, 5 tweets, 2 min read
It seems that Elizabeth Warren might need her own Marriner Eccles (FDR's chairman of the Fed), someone who can explain to the very rich that in order to protect its capitalists, big and small, the US needs to overcome the extreme tendency...
vox.com/policy-and-pol… via @voxdotcom
@voxdotcom ...to income inequality. Eccles was a Mormon, Republican, high-school graduate and self-made millionaire who understood that assets only have economic value to the extent that they can produce income: "It is utterly impossible," he explained, "as this country has demonstrated...
@voxdotcom ...again and again, for the rich to save as much as they have been trying to save, and save anything that is worth saving. They can save idle factories and useless railroad coaches; they can save empty office buildings and closed banks; they can save paper evidences of...
@voxdotcom ...foreign loans; but as a class they can not save anything that is worth saving, above and beyond the amount that is made profitable by the increase of consumer buying. It is for the interests of the well to do – to protect them from the results of their own folly – that we...
@voxdotcom ...should take from them a sufficient amount of their surplus to enable consumers to consume and business to operate at a profit. This is not 'soaking the rich'; it is saving the rich."
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