January 07, 2014
Marketplace radio says that we should be happy for those big Wall Street bonuses because they lead to more spending and job creation. Of course spending by the Wall Street boys creates jobs, but the same is true of spending by drug dealers and bank robbers. It is a bit peculiar that a news show would try to use this fact as a justification for bonuses that arguably stem from rent-seeking activity that provides no benefit to the economy.
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