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I'm not quite sure I buy that story. For one thing, I don't see a mechanism for how this happened. For another, I am not sure that there is quite as substantial an overlap between the new CEO robber-barons and the old money robber barons as this version implies.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Jun 25th, 2009 at 07:06:48 AM EST
[ Parent ]
I am not sure that there is quite as substantial an overlap between the new CEO robber-barons and the old money robber barons

You raise a good question for research.  I personally do see the connection, but it would be difficult to substantiate, although I suppose it is about family wealth, which could be somewhat discernable.  But another point is that even among the robber barons, there is infighting and some level of turnover, no?  The problem with robber barons is that they undermine democracy.  So all this talk about reforming the system through government regulation is already somewhat compromised because of the influence of the robber barons themselves and the corporations they control (as managers, owners, whatever).  Fox, chickencoop, etc.

by jjellin on Thu Jun 25th, 2009 at 10:00:18 AM EST
[ Parent ]
jjellin:
 So all this talk about reforming the system through government regulation is already somewhat compromised because of the influence of the robber barons themselves and the corporations they control (as managers, owners, whatever).

'somewhat compromised' wins the understated euphemism prize, jjellin!

they'll just have to spin the lies harder and harder, and keep coming up with guileless-looking cherubs like cameron to spin... and the public in our discomfort will be ever more motivated to decipher the bullshit, blogging will continue to grow to facilitate this.

eventually the lies will become so flimsily outrageous tha a tipping point of trust will come, things are speeding toward that convergence mostly in italy and the UK, imo.

~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~

by melo (melometa4(at)gmail.com) on Thu Jun 25th, 2009 at 01:35:15 PM EST
[ Parent ]
to decipher the bullshit, blogging will continue to grow to facilitate this

You're really on to something there.   Well, I suppose deciphering the bullshit sounds a little more discerning than what the stenographers of the media do.    We might comfort ourselves with that.  

by jjellin on Thu Jun 25th, 2009 at 09:35:46 PM EST
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Stories of stock scams and financial scandals of the early 20th and back into the 18th century are - not all that different from what we see today.
by rootless2 on Thu Jun 25th, 2009 at 10:36:21 AM EST
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Yes, but Mig's model implies that there is a considerable overlap in the people (or at least in the dynasties) involved. And I am not so sure of that.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Jun 25th, 2009 at 05:37:35 PM EST
[ Parent ]
me neither.
by rootless2 on Fri Jun 26th, 2009 at 10:40:06 AM EST
[ Parent ]

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