Rush Limbaugh Quotes
[Steven] Lerner's strategy is, "How do we bring down the stock market? How do we bring down their bonuses? How do we interfere with their ability to be rich?" This is what his objective is, and he believes that Wall Street's wealth has been stolen.
Limbaugh, Rush. The Rush Limbaugh Show. Premiere Networks, 2011.
Despite this, he recommended that the average person should participate in some limited ways.
Essentially Mellon told the President to let the entire economy crash. With huge numbers of people out of work, labor would be more humble and not only settle for lower wages, but will work harder, and without "excess" income beyond their basic needs, they would not drink and engage in other immoral activities. President Hoover, a wealthy man himself, did not go along with Mellon's idea of making the situation worse, but his conservative philosophy of government would not allow the Government to "interfere" with the private economy or give any direct assistance to the citizens.
See Franklin Delano Roosevelt {32528} for the basic principle of progressive taxation.
Franklin D. Roosevelt and the New Deal then created the Securities and Exchange Commission to Regulate the Stock Market and that kept things under reasonable control for over 50 years, but then the fraudulent schemes had gotten very sophisticated and the Enron and other scandals were uncovered, leading to Sarbanes Oxley and other more regulatory legislation.
Arguably, for most of American History, most of the “smartest” people contributed to manufacturing, construction, research and development—activities that produce things that are wanted and/or needed. However, Wall Street began attracting and paying for some of the smartest people in the society, who when they engaged in finance—not only contributed less to manufacturing, but began to create highly complex financial instruments and procedures that few people could understand and with which regulators have difficulty understanding. These and the other schemes of financing have been major factors in the economic problems that have beset the economy including the meltdown of 2008 and the subsequent Great Rescission.
A “stock-jobber” at that time referred to a stock broker who bought and sold shares of companies and enterprises. Today it tends to refer to an unscrupulous stock broker or a short term speculator. In the 18th century, economists like Say questioned whether or not the stock jobbers performed any useful economic or other function. His and others concluded “no.” By the 21st century, many were asking the same question. So it is not a new issue as to the political debate over the utility of part of the financial industry. The short term speculators were for years considered gamblers until it was discovered that the more successful ones generally had inside information (often illegal) or used computer trading to take advantage of other shareholders whose computers were not as fast. However, the Great Depression and the Great Depression called into question whether or not the financial industry was itself a hazard to national economies if not the world economy. That questioning began in the 18th century.
Rush Hudson Limbaugh III was an American radio personality, conservative political commentator, author, and television show host. He was best known as the host of The Rush Limbaugh Show, which was nationally syndicated on AM and FM radio stations.
