I’m sure you all read about how the executives of various bailed-out banks were still being well compensated. (Note, in this author’s mind, the fact that these guys are not in jail yet is still mind boggling). I didn’t write anything about it because I had difficulty expressing my outrage toward American capitalism and especially the hubris of these executives. Well, I am glad I didn’t because Dana Garrett did it better than I could have.
It’s a wonderful myth that capitalism rewards success. But when the stakes are high, even when a bust is known to lurk just around the bend, failure is amply rewarded as well under capitalism. That’s because the elan vital of capitalism is wealth accumulation per se and not wealth accumulation through success as this story illustrates.