Capitalism is failing the middle class
Global capitalism isn’t working for the American middle class. That isn’t a headline from the left-leaning Huffington Post, or a comment on Glenn Beck’s right-wing populist blackboard. It is, instead, the conclusion of a rigorous analysis bearing the imprimatur of the U.S. establishment: the paper’s lead author is Michael Spence, recipient of the Nobel Prize in economic sciences, and it was published by the Council on Foreign Relations.
The take-away is this: Globalization is making U.S. companies more productive, but the benefits are mostly being enjoyed by the C-suite. The middle class, meanwhile, is struggling to find work, and many of the jobs available are poorly paid.
“One possible response to these trends would be to assert that market outcomes, especially efficient ones, always make everyone better off in the long run,” he wrote. “That seems clearly incorrect and is supported by neither theory nor experience.”
Surely all the middle-class representatives in congress will fix this problem.
Oh wait, congress is almost 50% millionaires:
http://www.cbsnews.com/8301-503544_1...47-503544.html
How fishy. Statistically millionaires are 50x over-represented in congress than compared to the average population.
I'm sure they'll represent us and our interests though. After all, that's their job, right?
Capitalism succeeds for capitalists (the people with capital aka cash).
Everybody else are wage slaves and/or renters of what's owned by the capitalists.
And capitalism is inherently unstable, as the euphemistic "business cycles" come and go, and capitalism s up the world's stability every time it's allowed to by deregulation.
Last edited by boutons_deux; 04-21-2011 at 07:57 AM.
So global capitalism is failing the US. Hmmmm. Well if the US was the whole globe, then I could see why this is "shocking".
Who said anything about shocking?
I could see why this is "insert random signifier here."
Where is "shocking" mentioned anywhere in the article or subsequent responses?
Nor does the article state that the US is the "whole globe," but rather that "Pence is telling us that global capitalism is working the way it should, but that the American middle class is losing out anyway. Since global capitalism is the best way we’ve come up with so far to run our economy, that creates quite a dilemma."
Worshipping the Golden Calf of unregulated, global capitalism is ing everybody who's not a capitalist, and the ing will continue unabated, and the ing will get harder and faster.
this will NEVER happen in UCA:
Bankers jailed, sued as Iceland seeks culprits for crisis
MORE than a year and a half after Iceland's major banks failed, all but sinking the country's economy, police have begun rounding up a number of top bankers while other former executives and owners face a $US2 billion ($2.24 billion) lawsuit.
Since Iceland's three largest banks - Kaupthing, Landsbanki and Glitnir - collapsed in late 2008, their former executives and owners have largely been living untroubled lives abroad.
But the publication last month of a parliamentary inquiry into the island nation's profound financial and economic crisis signalled a turning of the tide, laying much of the blame for the downfall on the former bank heads who had taken "inappropriate loans from the banks" they worked for.
http://www.dailytelegraph.com.au/bus...-1225865809102
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Ireland's bankers ed Ireland, too. And Ireland is cratering.
UCA's bankers ed UCA, but they controlled the govt and got themselves bailed out and sold $1T+ in toxic to the Fed.
More capitalist, this time in Ireland (the capitalists bas s are same everywhere)
Ireland’s economic troubles threaten the financial health of Europe and even the U.S. At the heart of the multibillion-dollar crisis are two highflying bankers who some say took the country for a ride
outsize role of two men in this financial meltdown is a little-known story offering a salutary lesson about the dangers of greed, groupthink, and lax regulation as anything that has taken place on this side of the Atlantic.
It has been hurling taxpayers’ money into an apparently bottomless pit ever since. Irish Finance Minister Brian Lenihan originally estimated the cost of propping up the bank at $6.1 billion. He admitted two months ago that it would actually be between $39.8 billion and $46.7 billion.
The price tag has propelled Ireland’s deficit to hitherto unimaginable levels—and this, in turn, now necessitates international intervention.
“The banks are gobbling up the state,” is the verdict of Martina Devlin, an Irish newspaper columnist and the co-author of Banksters, a 2009 book tracing the roots of the collapse.
the feeling on the streets of the Irish capital is that “the republic has been raped, torn apart” by the bankers and their political friends.
In 2007, Sean FitzPatrick, then seen as a leading captain of industry, complained publicly about governmental interference and “McCarthyism.”
“The tide of regulation has gone far enough,” he protested. “Our wealth creators should be rewarded and admired, not subjected to levels of scrutiny which convicted criminals would rightly find intrusive.”
In Ireland, as in the U.S., the debate about who the real criminals are may be only just beginning.
http://www.thedailybeast.com/blogs-a...ho-caused-it/#
Having a middle class is a pretty extraordinary thing in this nation; the US is regressing back to being the two-class society it was from the time period between Jamestown and WWII.
Well, disregarding the 3rd class of outright slaves for the first 250 years.
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