Tuesday, December 13, 2011

A multitude of one percents

Todd Henderson makes an excellent point about the Occupistas and their opponents, the one percent: There is not a single one percent, but many of them.  Specifically, the problem is the ability of narrow interests to tailor rules and laws in their favor by capturing regulators and legislators.  Wall Street itself is not even a single entity as the interests of bankers are not necessarilly aligned with those of brokerages, for example.