[O]f ... product entrepreneurs and financial entrepreneurs ... only one of them truly builds the economy. Product entrepreneurs find new ways of satisfying customers. Financial entrepreneurs find new ways of ... [ellipses his] well, making money off money.Which is a lengthy way of saying they're assholes. Look at the collapse of the subprime lending market. There was this mass delusion that securitizing risky loans was a low-risk idea. Really, that if you give five-year balloon payment loans to enough poor people who are hoping to flip houses in already overinflated markets, that somehow you had spread your risk.
Competition in the real economy generates better products. But competition in the financial economy is often a zero-sum contest.And Hedge Funds in general are just parasites on the temporary tricks our federal government uses to make the economy keep exanding. It's painful to watch all of these people make so much money on sucking the marrow out of our country's living bones and not be one. There's the point -- when everything crashes, they'll keep the money they made. The rest of us will be out of luck.
Fundamentally, I guess the problem is that we've lost the media. There's no watchdog to point to public policy decisions and call them out as disastrous. But, the upshot is that stupider, lazier, less well-connected people make more than me. As least Robert Reich thinks I'm a good person.