I would just disagree here. The market is extremely efficient, for the wealthy. Cheap labor by the middle class goes a long way. You can call it crony capitalism if you want, but it's still capitalism. It's the result of not having income caps and it's a natural state that will occur when the middle class does not demand more. The path we are on is going to be difficult if not impossible to curb. In order to fix it we need to import a lot less and focus on building higher quality products here at home. Along with this the general public needs to understand that they need to spend more on those products.
I would strongly disagree that there's no harm in being wealthy, though that depends what you consider wealthy. I've never liked the idea of income caps but I feel it's necessary if this economy is going to be fixed long term. Our wealthy population is equivalent to what has happened with other great nations that dumped their wealth into military and then failed, only we are doing both. As I said before, there's a certain amount of money that one might deserve for what they do, but after that, it's just greed and it pulls money out of society leaving less chance for others to be even moderately successful. In order to counter balance this money has to be created from thin air, which leads to huge inflation which in turn leads to more rich and more poor, rinse and repeat. It's a downward trend at an exponential rate. There are very few solutions, income caps are the best, like it or not.
I was simply making a point in reference to what RP believes. It's not about what the fed decides is right or wrong, for him it's about giving state choice. Although he has been hypocritical in his views regarding Federal law when it's been in his favor in the past.
.
