In order to be an economist these days, you have to participate in this fairytale that somehow we can recover and still make the banks rich. And it is a fairytale.

On the flat tax, the more you compress the tax rates, the more you untax where the income is really made, at the top of the pyramid.

Inflation usually helps the economy at large, but not the 1% if wages rise. So the 1% says that it is terrible.

When they say inflation is bad, deflation is good, what they mean is, more money for us 1% is good; we're all for asset price inflation, we're all for housing prices going up, and we're all for our stock and bonds prices going up. We're just against you workers getting more income.

The worst loophole is what Donald Trump has talked about: the tax deductibility of interest. If you let real estate owners or corporate raiders borrow the money to buy a property or company, and then pay interest to the bondholders, you'll load the company you take over with debt. But you don't have to pay taxes on the profits that you pay out in this way. You can deduct the interest from your tax liability.

Paying debt service to banks leaves less income to buy goods and services.

Either you can save the economy, or you can save the One Percent from losing a single penny.