Yes, companies will have to pay less to their C.E.O.'s. Yes, there's some competitiveness issues, but I think as a society, what we're seeing is the emergence of a debate over whether our values, the values of fairness, should govern public policy in this respect. And I think on the other side, something that should be easy to do in the next five years is limit the deductibility of CEO pay so that in a sense corporations are not rewarded for these exorbitant salaries. Well, when you look at the social implications ever it, it's a symbolic implication . If there was to be a cap on executive compensation and the excess was to be distributed among the poor, it would have no effect at all.
Executive compensation is dramatic because it's very large and also because it's very exceptional.
But when you talk about things like societal inequality and the below minimum wage people, the curbing of executive pay would have no real impact. So Kevin Phillips, very briefly, you're a long time observer of the Washington scene. I think what it takes to narrow the gap is for the assets bubble to get as big as it's going to get and pop and create forces for reform, across the board, politically and otherwise. Well, thank you all four very much. All Rights Reserved.