10.14.2007

Annals of capitalism, John Bogle is upset edition

Legendary Vanguard foundercan't stand our economy:

"And the financial service economy is what troubles me. Because it's diverting resources from the investors to the capitalists. To the entrepreneurs. To Wall Street. To the investment bankers. The hedge fund managers. To mutual fund managers. And that is a negative to our societal values. Where agriculture and manufacturing and services, I mean, I'm perfectly willing to give a high value, for example, to art and poetry and literature. They add value to society. It may not be easy to measure it in a society that measures too much of what's not important. And not enough of what is important. As the sign in Einstein's office says-- 'There are some things that count that can't be counted. And some things that can be counted that don't count.'"

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