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b_b  ·  76 days ago  ·  link  ·    ·  parent  ·  post: The billionaires are angry

I actually see nothing wrong with billionaires as a thing. I visit the Henry Ford museum with my kids very regularly, and that type of weird shit just isn't possible without the superrich. And I think when we look at a lot of our cultural institution that we value so heavily, we have to also admit that many of them were made possible by the largesse of the Gilded Age barons. I see nothing inherently morally wrong with wealth, even a lot of it. I see a lot wrong with stock speculation, and I see even more wrong with it when it's being perpetuated by the company execs themselves, which is basically every company these days in the era of hyper-financialization. I'm not arguing that the little guy get cut out of the market, nor that there shouldn't be rich people in the world. I'm arguing that there need to be stiff costs for making stock instead of making a product. Maybe the bubble collapses on its own. But I've thought that since about 2013 and there's no end in sight. While this mechanism may not be optimal, I haven't seen a tax proposal from anyone that looks better. Maybe make it illegal to use company stock as collateral for a personal loan?