Inequality, Redistribution, and the Problem with Capitalism by Blankfein, Binswanger, and Pope Francis

Inequality, Redistribution, and the Problem with Capitalism by Blankfein, Binswanger, and Pope Francis

About inequality:

[Goldman Sachs chief executive officer Lloyd] Blankfein also said that the financial crisis led to a “bit of a wake-up call” about income inequality. He said that was a good thing. “This country does a great job of creating wealth, but not a great of distributing it,” said Blankfein. “ But I don’t want to do something that stops our ability to build wealth.”

Here’s to-the-1/” target=”_blank”>how Harry Binswanger thinks we should go about redistributing our nation’s wealth:

For their enormous contributions to our standard of living, the high-earners should be thanked and publicly honored. We are in their debt.

Here’s a modest proposal. Anyone who earns a million dollars or more should be exempt from all income taxes. Yes, it’s too little. And the real issue is not financial, but moral. So to augment the tax-exemption, in an annual public ceremony, the year’s top earner should be awarded the Congressional Medal of Honor.

While I read the Binswanger column, “to-the-1/” target=”_blank”>Give Back? Yes, It’s Time For The 99% To Give Back To The 1%“, I thought that for sure he must be joking, especially when I got to “a modest proposal“, but I never got to a part where tongue was inserted in cheek. I reviewed his other stuff and Googled for more information and, as far as I can tell, he really is a selfish, prickish follower of Ayn Rand who actually believes what he writes.

Pope Francis had something to say about capitalisms failures in an exclusive interview for the La Stampa in which he responds to attacks on his criticism of “economies of exclusion” in his apostolic exhortation, Evangelii Gaudium:

Just as the commandment “Thou shalt not kill” sets a clear limit in order to safeguard the value of human life, today we also have to say “thou shalt not” to an economy of exclusion and inequality. Such an economy kills. How can it be that it is not a news item when an elderly homeless person dies of exposure, but it is news when the stock market loses two points?

His response in the interview to critics like Rush Limbaugh who called him a Marxist:

Andrea Tornielli (Vatican Insider): The most striking part of the Exhortation was where it refers to an economy that “kills”…

Pope Francis: There is nothing in the Exhortation that cannot be found in the social Doctrine of the Church. I wasn’t speaking from a technical point of view, what I was trying to do was to give a picture of what is going on. The only specific quote I used was the one regarding the “trickle-down theories” which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and social inclusiveness in the world. The promise was that when the glass was full, it would overflow, benefitting the poor. But what happens instead, is that when the glass is full, it magically gets bigger nothing ever comes out for the poor. This was the only reference to a specific theory. I was not, I repeat, speaking from a technical point of view but according to the Church’s social doctrine. This does not mean being a Marxist.

I came across that aphoristic quote while reading “This Fuckin’ Pope” at The Rude Pundit today. His post has much more to say about the importance of not only that papal quote but many others about politics and society. It’s a good read, so go there now.

So Blankfein seems to have some Catholic guilt in him, Binswanger has no guilt and no shame, and Pope Francis believes it’s best for people to direct an abundance of food and medicine to the people who don’t have it but need it very badly. You know, like Jesus did.

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