Lawrence Lessig explains that 0.05% of the population is pretty much funding the congress campaigns, and it is not surprising why congress does not represent the 99.95%. A possible modest solution - base campaign finance solely on vouchers from citizens, and the incentives will align properly. 0.05% is also the probability of this change happening anytime soon. Prof Lessig, can you raise some money to get this reform passed?
Video with Jon Stewart.
Thursday, December 15, 2011
Friday, December 2, 2011
If you need $1K, the rate is 25% per annum - $1M? 4%. $1Trillion? 0.01%.
Update(12/6): Ben Bernanke's response to the article. Appears there were some inaccuracies in how it was reported. However, the point about material reform not happening still stands.
Now the details of the bailout way beyond the TARP are finally out [Bloomberg Report]. Its not pretty, trillions of dollars loaned out practically free - protecting the bonuses of the banking execs who brought on the crisis with their leveraged risk taking. So thats what the "free" part of the "free markets" meme is referring to. And the banks are bigger and more concentrated than ever, and there have been no substantial reforms. This will end well, no doubt.
Now the details of the bailout way beyond the TARP are finally out [Bloomberg Report]. Its not pretty, trillions of dollars loaned out practically free - protecting the bonuses of the banking execs who brought on the crisis with their leveraged risk taking. So thats what the "free" part of the "free markets" meme is referring to. And the banks are bigger and more concentrated than ever, and there have been no substantial reforms. This will end well, no doubt.
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