No, it's not.
Capitalism--unbridled, unregulated capitalism isn't working and it hasn't been working--at least not for our whole society and country--for some years now. Get over it.
As proof, there is an article up right now at Alternet(alternet.org) pointing out the 10 greediest people of the year, how much they make and what they're doing to their companies, their employees and our society and nation as a whole.
The information about them points out the hows and whys of our system breaking down. These people are getting more and more and more, while the middle- and lower- classes of the US increasingly have to do with less and less. It's one very evident reason of how Capitalism is tearing us down, as a country and a people, and how our system is broken and non-sustainable.
To wit, just some of the information:
10: Richard Anderson, Delta Airlines CEO
The company was collapsing: "Delta, after all, lost $8.9 billion in 2008. In 2009, Delta and other U.S. carriers, says the International Air Transport Association, will likely lose a combined $1 billion."
But Mr. Anderson? No such hard times for him: "For agreeing to become Delta’s chief, 28 months ago, Anderson picked up $8.5 million in stock awards. Seven months later, another $3.4 million. Six months after that, to celebrate the Delta-Northwest merger, more options to buy Delta stock, worth $7.3 million, and more actual shares, worth $6.1 million."
5: John Chambers, CEO of Cisco (computer equipment)
"Cisco has laid off over 1,500 workers since the economy turned challenging. Cisco CEO John Chambers, for his part, has pocketed $232.7 million over the last five years."
3: Mark Hurd
Computer printer ink, a high-tech financial analyst pointed out a few years ago, "costs more per drop than expensive perfume." Mark Hurd, the CEO at Hewlett-Packard since 2005, wouldn’t have it any other way.
HP, under Hurd, has been busy squeezing every bit of revenue possible out of the printer ink cash cow. Last year, HP upped ink prices up at double the inflation rate. The typical $30 ink cartridge, SmartMoney reported this past June, costs $3 to make.
Hurd apparently enjoys cutting wages and jobs as much as raising prices. In May, he axed 6,000 workers off the HP payroll and cut paychecks for the survivors from 5 to 15 percent.
Hurd did take a 20 percent salary cut himself for 2009. But “salary” in 2008 only accounted for $1.45 million of Hurd’s $26.04 million in cash compensation. He took in another $7.9 million in new stock awards -- and cleared still another $10.1 million cashing out previously awarded stock options.
Hurd’s CEO stint at HP has so far seen about 40,000 employees lose their jobs.
These are but 3 examples of these greedheads. There's lots more information out there on these 10 and then, of course, there are the many more who qualified for the list but didn't make it.
I absolutely recommend you go to this article to read who is number one and why. I'll give you a clue, too--it's not Bernie Madoff.
The point is, there is virtually no equity at all in our system. It seems we're as loyal and patriotic to Capitalism in this country as we are to Democracy and Freedom, to a fault.
And, ladies and gentlemen, greed is not good. It's tearing our country apart. It's emptying out the middle class. It's bankrupting us.
Get over it.
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4 comments:
"Capitalism--unbridled, unregulated capitalism isn't working and it hasn't been working--"
I don't see how you can make this claim since we haven't had "unregulated capitalism" in our country in decades. In unregulated capitalism, big companies like airlines, auto makers and investment banks would be allowed to fail instead of getting government bailouts that allow greedy CEO's to give and get multimillion dollar bonuses.
it's a matter of degree, to me. is it 100% free to do what it wants? well, no, not all business. but banking? pretty darned close to it. evidence? the almost total breakdown in checks and balances in our banking sector that brought us--and the world--nearly to our knees only months ago.
that's how.
besides, you're confusing "unregulated" with "unprotected". All these capitalist bigshots want to be left virtually totally alone at all times---until they get in trouble. THEN they want "Uncle Sugar" to step in. That's not regulation, emawkc. That's covering yer ass after you've screwed up.
Our problem is that we have bad regulation, we've just added another layer of regulation that probably won't work, and then (as you say) we bail out companies that are mismanaged.
The system won't work if companies and people aren't allowed to fail. You can't socialize failure and expect your civilization to prosper. If you keep the failing institutions in your society, society will eventually become a failed institution.
From Truthout.org, just now:
"'As "Crossing Wall Street,' a November report from the Center for Responsive Politics notes, 'The finance, insurance and real estate sector has given $2.3 billion to candidates, leadership PACs and party committees since 1989, which eclipses every other sector...'"
"The financial sector has also been a voracious lobbying force, spending an unprecedented $3.8 billion since 1998, while sending an army of lobbyists to Capitol Hill to make its case. That's more money than any other sector has spent on influence peddling. Not even the health care sector, which spun up a lobbying frenzy this year over health reform, has spent more."
"The banks are making a list and checking it twice. And lest we forget, during his run for the White House, the finance sector filled Barack Obama's stocking with $39.5 million dollars worth of campaign contributions, more than any other presidential candidate."
"God bless us, every one!"
Or at least the bankers.
Link to original story:
http://www.truthout.org/1219092
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