Daily Archives: November 5, 2007

Krugman nails it in “Wobbled by Wealth”

In today's column, Krugman opens up the real question about leadership in America today.  It's not about what party one is associated with, it's about how much they are influenced by economically powerful forces.  Which is the primary reason a deep chill goes down my spine when the latest poll suggests that 56% of women — all women- favor HRC.  Unlike Obama and other candidates, Clinton's war chest is full of corporate cash.  Of course, her spokespeople would reply that other candidates have corporate donations as well.  Reality would suggest a simple counter response:  yea, just not nearly so much.

I won't quote Krugman here — the whole piece is worth the time to click the link above.  But it seems that there's an underlying fear of the most wealthy people in America, who have made their fortunes in an American marketplace.  The fear is simply put, that the money will run — away from lawmakers and leaders who suggest a reasonable tax on hedge fund principals (now at a mere 15%); or off to a newly created tax exempt trust; or perhaps to Switzerland, the Cayman Islands, or even the moon.

If a handful of economically powerful people were charged to pay their fair share back into the financial system they benefited from, the result would be billions in revenue.  However, until our leadership understands how they are necessarily influenced by the financial elite, and begin to address inequities in America, then every move forward will be weighed down by the powerful resistance of wealth.