This, to me, is the perfect encapsulation of the left’s ignorance of economics. They allow for huge salaries and bonuses by people like Steve Jobs and don’t grumble at Apple’s tax avoidance because of one reason. Value. They understand the value of the iProducts. They are extremely well made and very powerful devices that many consider invaluable. Given that, they understand why so many people want them, pay handsomely for them and why men like Jobs make a fortune from them. Conversely, they do not understand the value of the CEO of a bank or the hedge fund manager or the average Wall Street grunt. Most of them have never met any of these people and have no idea how hard their jobs are and just how smart and talented many of them are. They are the guys who are going to and from work in the dark. They know their industry and what drives it. They know more about economics and markets and financial instruments than you could ever dream of. That knowledge gap is why “Occupy Wall Street” was formed and why it exists. OWS is not about preventing bailouts. Hell, most Americans agree with them. I never thought we should have bailed out any of them. They have been socializing losses since Carter bailed out the auto industry. Hell, JP Morgan himself once bailed out Uncle Sam and now his name is practically a dirty word.
I normally say that we need to teach economics in high schools but that would only make them Keynesian Indoctrination Centers because teachers are almost universally bereft of even the most basic understanding of market capitalism. Those that do understand it are hostile towards it.
I agree that we need to teach economics in High School….both micro and macro….since they are NOT the same….a general course will only confuse….people can understand but it must be taught at a 5th grade level…..keep it simple, stupid! We could always teach them the pure crap of trickle down economics…..
When it comes to Apple products, I prefer Golden Delicious.
Fiji is my fav….
This, to me, is the perfect encapsulation of the left’s ignorance of economics. They allow for huge salaries and bonuses by people like Steve Jobs and don’t grumble at Apple’s tax avoidance because of one reason. Value. They understand the value of the iProducts. They are extremely well made and very powerful devices that many consider invaluable. Given that, they understand why so many people want them, pay handsomely for them and why men like Jobs make a fortune from them. Conversely, they do not understand the value of the CEO of a bank or the hedge fund manager or the average Wall Street grunt. Most of them have never met any of these people and have no idea how hard their jobs are and just how smart and talented many of them are. They are the guys who are going to and from work in the dark. They know their industry and what drives it. They know more about economics and markets and financial instruments than you could ever dream of. That knowledge gap is why “Occupy Wall Street” was formed and why it exists. OWS is not about preventing bailouts. Hell, most Americans agree with them. I never thought we should have bailed out any of them. They have been socializing losses since Carter bailed out the auto industry. Hell, JP Morgan himself once bailed out Uncle Sam and now his name is practically a dirty word.
I normally say that we need to teach economics in high schools but that would only make them Keynesian Indoctrination Centers because teachers are almost universally bereft of even the most basic understanding of market capitalism. Those that do understand it are hostile towards it.
I agree that we need to teach economics in High School….both micro and macro….since they are NOT the same….a general course will only confuse….people can understand but it must be taught at a 5th grade level…..keep it simple, stupid! We could always teach them the pure crap of trickle down economics…..