Monday, September 01, 2014

Maybe They Don't Know What They're Doing

I have no doubt that the 1% are mostly horrible selfish hoarder assholes who act in what they think is their own self-interest, but it is wrong to think that they are supergeniuses who actually have any idea what they're doing. Even if the Mr. Rich Guy who made all the money is super smart, there's no reason to think his heirs are.

Sadly the consequences of their actions might be poverty for all of us and a couple percentage points reduction in rates of return for them. Ultimately our poverty might be more entertaining for them than their slight reduction in wealth growth. Still.