Image shared on Facebook by a Quaker friend:
V***: Indeed greed is an illness or an addiction.
D***: Rich people, and those on the cover of Forbes magazine do NOT hoard cash. B. Lester has no clue what he is talking about. In fact, most rich folks have very, very little cash - and they make money through leverage - that is, by taking on large amounts of debt. Debt is good! It allows rich people to grow richer by using other people's money.
Mr. Lester needs to free his mind and think.
Steven Bhardwaj: Interesting comment D***. True, private wealth management funds, like any investment fund, tend to use illiquid investments as they are more profitable to everyone concerned. I agree that private individuals decreasing the velocity of money by holding cash doesn't create large economic externalities. As to debt, I won't assign a value judgment, as its value to society depends on the quality of the investment the debt is used for.
More to the point are the dysfunctional
Corporate lobbying is isomorphic to smaller-scale corruption. Intellectual capture of financial regulators, military officals, and other industries' public servants by corporate interests is endemic beyond cliche.
For every Salman Khan there is a dozen or a hundred Sam Zemurray's. And, for every Madoff scandal, a dozen more white-collar criminals keep their impunity. [Regulatory policies are inherently stochastic - so regulation cannot effectively mitigate the governance effects of gross inequality.]
Guns can't kill people without people killing people. Riches can't cheat people without people cheating people. But when the guns are too deadly and prevalent, and the riches too unequal and [poorly]