Incest Between Business and Government

Steve Fraser says: "Basically, we left the financial marketplace largely unregulated – a
tendency which had begun under Reagan and continued at an accelerated
pace all through the years since Reagan, including under the Clinton
administration… When push comes to shove, businessmen and their
financial enablers may talk the talk about the free market. But when
times get tough, they turn to the government to bail them out… That
is this close, almost incestuous relationship between business and
government."


(via Bill Moyers Journal: The American Dream in Reverse)

See also Steve Fraser on Gilded Ages.

Speaking of big business and inequality, one of the richest people in the world is on the side of the regular working people. Here’s what Warren Buffett has to say about this issue:

"Certainly the worst taxes– is something like
a sales tax. I would say that we’ve got a pretty bad system, when we
tax the person who– who cleans out my office, the receptionist. They
are paying 15– payroll taxes, over 15 percent now, just for openers.

"Most
of my income is taxed at 15 percent, and– and doesn’t pay a payroll.
Mainly it’s dividends and capital gains. And if you look at the For– Forbes 400,
a bunch of my fellow rich guys– they will– their tax rate overall to
the federal government will be less than that of their receptionist.
And I challenge anybody. If they want to make me a bet on that, and
I’ve urged Congress, both the Senate and the House, to get the figures
anonymously from the IRS. Just look at that Forbes 400. Takes a billion
three to get on the Forbes 400 this year. And the aggregate wealth is
just staggering. And those people are paying less percentage of their
total income to the federal government than their receptionists are." [read more]

Ah well, maybe Scott Adams is right. Maybe there really are puppet masters running the United States.