Taxation has a place, and there is always some implicit social engineering in tax policy, but one needs to be realistic about its utility.

Capitalism in general, and BIG FINANCE in particular, needs regulation the way an unruly 2-yr-old needs parental guidance. The difference is that the 2-yr-old at least has the potential to grow into a reasonable and productive citizen. Finance, as it grows bigger, becomes a larger and larger leach, sapping the vitality from capitalism while enriching an elite few who not only do not contribute, but actually set the stage for seemingly inevitable economic catastrophe.

It happened in the 20′s and it’s happening again now, as 1) the amount of wealth diverted into the wage and bonus structure of Financial gurus increased almost exponentially, and 2) wealth has been massively redistributed into the hands of those who already have the most.

This is the pathway to depressions, wars, and/or totalitarianism. Lessons not learned must be repeated.

Sadly,
JzB