New companies are only allowed to advertise their stock to "accredited investors".(1) To be considered an accredited investor, you must have $1,000,000 in net worth or make over $200 K per year.
These laws exist because the general public is considered so financially incompetent that they can't be trusted not to fritter their money away on con artists and foolish ventures.
However, if voters are such financial rubes that they're not allowed to invest their own money in new startups, why are they, in aggregate, allowed to seize and spend $8.2 trillion dollars, or 38% of GDP?
Isn't it obvious that voters succumb to the blandishments of crooks and nincompoops in the statehouse just as easily as they do to those in the boardroom?
Therefore, I propose that we be consistent: we should only allow "accredited voters" to vote on any financial matters in government.
Now, I'm no classist. I wouldn't base accreditation on financial accumulation alone. God knows, there are a bunch of dim-witted rich people.
But surely it's fair to require a test of basic math skills, financial literacy, and economic history from those who wish to spend not only their own money, but everyone else's money as well?
(1) With some exceptions.
These laws exist because the general public is considered so financially incompetent that they can't be trusted not to fritter their money away on con artists and foolish ventures.
However, if voters are such financial rubes that they're not allowed to invest their own money in new startups, why are they, in aggregate, allowed to seize and spend $8.2 trillion dollars, or 38% of GDP?
Isn't it obvious that voters succumb to the blandishments of crooks and nincompoops in the statehouse just as easily as they do to those in the boardroom?
Therefore, I propose that we be consistent: we should only allow "accredited voters" to vote on any financial matters in government.
Now, I'm no classist. I wouldn't base accreditation on financial accumulation alone. God knows, there are a bunch of dim-witted rich people.
But surely it's fair to require a test of basic math skills, financial literacy, and economic history from those who wish to spend not only their own money, but everyone else's money as well?
(1) With some exceptions.