Conard: I Didn't Mean That!

Edward Conard replies to the New York Times magazine article about him:

It’s unfortunate, in this highly politicized climate, that we can’t have a serious discussion about what’s best for the middle class and the working poor: innovation, prudent risk taking and the payoffs that motivate it or higher taxes on lucky risk-taking and less equity to underwrite it. Nevertheless, an author can’t turn down the cover of The NY Times Sunday Magazine, no matter the perils of distortion. And we’re there!

My book isn’t about defending the one percent or the virtues of inequality as the NYT would breathlessly lead its readers to believe. It’s about how Americans would be better off if we oriented the economy and our financial system around risk-taking and innovation. Why shouldn’t we have a country with twice as many young Steve Jobs creating the next Apple? Why shouldn’t we have a financial system that puts capital to work investing in innovation rather than sitting on the sidelines?