Only the top 10% of households made any real income gains over the last 10 years. All the rest lost ground. And the top 1% has done even better – thanks largely to the big increases in stock and real estate prices.
So what’s wrong with that?
Nothing. Except this sort of underhanded conniving with the feds gives capitalism a bad name. It’s not the capitalists who have gotten the most loot from the feds’ bailouts, ZIRP and QE. It’s the cronies.
Too bad, but people think the rich are capitalists and that capitalists are rich. Not so. A real capitalist takes losses as well as gains. He makes mistakes… and pays for them himself.
Sometimes it’s not about the money. Often, he doesn’t know how much he’s got… and doesn’t care. It’s the journey he likes, not necessarily the destination.
The capitalist is misunderstood. So is capitalism. It is not so much a system; it is what happens when there is no system. It is what people get up to when they are left to their own devices.