Saturday, October 29, 2011

Casino Capitalism

Scott Walker's budget solution for Wisconsin is to gamble more public dollars at the Wall Street casino.

"Walker said he wants legislators to create a $100 million "fund of funds," an investment vehicle in which a manager hired by the state would put taxpayers' money into a variety of existing venture capital funds."

I like the caveat of the plan whereby investments must be in Wisconsin. But, wouldn't it be quicker, and more efficient, to just directly distribute these funds to targeted Wisconsin companies? Why pay Wall Street fees and commissions? Why hire a manager to do part of the job we elected our legislators to do?

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