Throughout our class discussion, the concept of being short sighted came up again and again. People, it seems, are only looking out for how they can benefit right now and not how their actions will affect the future. In the Aspen reading, the idea of revising capital gains tax so that it would discourage people from excessively share trading and promote long term investing. This idea of long term goals also comes up in the Krugman reading. In this reading, Krugman talks about how economists believed that everything was perfect and that nothing could happen to de-stabilize our economy. If something did happen, economists believed the market and the Fed could handle it. This is yet another example of how people in the financial world are not looking down the road and seeing what could result from the actions we take now. It seems a bit ridiculous that everyone is always shocked when something goes wrong, but no one ever thinks about 5 years down the road, just what kind of profit they can make tomorrow.
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