New York Fed President William Dudley's assertion that commodities speculation isn't all bad because on the flip side of today's economic system,"Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful," is indicative of a society with seriously warped values. Dudley's comment was ridiculed by his audience, one of whom pointed out: "I can't eat an iPad."
Writes Chez Pazienza:
Dudley's comment, once again, really does provide a nice little window into the way these clowns think: everything flows, Randian-style, from the top down; luxuries are as important as necessities, if not more important than; keep the producers fat and happy and everybody benefits..... The game has been rigged and for the first time in America's history it's almost as if a caste system has resulted; the top one-percent not only controls the wealth, it hoards and perpetuates it for itself while the rest of us are expected to shut up and suck it. The American dream can become a reality for anyone only if there's at least a minor amount of fair-play involved -- and that's simply a damn-near comical conceit these days.
Amazingly, there are people out there convinced that America is a meritocracy, where hard work a is rewarded and anyone can make it. The truth is, the financial industry and giant corporations have morphed America into a semi third world sweat shop where large quantities of the population exist to service the needs of the rich. Social mobility no longer exists in the US, and what remains is a stagnant economic class system that keeps the rich rich, and the poor poorer.
And if you could eat an Ipad, you can bet your bottom dollar that Wall St would create a new speculative market for it to ensure it's price went up along with wheat, rice and maize.