinionator Joseph E Stiglitz http://nyti.ms/1iPq7l8 New York Times Opinion
Finance “is the only field in America where you can commit fraud with impunity and even after you get caught, you can buy your way out of it. And not with your money, mind you, but with shareholders’ money.”
William Black, a former bank regulator who teaches law at the University of Missouri at Kansas City.
..those who commit white-collar crimes seem to get off lightly, and many keep most of their ill-earned fortunes. The fines paid by the Wall Street firms are a tax on the wealth of their shareholders and not a real burden on the malfeasants except in as much as they are also shareholders.
Manias, Panics, and Crashes - a History of Financial Crises Kindleberger / Aliber p 153
The Milken family probably had $2 billion in the bank when Michael Milken was released from prison. It would be impossible to figure out how much of the fortune was earned legally from innovation and how much was earned from illegal behavior. But assume that half of the family fortune could be tracked to transactions that were illegal. Consider how Milken might answer the charge, ‘You were in jail for 1000 days, you graduated with $1 billion so you were paid $100,000 for each day in the jail’
“Manias, Panics, and Crashes - a History of Financial Crises” Kindleberger / Aliber p 153