Jul

20

 In the Q&A yesterday, before the House Committee on Financial Services, Bernanke said: 

"…the fact that there are some very wealthy people doesn't necessarily make me or you worse off if they're creating value. You know, I'm a baseball fan. I like to watch Alex Rodriguez. And I don't particularly care that he earns a lot more money than I do."

What Bernanke might have been implicitly referencing:

"…End state" entitlement theories require continuous interference in people's lives. For example, argues Nozick, if people choose to give their money to Wilt Chamberlain (boy, are we dating ourselves), and Chamberlain gets rich, then the state redistributes his wealth for the sake of equality. And the next year when we go to the Lakers' game and give Wilt more money, the state will have to come in and seize it again, and again, and again, and again, forever.…"


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