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06/11/2009

Comments

Diane Dimond

Laurie -
There is no such thing as "economic justice." There never has been and there never will be. EVER. It is a fool's errand to think otherwise.
And, in my opinion, so is trying to regulate executive's salaries. The end result of that? Brain drain ... all the really smart business people will go to England or Germany or Spain or Switzerland or some country that values their talent in dreaming up and running viable businesses.
Now, did SOME American top CEO's mis-manage their business? Yes, and their individual industries, still reeling from the after effects, will take care in the future not to be duped again. But for WASHINGTON to dictate what any particular American is worth in the marketplace? - ick, ptooey, no way Jose - that is simply not the way capitalism works.

Viv Bernstein

Washington does dictate what many Americans are worth in the marketplace. It's called a minimum wage, and it limits the exploitation of workers.

You want unfettered capitalism, Diane? Move to China. With little or no regulation of industry to ensure even a minimum amount of safety, the Chinese have produced baby formula, children’s cough medicine, dog food and children’s toys all laced with poison. That’s capitalism at its purest, putting profit above all else.

In this country, capitalism has been regulated for decades in any number ways, including antitrust laws. It was deregulation and utter greed that helped lead us to this financial collapse. And yet even now, with the need so clear, there is still this knee-jerk reaction that any form of regulation will destroy capitalism as we know it.

If a maximum wage can help focus CEOs on longterm growth instead of quarterly profits, it could do wonders for our economy.

CWimms

Sorry, Viv, it is nice to wish it could be that way, but the historical evidence is that state planning of economies fails every time. Ask any Russian who can remember the '70s and '80s in the Soviet Union, or for that matter, any Venezuelan who feel safe enough to tell you the truth on how things really work under Chavez (or Cubans under the Castros, etc.)

Personally, Wall Street incompetency trumps Washington incompetency every time.

CWimms

Thanks for this. I had just scrolled down to write the same verbatim.

Brian In NYC

Spot on Viv, my sentiments exactly. Markets are like children, they thrive with sensible limits, it's when they are allowed to run about without restriction that they get in trouble.

Brian In NYC

Spare us commie scare tactics, no one is buying it anymore. The world has moved on, I suggest you do too!

Laurie Essig

I think these comments make clear that there's no such thing as pure capitalism- all capitalism is regulated to some extent and certainly shaped by the state- and vice verse.

I'm not sure I personally am interested in keeping capitalism going Diane. I'll leave that the true believers- like yourself. I doubt capitalism- with its need for constant growth and expansion to other markets (Imperialism) is sustainable as we enter the true costs of profit over people and environment (global warming, for example).

I am, however, very interested in a government that represents the majority of the people (I am a true believer in democracy- which was founded in this country before capitalism and might end up being the ruling ideology again as capitalism collapses). And yes, democracy is about economic justice, and racial justice, and gender equity and so on.

I don't want to live in your capitalist world of profit as what motivates people and the ridiculous lie that greed is good and that humans are innately greedy. Humans are innately lots of things, including cooperative. Even you. So if you decide not to believe in your particular brand of capitalist ideology anymore, come and join those of us who think we can do better- we'd be happy to cooperate with you.

libtree09

Apparently not only is there no economic justice there is no justice at all. These clowns not only bankrupted their companies, where in a sane world they would have to take their hundreds of millions and struggle with the rest of us instead we the overburdened and hey, remember overtaxed, come to their rescue. Why? To save the economy that they assumed was there personal piggy band. They are the best and brightest? Forgive me but they can go to Switzerland (visit those tax shelter accounts) or Germany but none of those countries will compensate as richly as the insane system will here. They are making suckers out of all of us and Obama seems to be with the program. Why doesn't anyone recognize the damage they have done and rid ourselves of these rats.

libtree09

Sorry CWimms we, as in us taxpayers and the government, as we the people, are not planning the economy we are rescuing it from those who did plan it.

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