I hadn't heard of Edward Conard before, but apparently he worked with Mitt Romney at Bain Capital. So he should know a thing or two, being as how Bain was what you might call a corporate repair shop. Its job seemed to be taking in beat-up corporate jalopies and doing a complete makeover, before sending them back on the road, all fixed up and slicked up.
Conard's first book was Unintended Consequences, "which set the record straight about the financial crisis of 2008 and explained why U.S. growth was accelerating relative to other high-wage economies." In other words, it wasn't the banks' fault.
Now in The Upside of Inequality: How Good Intentions Undermine the Middle Class Conard shows how how pretty well all the standard nostrums won't work to get the economic moving again.
Yes, he says, inequality has been increasing, but only at the very top end. And how are the 0.0001 percent getting rich? We all know the reason. It is chaps like Steve Jobs and Bill Gates coming up with long-shot technology startups that can grow into $500 billion corporations with very little additional capital.
Christopher Chantrill is a writer and conservative, and author of Road to the Middle Class. He runs usgovernmentspending.com, the go-to resource for government finance data, is a frequent contributor to the American Thinker. He lives in Seattle, Washington. Click for more.
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What went wrong in the nightmare of the Great Depression? For ten long years, American was stuck on stupid.
We all know about TARP at $700 billion and change. But did you know that the total financial bailout of 2008, in spending and guarantees, amounted to over $20 trillion?