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IPFS News Link • Federal Reserve

Don’t Kill the Goose that Laid the Golden Egg

09-05-2009 • Wall St. Pit

As the Lehman anniversary approaches, defenders of the financial sector struggle into position – partly in response to your comments (also here). They offer three main points: 1. We need finance to make the economy work. 2. Financial innovation delivers value, although it’s not perfect (but what is?) 3. Don’t kill the goose that laid the golden egg. Private sector capture of the state is bad enough, wherever it happens in the world. But when the capturers have an unparalleled ability and willingness to “tax” the rest of us, we should really be afraid.

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