Alan Greenspan on Income Inequality
http://www.youtube.com/watch?v=oqx88MyUSck
Alan's new book is about capitalism and what it has done.
Alan says Income Inequality,
a huge increase in Per-Capita Income never seems
to gain acceptance by a vast majority of people.
Alan describes capitalism and creative destruction competition as DIFFICULT for those who have been competed out, loosing their jobs, having all sorts of problems. Alan says you cannot have the benefits of capitalist market growth without the support of a significant portion, virtually ALL of the people.
And if the rewards of Capitalism are being rewarded unjustly,
a capitalist system will not stand.
Then Alan says the problem is the decline in our primary & secondary education system.
Then he suggests / supports the augmentation of skilled labor through immigration to suppress the wages of the skilled.
The irony here is that Alan not talking about Investment Banker bonuses averaging
$ 750,000 annually.
Instead, Alan singles out the tech workers Per-Capita income.
Do virtually ALL of the people in our society support Investment Bankers $ 750,000 Annual bonuses as just and fair (especially during the peak of subprime mess)?
Is Alan Greenspan a hypocrite? ( yep )
Is it really justice to suppress the wages of skilled people? ( nope )