Pax on both houses: Krugman: Plutocrats And Paranoia

Monday, January 27, 2014

Krugman: Plutocrats And Paranoia

KRUGMAN: Paranoia of the plutocrats. "Extreme inequality, it turns out, creates a class of people who are alarmingly detached from reality -- and simultaneously gives these people great power...I also suspect that today's Masters of the Universe are insecure about the nature of their success. We're not talking captains of industry here, men who make stuff. We are, instead, talking about wheeler-dealers, men who push money around and get rich by skimming some off the top as it sloshes by. They may boast that they are job creators, the people who make the economy work, but are they really adding value? Many of us doubt it -- and so, I suspect, do some of the wealthy themselves, a form of self-doubt that causes them to lash out even more furiously at their critics." Paul Krugman in The New York Times.