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Michael D (Piketty)'s avatar

This is what happens when policy after policy is passed to shift GDP from the poor and middle class to the ULTRA RICH. The ultra rich literally can't spend all of their money so things like CDO's and SPACS are created to take the money in the pocket of the rich, put it in the pocket of other rich people and then when the idea BLOWS UP like CDO's did in 2008 the government will borrow money to make sure the RICH keep their money and the people that took it from them don't pay any costs.

The solution to the problem with the rich getting more money than they can rationally spend is to shift it to the poor and middle class who have seen their income decline for 40yrs now. $15 min wage, Universal Health Care, Breaking up Oligopolies (Banks, Tech, Farming Supplies, Food, Telco etc...).... Shifting GDP across a broader set of people will GROW the economy faster, like it did from 1950 to 1980 and improve the lives of the majority of Americans. But we will have to live wither fewer SPACS and CDO's

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Bill Heath's avatar

Finally, an explanation of the Biden Administration's energy policy. It works precisely like a SPAC: First, you spend a bunch of other people's money without a clue as to what it will be used for and who will profit. Next you get rid of whatever value you might already have had, then promise people jobs in industries that don't yet exist, located anywhere but where the people whose jobs you've destroyed, doing work no one can explain, and being financed with fairy farts. Finally, you create the opportunity for a hostile takeover by OPEC and blame the stupid American population for not having been sufficiently devoted to the Holy Sepulchre of Wokeness.

Come to think of it, the education policy is a SPAC. First, you ask the teachers' unions how much money they want, give it to them, then ask them again how much money they want and give them that much, and finally ask which of six or seven things that do not exist and cannot be accomplished within the next decade is their next demand, and tell the stockholders (school children) to be patient.

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