In July 2010, the chairman and cofounder of the Blackstone Group, one of the world’s largest private-equity firms, provided an example of how the dreaded condition threatened oppressed billionaires who face a risk, a small risk, of losing freedom from tax rates imposed on their maids and butlers.
Stephen Schwarzman was addressing board members of a nonprofit organization when he let loose. Schwarzman said of the struggle with the administration over increasing taxes on private-equity firms.
“It’s a war. It’s like when Hitler invaded Poland in 1939.”More reading: Egos and Immorality, Paul Krugman, New York Times, May 24, 2012
"...If Wall Streeters are spoiled brats, they are spoiled brats with immense power and wealth at their disposal. And what they’re trying to do with that power and wealth right now is buy themselves not just policies that serve their interests, but immunity from criticism...H/T (again) Susan H.
"In fact, overall business productivity in America grew faster in the postwar generation, an era in which banks were tightly regulated and private equity barely existed, than it has since our political system decided that greed was good...
"Those are, however, questions that the wheeler-dealers don’t want asked — and not, I think, just because they want to defend their tax breaks and other privileges. It’s also an ego thing. Vast wealth isn’t enough; they want deference, too, and they’re doing their best to buy it...
"Think about where we are right now, in the fifth year of a slump brought on by irresponsible bankers. The bankers themselves have been bailed out, but the rest of the nation continues to suffer terribly, with long-term unemployment still at levels not seen since the Great Depression, with a whole cohort of young Americans graduating into an abysmal job market..."
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