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May 19, 2010



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Let me see if I can find an analogous narrative to Stein's and apply the same logic.

Investment managers assume a certain amount of risk on behalf of their clients' portfolios. Some of those portfolios have done well, but unless there's a humanitarian basis or an extraordinary circumstance, wouldn't other people benefit from confiscating portfolios managed by unlicensed investment managers?

It's so preposterous, I had a hard time writing a comprehensible sentence describing it. Maybe I should simplify it. The owner of a boarding school is found to have cheated on her taxes, so all the minors at the school are sent to a labor camp.

There's just no angle from which it makes moral or even economic sense.

Nathan Smith

Oh, I don't know, it might make economic sense. Maybe the boarding school students will be productive workers in the labor camp!

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