Monday, June 2, 2014

Concentrates the mind wonderfully

The prospect of losing all your money. Thomas Piketty would learn more about capital by listening the the five minute audio clip at the top of this KUOW article, than he's put into his supposedly learned book. Even the text is pretty revealing about how capitalists think about risk/return;
As the Seattle City Council continues to debate a plan to phase in a $15 minimum wage, and as minimum wage advocates gather signatures to put an even stronger measure on the November ballot, businesses in the city are finding themselves in an uncomfortable position: in limbo.
Many businesses report putting off hiring, expansion or investment decisions until the outcome of the minimum wage debate is clear.
“People are just scared and they don’t know what’s going to happen,” said Angela Stowell, who co-owns 10 restaurants in the city. “They’re paralyzed by the uncertainty.”
Restaurants, toy stores and other retailers operate on slim profit margins--just listen to them--and with labor costs almost sure to rise drastically for such entrepreneurs in Seattle....

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