laklak wrote:Trump promises to lower tax rates, change accounting procedures, eliminate inheritance taxes, lower or even eliminate capital gains, reduce regulation, and in general foster a more business friendly environment. What's not to like, from their perspective?
They might try thinking beyond immediate short-term gain.
Robert Reich wrote:You are the captains of American industry, the titans of Wall Street, and the billionaires who for decades have been the backbone of the Republican Party.
You’ve invested your millions in the GOP in order to get lower taxes, wider tax loopholes, bigger subsidies, more generous bailouts, less regulation, lengthier patents and copyrights and stronger market power allowing you to raise prices, weaker unions and bigger trade deals allowing you outsource abroad to reduce wages, easier bankruptcy for you but harder bankruptcy for homeowners and student debtors, and judges who will let you to engage in insider trading and who won’t prosecute you for white-collar crimes.
All of which have made you enormously wealthy. Congratulations.
But I have some disturbing news for you. You’re paying a big price – and about to pay far more.
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Unless fixed, the economic strategies the US political mainstream has championed for the last few decades will crash the entire system in almost exactly the same way that the business strategies of the financial sector caused companies to crash while the CEOs met every target given to them, qualifying for astronomical bonuses even while the companies they ran failed.
There's such a thing as systemic risk.