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How Wall Street and the Toxic Philosophy of Ayn Rand Are Destroying Our Retirements

Washington is talking about balancing the budget on the backs of the elderly, but the economic security they enjoyed at one time is already imperiled.

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    [T]he world is made up of a few virile, virtuous “producers” and the many parasites who feed off their labors. It’s the producers who create wealth and make a better world, and they do so by pursuing their own dreams of success. In Rand’s books, though, moochers and petty, visionless bureaucrats persistently bite at the ankles of her capitalist “supermen,” which has the effect of harming all of society. Therefore, freeing the wealthy from…their social contract with the rest of us is in fact the apex of morality.” 

But Ayn Rand doesn’t mean diddly to Wall Street. Money talks, not philosophy. Our financial barons are on the prowl for the billions of dollars in fat fees that would come from “helping” 130 million Americans manage their privatized Social Security accounts. The big banks are lusting for something big to replace the goldmine that was the housing bubble. Social Security may be it.  

Ka ching for them: Cat food for us old folks.

Les Leopold is the executive director of the Labor Institute and Public Health Institute in New York, and author of The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do About It (Chelsea Green, 2009).

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