Find of the day


Quote o’ the day, from Adam Smith of all people:

“To widen the market and to narrow the competition, is always the interest of the dealers … The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it.”

In other words, be very wary of any regulatory changes proposed by big business. (Hmm, US Chamber of Commerce, anyone?)

If the constant assault on the middle class, fairness and reality-based thinking is getting you down, this video from the United Steelworkers will have you pushing yourself up from the canvas again. It’s like a mini-“Rocky.”

This find of the day is “Who Rules America?” by Bill Domhoff, a research professor of sociology at the University of California, Santa Cruz. The website (and book with the same name) provides some fascinating insights into “how power and politics operate in the United States.” Among its recent posts is “An Investment Manager’s View on the Top 1%,” a guest article that explores the differences — and they’re huge — between being merely in the top 1% of the nation’s wealthiest and being in the top 0.1%.