At the bar last night were some of the regulars. My friend Phil just got back from a trip to the Caribbean paid for by his wealthy older brother.
“The harbor was packed with yachts. I mean hundreds of them, ” he said shaking his head. “Some of them are only there for a couple weeks a year. What it costs to run one for a week is more than my salary for a year. Why don’t they just rent one?”
“They don’t know what else to do with the money, ” I sighed, “They Hoover it up from the rest of us. Or as Taibbi says, they stick their blood funnel into everything that smells of money” and then they stuff it into these floating mattresses among other things.”
And surprise, surprise, this morning on “Up” with Chris Hayes, Hayes asked Paul Krugman the same question concerning the hoarding of profits by the 1%. Profits are way up for the few and companies like Apple have gobs of cash. You could blame it on no demand, he mused. But then he added: Continue reading