Honestly, how badly do schemes like trickle-down economics, de-regulation, and tax breaks for the rich need to fail for people to let go of such stupid ideas?
Shortly after the economic meltdown, the former head of the U.S. central bank, Alan Greenspan testified before congress in one of the many Congressional hearings aimed at figuring out what caused the economic meltdown and how to prevent another one. Greenspan said financial companies and markets should be more heavily regulated to prevent a repeat of what he called a “once-in-a-century credit tsunami.”
Greenspan opposed tighter regulation of financial companies during the 18 years he was chairman of the U.S. Federal Reserve. But, now he urges more regulation. If he, at 82 years of age, can learn from his mistakes, maybe there is hope.
In reality, far more people would be far better off with a good system of rules, regulations and appropriate oversight. I can’t speak for billionaires.