The question is, how much must we regulate capitalism? To restructure it so that it is responsible to all and not just the rush/powerful, I offer that it might require so much regulation that it might no longer be recognizable as capitalism as we now know it. And that might not be a bad thing.
This is NOT capitalism as defined by Adam Smith. He specifically warned that a capitalist system left to its own devices would degenerate into cartels and monopolies. Capitalism requires both a profit motive and a free market where consumer choice drives innovation and efficiency to win the consumer dollars. A free market is free of fraud and collusion, not free of policing. Profit extorted, not earned, by cartels and monopolies is feudalism, not capitalism.
Laissez faire is a poison pill for capitalism. Unfortunately, corporate media has fooled the general public into thinking laissez faire is the default when one speaks of capitalism while also corrupting the meaning of "free market" as "free of regulation." This mischief is not backfiring because people now blame capitalism for what actually is corporate feudalism. The purveyors of this false "capitalism as we know it" created a problem because those harmed by this corporate feudalism now turn to socialism thinking capitalism is at fault, and they now panic and have no coherent response other than to turn socialism into a pejorative.
This perversion of capitalism is a symptom of the decline of democracy in America. As we learned in Professor Reich's class, government makes the rules of the marketplace, and as corporate billionaires consolidate their power, they use their power to capture control of government to rig the markets against the consumer (and labor markets against the worker). Because consumers are the overwhelming majority, we would expect markets to be regulated as needed to remain free of fraud and collusion, corporate consolidation being the worst form of collusion because it is so difficult to reverse. Because this is not the case, the obvious conclusion is that this perversion of capitalism is not a unique problem but is part of the war on democracy by the financial elites.
Before we can debate the details of what level of regulation is proper, we first must wrest government from the economic elites to restore real democracy.
It’s good for us to remember that mom and Pop stores are a form of capitalism. And it’s a good form. It is the kind of capitalism that sustains nations cities towns in communities.
Absolutely agree, Sharon. The market landscapes of our small and medium sized cities have been polluted with expensive corporatized upscale trash. Instead of walking into a friendly Ma and Pa shop where everyone knew everybody in the neighborhood, the 'gentrification' of our shopping experiences has driven us to the convenience of shopping online where trust, friendship and our money disappears long past the pandemic years. I'm glad to have lived long enough to remember that important part of our past.
how would the corporate landscape differ if their "personhood" status was revoked? what if corporations, which give legal cover to all sorts of illegal and unethical behavior, were simply outlawed? also, the roots of capitalism are to be found in almost free labor, and almost free (stolen, expropriated) land and resources. so our standard of living is ultimately built on the suffering and deprivation of others, notably in the global south. and yet strangely, I am reluctant to give up my privileged material status. until I and 8 billion other self-centered egos are willing to share and look out for each other, we are doomed. but given the chemical cesspool in which we live, and the deteriorating climate, it will all become a moot point sooner than we thought.
Paul ! It is * ALL WRAPED UP! * as Covered, in The HOLY SCRIPTURES ! , That Kadywhumpuss MANKIND, ,,,, WILL REMAIN in it's DESOLATE State, UNTILL ! , The * ADJUSTER ! , RE-Apears, . and , DOES ! , The " ADJUSTMENT !" . ( AND ! , ,,,,, It's SOONER! , Than MANKIND ! , THINKS !
YET AGAIN: I blame our HORRIBLE schooling system for producing dopey zombies unable to comprehend who the REAL villain is: obsolete fossil fuel billionaires that do not pay taxes, meaning THEY ARE NOT AMERICANS.
The PROPERLY EDUCATED know who our enemies are, but they are not 100% of the 75% that are not registered Trumplicans.
Part of the problem is that state governments keep taking money away from public schools and giving it to charter schools and the like. I don't think any public money should go to private schools.
Thank you Dennis. You have said it clearly and succinctly for all to not confuse capitalism with feudalism. Corporate power and greed has become the ruler over all. I truly Biden succeeds in his efforts with antitrust changes. It is both good for the US as well as globally.. again thank you. If I may copy what you have written I would love to share with others.
thanks. I plan to steal some of your wording. I have finished his book The System-who rigged it, how we fix it. It's a good summary of where we are today and should be handled out en masse to the public like the purveyors did of The Road To Serfdom. How do we fix it ? It depends largely on more people coming to understand the system and acting on it. NO ONE knows if it's already too late to fix the system. The only choice if one gives a damn is to work for change, for wresting. One other thing. Despite Reich's efforts, Jamie Dimon will go to his grave convinced he is doing God's work, as he once said. That's the distorting power of wealth, your peer community, and the human unlimited capacity for rationalization.
“Free from... ” got Adam Smith was to be free from RENT. As in free of landlords and those who make money passively. Capitalism cannot help itself but to get is where we are now. To “fix” it only gives it a respite and time to renew itself. Those dips in capitalist economies every 5 to 7 years/cycles are proof of the fallacy that capitalism is foolproof for anyone except those who are of the rich/powerful class. Yes, we are as class oriented as those who live under the rule of those chosen to rule by god.
Keynes gave us the tool to tame that business cycle, but if you do the tax cuts in recession without the hikes during booms to cover the cost, you get modern Republicanism. There is no perfect system. We formerly chose the system best for each problem, a mixed economic system, which is how we got Social Security. Now, we have a dogmatic choice, profit on everything, that we are forced to make work on everything when it obviously doesn't.
Don't confuse this neo-feudalism with capitalism. Capitalism is not define simply by the profit motive alone, unless you are in the John Birch Society. Bernie's democratic socialism is misguided. The problem is putting democratic back in capitalism. Oligarchal capitalism is feudalism in capitalist clothing - barons of industry instead of land barons extorting the worker serfs.
Adam: "Capitalism as we know it" is not capitalism the way it was envisaged by Adam Smith. On the contrary, it's more like socialism for the rich. What else is not paying your taxes but government welfare? Elon Musk and Jeff Bezos are the new Welfare Queens.
We have been brainwashed, since Reagan, to think that that capitalism and the free market means that capitalists should be completely free to do whatever they please, unfettered by government.
This is just complete bullshit. Smith envisaged a strong government to break up monopolies and collect taxes from the wealthy.
The Republican party and the Fortune 500 have been lovers for decades, when one itches the other scratches. Big business is the driving force behind both entities. The lobbyists pour Beluga down the throats of the party members who advance the agendas of the elite the businesses they represent. Money and power take precedence over love of country. Save what is still worth saving, vote Democratic.
The problem seems to me is that capitalism is regulated now, but it is regulated to benefit mostly the wealthy and big corporations at the expense of ordinary people and the planet. How can it be regulated to benefit all of us and protect the planet? I don't know the answer.
It's not regulated now. The monied corporations have seen to the regular and systematic deregulation for the last 50 years. I wonder what it would really look like if it was a fair playing field.
Corporations shouldn’t have personhood as they have been granted for no good reason by the courts. Money is not free speech but was declared to be by the courts. Corporate lawyers have had their way with the law by infiltrating the Supreme Court, and with their heavy hand on the scale of justice democracy is struggling to survive.
LOL! Capitalism, right NOW, is not recognizable! Ever since the monied interests became powerful enough to skew the balance, we have a hybrid Capitalism, which ONLY benefits those in power. We need as much regulation, as it takes to reduce the influence of wealth in the decisions of corporate managers. We need regulations that balance the benefits to the corporation with the NEEDS of labor. We don't have that. That's why we have the growing gap between CEOs and average wages.
Include not only the workers, but the communities which rely on these industries as SHAREHOLDERS too. Now only the Stockholders are con-sidered important. And they care only about how lucrative the funds they spent on buying their stocks are and NOTHING ELSE!
This is exactly true. GE did that to many communities....all of a sudden decided to pull out of the place they polluted and monopolized for decades. Leaving a wasteland in their wake. With average citizens and communities that struggled for years to fill the gap, if they ever could. Never mind the many individuals left without employment....Never mind the cleanup of toxic chemicals they dumped & secretly buried everywhere (PCBs)...never mind the rising cancer rates among the citizens that populated these communities. It's always and ever will be.....about the money....period.
I always think back to green architect-designer William McDonough’s quote that “The need for regulation is a symptom of a poorly designed system". Capitalism is great for the building phase of an endeavor, but becomes cancerous and destructive in the ongoing management of the same. Sure, reward the initial risk-takers with reasonable return on investment, but It is the relentless search for ever-increasing profit that fuels the destruction.
Without regulation (self and other regulation), we'll continue to sponsor cruelty to others. William McDonough and his buddies don't have excuses for lousy buildings.
Well, yes, today’s problems are complex, but in many cases, the design flaw in the “poorly designed system” is to place the need to monetize and profit from an effort over all other considerations.
My focus is one person at a time. The "mental health" (juvenile justice) systems are nuts b/c of all of the cooks who mess up the soup: social workers, lawyers, judges, teachers, parents, etc., etc. As a child psychiatrist, I can't fix Detroit; however, I do a good job with many juvenile felony offenders ... one at a time; and then another, one at a time, over time). Helping one juvenile offender is difficult ... but impossible when the various systems cannot address one offender b/c they focus on offenders as homogenous. In my business there's no design. I work "in" the system and do what I can (following the Mother Teresa model: come, see what there is to do, and do it.
I grew up in England with a watered down form of capitalism known as socialism. It was dreadful, little better than East Germany. and England was known as "the sick man of Europe."
In the same era, the US enjoyed regulated capitalism, with very high taxes on the wealthy and on the corporations - as Adam Smith envisaged - so no-one was wealthy enough to sponsor Citizens United, and no corporation was wealthy enough to employ two lobbyists for every Congressman. The EPA was strong, heck even Nixon extended it, and the government had no problem breaking up monopolies.
Since Reagan and his lickspittle cheerleader, Milton Friedman, Smithian capitalism has been turned on is head, government has been vilified, and the free market has been redefined as that which allows the capitalist to do whatever he wants, without restriction. But this is just Orwellian bullshit. The free market is only possible when the government is strong and restrictive.
To change American Capitalism to a heavily regulated form of capitalism is a big, big lift and with the current state of education and ignorance in the USA, I’m not so sure that you can get there . In addition, the ruling class, even with heavy regulations, still did pretty well for itself.
A couple of comments. 70% of Americans want higher taxes on the wealthy and the corporations, 70% want tighter gun control, 70% want universal healthcare, 70% support a woman's right to choose. And it's the same 70%. We are the large majority and the MAGATS are merely the tail that wags the dog. All we need is for the DNC to eschew its corporate leanings and have a platform that appeals to the large majority.
Second, I disagree about the ruling class in the era of heavy regulations. Paul Krugman makes an interesting point. Life magazine was the 1950s version of Lifestyles of the Rich and Famous, and through its lens you can observe the ultrawealthy of that era. Then and now, they were the C-Suite guys, but in the 1950s, a top CEO would have a nice apartment in the city, a nice, relatively small place in the countryside, a mahogany open motor boat to putter around the nearby lake, and his choice of schools to send his kids. And that was it, basically. No ocean-going yachts, no spaceships, no ownership of islands. And no extra money to pay for lobbyists in Washington.
The only thing that I disagree with in your comment (and I REALLY agree with everything you said) is not paying lobbyists in Washington. There have always been ways to influence. No the money we see pour into politics now did not exist....but the influence that money can buy most certainly did exist. There will always be people who believe they are better and owed more and should be listened to more because they have money. And with that money, they buy influence. So you are correct....no huge lobbyists working night and day in DC in 1950's. But money slipping into hands, land being "acquired", someone put into a position of influence.....that's been going on since time immemorial.
If we change our economic system, then a more egalitarian form of democracy will emerge. This approach is called “Economic Democracy” and starts with locally based worker or owner based cooperative ownership that focuses on providing necessities first and foremost which is consumed and controlled by the local regions. Local governments would regulate their own economy and profits would stay in the region. Small businesses would be individual/entrepreneur owned and large companies such as airlines would be government owned and regulated with the profits utilized to support the costs of government and the lowering of prices. It is the opposite of”Globalization” and monopolies where the profits of production leave the local region to shareholder and billionaire's pockets. Democracy starts with local and regional economic control and national and international governance exists for coordination of regional economic activity. All people must have the purchasing power to obtain food, clothing, housing, medical care and free education through college and university before any accumulation of wealth is permitted. Wikipedia has a detailed explanation of “Economic Democracy.” https://en.wikipedia.org/wiki/Economic_democracy
Capitalism REGULATED is sustainable and lucrative. It's those that want mo' money and unfettered access to mo' power that start the deregulation that start the spiraling down.
Im not convinced that capitalism is sustainable because there has been "regulation" and its never sufficient and slack rules are easy for companies to meet and slack enforcement is easy to avoid.
Of course Congress should fix this, and its easy to do, but Congress and states dont fix this because they are de facto owned by the polluters eg the oil and gas lobby, and everyone knows this.
The odd thing is so many concerned citizens will admit this much but nonetheless think that America is a democracy that can regulate capitalism. All we need to do is write letters, protest and writing op eds. Write in to your reps and it will eventually make a dent! Sure.
I worked 22 years in environmental regulation and the laws all authorized and mandated a level playing field and were very positive, but the mandates in the laws were not tough enough., and legislatures have made sure of it.
The statutes give almost unlimited discretion to the executive agencies, leaving them free to do nothing.
An example of this is methane gas which is both toxic and a potent GHG. Methane (CH4) is natural gas. It leaks into the air from oil and gas pumping stations and at well heads in huge quantities. EPA and the states all have known this for many decades but the laws do not require action. So they are free to do nothing about it.
Citizens and NGOs cannot force agencies to act absent specific mandates in the law. For example, the Clean Air Act (CAA) does not mandate ie enforceably require that EPA stop methane pollution by a date certain.
Thus the methane pollution has continued despite the obvious harms leaking methane causes, and despite this record, Congress will not require companies to prevent methane pollution to ensure environmental protection.
Congress simply will not rectify even these obvious harms. It will not act addressed this and many other environment problems such as GHG emissions -is there any more obvious than global warming from GHGs?
The reason nothing is done to really stop GHGs including methane ,and most other forms of pollution, is capitalism which drives companies and legislatures and which defines wastes and pollution as "externalities".
It may be unsustainable because the corporations always manage to control the politicians and get what they want We manage in times of severe crisis to beat them back but they always come back and get control. We can only manage them when there is a severe crisis that threatens even them.
Valerie ! The MAMMONITES !, That Want all that *MO* money !, & ALL THAT *MO* Power !, Won't Be ABLE, tO " take it !! " with Them,,,,, When, " THAT DAY ! " Arrives ! BLESSINGS !
Capitalism with about a $500,000 a year limit on what a person could earn a year, would work much better. Getting the rich robber barons out of controlling the governments of Earth by confiscating their wealth, plus putting about $100 limits on campaign contributions from unions and corporations and individuals and candidates. And no lobbyists. The penalty for being greedy needs to be public flogging because fines mean nothing to rich people. If that doesn't stop the greedy bastards, prison for life or the death penalty will.
I don't begrudge them, but they could care less about the poor people . They don't care whether the poor people live or die just as long as they work cheap.
ABSOLUTLY, TRUE ! Bob ! " It's TIME !, For the SURFS !, to RISE UP ! " ( BUT Then, WE Will BE Accused, Of Being a Bunch 'O' Hippie, Pinko COMMUNIST, Knock Kneed,
bow Legged SOCIALISTS ! " , by the MANGOWANKER Cultists ! . ( LORD !, have MERCY ! { on Me, Too ! } )
Sorry. I do begrudge them. They have made their huge profits at the cost of workers, consumers, and the very LIFE of this planet. Their needs to be consequences for this kind of predatory greed.
I think predatory greed sums it up perfectly. It’s a form of illness and sad all the way around. There is so much more to life than accumulating stuff.
Currently a single meaning childless taxpayer earning 90,000 a year can pay 42% in taxes. The billionaires are paying about 4.5%. and half of All families aren't paying anything, the religious families mostly claim they hate socialism and communism. With a 42% tax rate, that drives many small entrepreneurs out of business. The billionaires should have to pay the same as people earning under $100,000 a year. I actually would like the rich to be taxed 95% or more but that is not fair. Without that tax, society can become anarchy and no one will make any money. It takes money to make money nothing is for free. Capitalism doesn't work when you run out of other people's natural resources and you pollute the Earth.
Buffett works for $100K a year,and has made a fortune for people that believe in him.If you bought a share (1 share ) in 1966 ? for circa $14 and compound that at 20% a year for 58 ish years,then the answer is somewhere around what a Berkshire share is now $540K?. A simple understanding of compounding and get it roughly right.
You are working for charity.Teach your children how to do it and when I kick the bucket my selected charities suddenly have a good lump sum,and the dividends derived from that forever more. The kids are alright as Pete Townshend would say..Takes 4 or 5 big hammers to hammer it into them though.In the US it is a 501( C) (3) charity,the name is different here in Australia,but the idea is the same.
The "owner" of a company here has built it from nothing to billions.He owns 36% of shares in the company,call it 1 billion shares.The company makes $10 billion profit after tax. Dividend per share is $3.Obviously he has $3 X 1 billion as income,he takes no wages out of the company,a lot of his $3 billion goes to charity.
The share price is $20,so he is worth $20 billion..The share price goes up $1 tomorrow,he makes $1 billion in 6 hours.The share price goes down $2 the next day,he loses $2 billion in 6 hours .The number is meaningless.
When he dies the charities he supports will probably get most of it.The kids are alright,they are more fanatical than he is at giving money away to charity.
The govt takes the shares off him,they don't know how to run it.He is the driving force behind it.Share price plunges,$billions are lost,for what.?The thousands and thousands of people employed may lose their jobs,what good is that?.
Some of them are nasty. The vast majority are great,need money for a charity,who do I make the cheque out to!
A famous story here, the richest man in Australia is being driven home ,early 1980s. They go past a building with lots of bald children playing.Whats that? Cancer?.Sends the driver over,give them my card and tell them to contact me.They don't contact him A few weeks later he marches in,why did you not contact me?.
Listen I want the name of everybody here.Children,parents ,nurses,teachers, the lot.You all go to Disneyland for a few weeks holiday.Once I have the list my people will organise it.You do not tell anybody this,I don't need or want the publicity.
Same man has a heart attack.Rushed to hospital,touch and go.He pulls through with the defibrillator at the hospital.That's what saved me he says,was it in the ambulance Erm no they say.WHY NOT!. People die because of that,no defibrillator,Erm yes..
The tax I pay and those #$@#$& in govt will not equip an ambulance with life saving equipment.Tomorrow you start to equip every ambulance with the equipment,send the bill to me and I will sort those idiots in govt out They won't know what hit them.
Buffett is a guy who pays his fair share and has decided to give all his money to charity. He supports Democrats, although some of his businesses are predatory.
I like that and there are good people out there with money. There are also a lot of really good people in government. There are some things government can do as well or better than private companies or wealthy people. In an ideal world, we’d sort this out instead of constantly bickering.
To point out the obvious.The Bezos foundation.Amazon.Grown from a bookstore in his garage.
10 years ago an up and coming company,$14 a share split adjusted. As a rough idea he has 1 billion shares of the company,10%.The other 90% is owned by whoever will spend money to buy them.
10 years ago he was worth $14 billion.Anybody like the idea of buying shares in this up and coming company.No way, too risky,I might lose money.Spend $14K to buy 1,000 of them,are you crazy.
Today the shares are worth $143 each, Bezos is worth $143 billion .
Your $14K grows to $143K.He did well for you.Anybody like the idea of spending $14.3 K to buy 100 shares .See what they are worth in 10 years .
Are you crazy,I might lose some money,I would rather spend a lifetime complaining about his wealth,and greed,make up stories of how he doesn't pay tax.
When Amazon starts paying dividends how about paying those dividends into the Bezos foundation to help those less fortunate..........?
They all do it. Carnegie foundation.Kellogg foundation.Walton foundation
Rothschild foundation. Gates foundation.Steve jobs ( cancer research). Any wealthy person you can think of will have a charity.Long after they are dead the shares in companies the foundation owns will still produce income for the charity
The biggest foundation will be the me,me,me,me foundation.AKA the Trump foundation .That must be his worst nightmare and will never happen.The Trump foundation is for Trump,send me more money ,I will fight harder for you
I’m open to that discussion; there should be some reasonable limits imposed upon every predator. Capitalism carries many advantages; the problem isn’t capitalism. It’s the people who aren’t tamed to consider anything beyond themselves.
BOB ! A little over the Top ! , BUT ! , I Do, Understand, Your FRUSTRATION ! Just Get, The TOP, little * Fuzzies ! * to PAY ! , ,,,,,,THEIR FAIR SHARE !!
Christianity and unlimited capitalism have never mixed. I want all people to have security so they don't develop mental illness and become narcissists that harm other's and abuse drugs while self-destructing themselves. If all the billionaires were benevolent, this would not be a problem. Anyone who opposes a maximum wage for all citizens is evil in my opinion. The existing billionaires could keep their wealth until they die of old age possibly, then the death tax would require they set up funds for each family member of let's say $500,000 a year for the next 70 years, in the meantime the family members cannot receive more money unless they show proof of giving it all away to other people and actually helping the community grow a strong middle class. There is no shortage of competent CEOs to fill in and take over the corporations who will work for say, 500,000 a year. America is still a free Nation now, but it is getting risky to voice your opinion. Even if you agree, be wise before clicking on anything. The fascists are already winning their war.
The issue with capitalism is the same as with communism: they both love their blind spots. And that blind spot is the same for both & sits squarely in the realm of how they value matter & energy provided 'freely' to us from nature.
I leaned marxist, and I still value it as a formal tool to interogate capitalism. But, once I took an ecological modelling class, I realized that no human economic system will ever be sustainable until we figure out how basic matter & energy - with all of the complexities of its time & place & form - feed into & form the basis of currency. What's amazing is calculating total system throughput in an ecosystem is nearly the same as calculating GDP. So, the two can and need to be fused.
We need to realize that our species developed during a very fortunate time, when nature was 'on our side'. Economics - marxist & capitalist - make assumptions about how the world 'will always be' on our side. That's why both will have to change if we are too survive. Capitalism succeeds because it concentrates power & collective effort faster & more efficiently than communism. Like a set of species in an ecosystem that cycle energy faster & more efficiently than a competing suite of species. In both of these examples, the 'winner' is a suite of things, not one thing only. And the winner succeeds because they move matter & energy, or money & power, more efficiently. However, the trade off is the same for both in ecology & economics because increased efficiency in both ecosystems & economies lead to fragility & increased vulnerability to disturbance. You can actually calculate all of this. The values are real.
The false assumption that undermines all of this is that we are still in the middle of an industrial revolution. Most workers are gig or independent contractors. Most consumers can shop over the internet....don't have to buy at the "company:" store. Big steel, even bid three auto industry mostly offshore.
That said, it hits hardest for the necessities of life - food, shelter, clothing.
The best thing we had going was the child tax credit. Millions kept from poverty. Stimulated the economy.
I disagree & I offer all of the CO2 driving hurricane season as evidence we have yet to leave the industrial revolution. You're simply restating the faulty implicit assumption that economics, not physics, gets to define value. Until currency accounts for variability in the value of matter & energy, economics will continue to fail.
The price of energy is fixed by humans situated in Saudi Arabia. We sold the goose that laid the golden egg under Reagan/Bork policy- manufacturing industry. No industry, no industrial revolution here.
Nature was also on our side mostly because there were not many of us and our impacts to nature were minimal. It's clear American capitalism as it functions is not sustainable without a re-work of political economy.
Can there be a sustainable capitalism? To answer this question we would need to understand better the role that growth and growing debts play in our economy. To me capitalism as we have it now looks like a giant Ponzi scheme, in particuar if we take into account the ecological debt we accumulate wrt the natural ecosystems on which life on Earth depends.
Regulated..... a word that works in the process of raising children to the process of nurturing a healthy economy. Chaos has ruined many societies and families.....
I mean the kind of capitalism the US enjoyed in the 35 years before Reagan and his lickspittle Friedman. When corporations and the wealthy paid large amounts of taxes. When monopolistic phone corporations were broken up. When you had an EPA with teeth. By golly, even Nixon governed to the left of Barack Obama.
That's the kind of capitalism I'm referring to, in the era before the South started voting against their economic interests, in the era when America had the greatest economy the world had ever seen.
Now we have to listen to Oliver Anthony whining about "the rich men north of Richmond," apparently oblivious to the fact that he and his ilk created this land where he has to "work in a bullshit job for bullshit pay."
Sep 12, 2023·edited Sep 12, 2023Liked by Robert Reich
Baloney! Giving up without trying is for losers. It may be hard, but could be achievable if we are willing to make the effort. I think its a great idea.
I'm thinking some states require such language already? The Missouri Constitution talks about how the health and welfare of the people of Missouri are a constitutional right. It means nothing unless legislators act upon it. Like those kids who took their state to court over climate change. Now that was pretty cool though I think generally the law, looking backward, tends to put a brake on taking legal action on the climate.
That was Montana. The problem is that Delaware, the largest jurisdiction, is the leasst common denominator and takes the wrong view, curtesy of Dupont money.
Daniel Solomon, how will a "public interest" promise in coporate charter be effective and enforceable? Existing "public interest" tags are in the Anti Trust laws are they not?
Capitalism is a system. A human construct. Unregulated it becomes the nightmare we have now where mega billionaires essentially play by their own rules and to hell with everyone else. It ceases to make sense.
Only if we allow it. It is just another economic system that has been around for a relatively short time and already (?) has shown itself for what it is. There ARE other systems, but don’t let their names scare you. Study them with an open mind.
Only so far as it fell to their longhorn term interests . You can rest assured that as soon as possible they would revert back. Remember Roosevelt hand the New Deal. It only lasted until Reagan completed the return to previous GP behavior.
But all those selfish people who benefited greatly by the New Deal are afraid they might have to share something. All they gained under the New Deal still comes their way. But they deserve more, you deserve less and apparently many agree with this lopsided rip off.
Common Good ...... like signaling when you drive.... like stoping at red lights.... like paying ones fair share of taxes..... like keeping your property in good shape..... like sharing caring.....
Trickle down ..... yes, you can get lower.... just keep putting up with greed. Trickle down, not low enough???
WORK CHEAP !, Get Paid ,,, CHEAP ! Keep BUSTIN' YOR BUTT! WE ! , are the FOUNDATION !, of the * Amway ! Periymid (SPL.ERROR) * SO BE ! The Worldly MAMMONITE MANKIND !! ( BUM TRIPP ! ) Sorry, Jean !
THAT is precisely why the ONLY truly "happy" nations, or ones with above 85% life satisfaction, are mainly SOCIALIST. (I am of course talking about Norway, Denmark and Sweden.)
'Murica is still hoving in the 40s, although I obtained that data a few years ago while a facist man-baby was still wrecking the chairs in the White House with his impressive girth.
Selfishness/Greed always results in division, death and/or destruction. Not only is this biblical, but it is demonstrated in these examples of greed facilitated by, so called, 'capitalism'- Companies takes our personal information and selling it for a profit and using it to exploit consumers, while using their sway over our political system to prevent common sense legislation that protects consumer rights. Oil Companies sabotaging the conversion to renewable energy and Climate Science to preserve their wealth, at the peril of the plant. Elon Musk exploiting his StarlLink monopoly to impact Ukraine's war with Russia by preventing a Ukrainian Strike on Russia and by requiring the U.S. to pay for the service, after initially giving Ukraine access for free! Why would we allow him to monopolize space travel with a SpaceX government contract and why the hell is the U.S. and competing companies accepting Tesla charging technology as the industry standard for electric vehicles??? That is equivalent to letting Trump back into to White House, after he has demonstrated he will use it for his own personal gain vs to benefit 'the people' and he will not relinquish it once he has it. Or putting the fox back in the hen house! Musk has demonstrated he will exploit our dependence on his technologies to tip the scales and for personal financial gain!!! and so on...
McCarthy has so many of Trump's controlling strings attached to him the poor guy can't think for himself, as if he ever could. Trump's demand for McCarthy to initiate impeachment proceedings against President Biden is an asinine attempt to give credence to a failed effort. Trump lost and he'll lose again. The people of this country are tired of an idiot running around this country pretending to know what he's doing and proving to everyone that he doesn't. Lex Luther is alive and well, for now. Trump is only comfortable when all about him are positioned beneath where he envisions himself. He is an emotionally disturbed individual hell-bent on destroying everything we now have in favor of a future "nothing." How people can give any type of support to this man is a mystery to me. Putin kills his adversaries. The difference between Trump and Putin, Donnie wants what Vladie has, uncontested power. If acquired, then we will see what Trump does with the people he doesn't like in our new "order." There might be a prominent profession that will experience a surge in its business due to the "Undertaking."
I agree 100% with what you've said....with one change.....little hands Donnie is so stupid and greedy, he'll sell all that is the USA TO Putin. Every secret, everything that keeps American safe and secure...etc. etc. The Donald has always been a grifter after more and more money. And he has no brain to think beyond getting more money and grifting. And that makes him very dangerous.
Bob , Spot On ! The OVERALL MAMONITE PROBLEM , Needs to BE EXPOSED ! So That ALL Of US ! At the * Last Two Rungs, ,, at the BOTTOM, Of The Ladder !* Can KICK ! , The LEGS OUT ! ,,,,,,,and Bring The "bIG gUYS , INTO SUBJECTION !! "
Bork originally was a socialist. Like me, came from Pennsyltucky. From 1973 to 1977, he served as Solicitor General under Nixon and Ford, successfully arguing several cases before the Supreme Court. During the October 1973 Saturday Night Massacre, Bork became acting U.S. Attorney General after his superiors in the U.S. Justice Department chose to resign rather than fire Special Prosecutor Archibald Cox, who was investigating the Watergate scandal. Following an order from Nixon, Bork fired Cox as his first assignment as Acting Attorney General.
He was head of a "Bork Commission:" to review the judiciary. The Library of Congress seems to have lost most of the documentation, but I was interested because he recommended that judges like me should have been grandfathered as Article 3 judges.
My position has always been that Bork policy screwed petit burgoos small business worse than consumers. In essence the Chamber of Commerce and National Manufacturing Association chose Bork, to the detriment of "main street: which is/was the base of the Republican Party. Back in Pennsyltucky, Bork policy closed middle class shops and stores and shuttered main street.
Want to help all concerned? Give Biden authority to sue (under the Clayton Ac) price fixers and price gougers. Start with OPEC/Saudi/Russia, which by the way is also a national security matter, more important than monopoly enforcement.
Ditto! I’m over 80 and just beginning to understand the history leading to the changes in the Republican stance. I wish I could talk to my father, who was active before the ‘60s (when I was barely out of high school). I can’t imagine him agreeing with what is happening today! No wonder my generation and family became Democrats.
Should the Clayton Act be amended to have an abuse of dominant position standard similar to the EU's Article 102? Seems logical to me so that prices, which can be manipulated by platform companies, are not the only factor.
The real problem is Saudi Arabia owns the largest refinery in the US, controls companies like Exxon and controls OPRC. They are at war with our economy.
IMHO Saudi owe us maybe trillions in damages....they caused the recent inflation...should have to not only recoup losses, but get consequential and punitive damages to put into our economy. It affects worldwide markets and companies that add on to the fixed prices are also liable.
If the Library of Congress reportedly list most of the documentation about Bork Commission, could that mean that Nixon pulled a “Trump” and absconded with papers that were supposed to be turned in to government ?
Robert, I’m going to tell you two stories about corporate power that have affected me. First, my dad who had three small town discount department stores achieved fame when his success was heralded on the cover of a trade magazine, Discount Merchandiser, in the 60’s. Within a short time, three large chain stores built shopping centers outside each town. Zayre’s, Gaylord’s, and Kmart. They drove my father and every single downtown into bankruptcy and abandonment. Decades later, as a boutique real estate company, I discovered that my newspaper advertisements cost 3-5 times more than those placed by affiliates of Re/Max and other large companies, who received “contract” rates. Same space, different price. Unfair competition and wealth concentration leads to miserable outcomes in the “free enterprise” system.
As a small business owner (20 staff), I could never get the best price for health insurance. Was told I needed to be over 30. So biggest firms got best price and my profitability was impacted and the cost staff contributed was higher because I was too small. My staffs’ health was too important, I bought the insurance.
I hope you saw what I said above. My grandpa, uncles, Baron Hardware, Brewster Company, GS Richards Co, in essence put themselves out of business by supporting the Republican Party - Chamber and NAM.
Off subject, but I worked for a large medical insurance company 30 years ago and saw those rates. I wanted to get some small businesses to get together for a co-op of insurance to lower their rates. i was chastised and told what a stupid idea that was, etc.. If I had been a little bit old I would have taken those small businesses into a class action suit AGAINST the medical insurance community. I wonder if I would've had any lawyers on my side?
A co-op sounds possible, but my guess is it would be hard to compete.
I doubt a class action suit claiming that a large company rates were monopolistic, biased and unfair. Thats essentially what anti trust claimants argue. Its an uphill battle, a tough case to make under existing laws.
ok that would appear to be a good example of how certain insurance companies are free to chose who they do business with - they'd probably say they are 'not obliged to offer the same prices to small as to large', citing economies of scale or whatever, and even if there are none, 'they should be free to do business where and with whatever companies or person as they chose, hire and fire as they choose'.
Most mothers would say its not decent. Most fathers would say 'thats our cherished freedom of contract'.
The duopoly says to hell with mothers and other voters when it blocked Sen Sanders for merely threatening the duopoly and its medical insurance racketeer owners with desperately needed reform of medicare !
("duopoly" is a hot button for me.) As long as we are condemned to the plurality, single choice voting system, independent or third-party candidates are toxic because they create a spoiler effect. The voter must decide: Will I "throw away" my vote on someone who can't win, and may cost what I would consider the lesser-of-two-evil duopoly candidates a vote, or should I just vote for the lesser of two evils? Unfortunately, the latter is the reasonable choice, UNTIL we adopt Ranked Choice Voting. Ranked Choice Voting DESTROYS the spoiler effect, by letting voters express their 2nd, 3rd, etc. choices. (It enables instant run-offs, if no one achieves an absolute majority, by eliminating the candidate with least votes, adjusting the ballots appropriately, and recounting. Iterate until you are left with the winner of an absolute majority.) The spoiler effect maintains the duopoly: when it is destroyed the duopoly loses its survival mechanism. Non-duopoly choices become non-toxic. Ranked choices lead to moderation as candidates need to consider who will give them their 2nd, 3rd, etc. choice votes to construct a majority position in the election; and over time non-duopoly candidates may actually win elections. Article I, Section 4 of the Constitution would enable Congress to mandate the Ranked Choice Voting system in all Federal elections: the process does not have to follow the interminably slow state-by-state path. When the Democrats are in the position to pass this legislation, we may need grass-root campaigns to "encourage" them to pass it, since the current system gives incumbents an electoral advantage. We will need statesmen--not just politicians--to pass this.
We have all seen this happen before our eyes - my nearest small town had several good stores selling a variety of 'things you need' - tools, clothes, kitchen wares etc then suddenly a huge new Walmart appeared alongside taking up far more space than all those smaller stores combined - and selling of course everything you ever need for normal working life, and some foodstuffs, and within the year most of those smaller stores closed down. Very sad but inevitable. The Walmart has a huge car park, and outside gardening supplies with lots of plants in spring - it was & still is "the place you go for what you need" - except now lots of us don't bother - we just shop online via Amazon instead ! So Walmart is getting dealt the very same destiny as it caused to the smaller stores, altho I have to confess it seems to still be doing fine - busy as ever - altho I think it must be 6 months since I shopped there for anything ! Strangely a big new Walgreens appeared soon after, but on the very few occasions I have ever been in there it was always nearly empty of shoppers, so I have no idea how/why it's still open (must be 5 years now at least) ! I only went in there looking for a particular thing that was not in Walmart ! And now of course anything you ever imagined is on Amazon !
We fought Walmart in our neighborhood but the store came in anyway. After about eight years they closed with barely two weeks notice. They sighted lack of profit but they didn't want to pay their garbage fines.
Veronica Von Bernath Morra : I agree with Robert Reich and am optimistc . Some of this monopolistic Capitalism is unsustainable. Let's see how the court case goes today, against Google; and the next one against Amazon. Biden is challenging monopolies with the FTC. And anti trust laws.
The answer to the question posed on this thread is simple. The "Monopolization" of this country is driven by greed. Those who have don't wish to share and those in need are looked down upon by those who have. My Grand father always said, "Take care of the pennies and the dollars will take care of themselves." He came from the "have nots" and finished being one of those who "had" what he sought. To me, wealth is a disease, one to be avoided if possible. There was at one time 5 different millionaire in my family, all of which were cold, disconnected, and somewhat cruel. I'm quite content in my state of abject poverty.
PRAISE GOD! Donald ! JESUS, Taught, On Trusting , in Our FATHER ! To Fulfill * ALL !, of OUR NEEDS! * That is, ,,,,ALL ! , We Need ! You ! , have learned, in Hindsight , Much WISDOM ! BLESSINGS !
Kerry--When you look for justification in why people vote for Trump, there isn't any. No matter how you try to rationalize support for Trump, you can't. There is no sense to the whole issue. However, I would characterize his supporters as loyal not "educated." That has nothing to do with Metaphors.
Veronica, KEEP READING. The more knowledgeable we become as a people, the better chance we have to UNITE into a solid front and DEMAND CHANGE and to bring back the genuine democratic processes that we both once knew a very long time ago.
That is just it tho when you see the number of likes here it is rare if it gets even in the hundreds but go look at YouTube videos and those will be in the millions! Those content makers are buying HUGE houses and taking fancy vacations for what they get paid from them too! Makes my blood boil!
Linda, I know it is discouraging, but if we can UNITE on ONE singular GOAL and work towards that GOAL, I think that we can make a big difference and improve things greatly.
MY VOTE for an important GOAL is to REVERSE the horrible CITIZENS UNITED supreme court decision which condones POLITICAL BRIBERY and CORRUPTS our politicians making them beholden to the dollar and causing them to ignore the genuine interests and safety of the vast majority of the people of the United States.
Congress can not merely pass legislation to overturn Citizens United and other previous decisions weakening electoral reform legislation, it can tell the Supreme Court: "hands off this legislation--it's passed outside of your purview" The Constitution Article III, Section 2, Paragraph 2 states: "the Supreme Court shall have appellate jurisdiction, both as to law and fact, with such exceptions, and under such regulations as the Congress shall make."
Don, Thank you for your astute analysis. My hope is that Robert Reich will take note of this important fact and run with it; leading us and organizing us into an effective group to pressure congress and to rid us forever of the HORRIBLE "CITIZENS UNITED" Supreme Court decision.
Thank you for your note. I left, accidentally. While on an eight weeks vacation, COVID happened. My physician recommeded that, at 71, I do not get on a plane.
I fell in love with South East Asia and I am still here. I cannot stay indefinitely. My family is in the US.
But I cannot fathom breathing the same air as those who seek to destroy our democracy.
The three stooges, and all their croonies. The repugnants call US "COMMUNISTS". I am in Vietnam, a country that is ruled by a communist party. I am here to tell you Vietnam, with all it's faults, is more capitalistic than the USA.
No socialised medicine, no socialised education, total freedom of religion. No, you cannot stand at a podiun and denounce the government. And all those who attacked the capitol and got convicted, would most likely be sentenced to death.
Discount merchandising by giants who undercut locals bad. Selling the same space to giants for less than small locals bad. Boutique indeed. These are complicated points for you, I see. I hope this helps. Troll on.
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” Adam Smith.
The Biden administration would do well to keep public attention on antitrust as a way of maintaining a vigorous economic system. This goes hand in hand with raising taxes on the corporations. Both antitrust and higher taxes would serve the nation well, both would serve a vigorous capitalism, and both would suffer under Trump or indeed any of the possible Republican administrations - which serve to promote only socialism for the rich.
Biden appointed Lina Khan and Jonathan Kanter to overhaul the US antitrust approach and enforcement.
Their work has alarmed lobbyists, the Chamber of Congress, and financial papers alike. There are weekly hit pieces on Lina Khan in the WSJ.
50 years of cosy relationships between lawyers and judges who were all indoctrinated into the Bork method won't change overnight, but Biden has done more to push for change than any president in 50 years.
The FTC is seeking public comment into updated merger guidelines...submit comments if you really want to support change.
Subscribe to Matt Stoller's newsletter "Big", which breaks down DOJ and FTC antitrust litigation, as well as providing action items (eg, talking points for holding Congress accountable...legislative changes are crucial, and Congress has been an expensive paperweight for far too long).
Love that para from Adam Smith, BUT the ones that follow are even more famous - one of the clearest statements of the concept of invisible hand, and the argument that if government intervene, it will make the conspiracy worse.
I don't believe Smith goes there, but the subsequent passages are a basis for the laissez faire interpretation of Smith.
The Biden Administration would do well to kept attention on...gosh, if they had the power to keep the public's attention on ANYTHING we would not feel a menace from Trump.
But I would focus corporate tax policy carefully. The US plays an interesting gambit: global taxation for any American "person" (corporate or human) - which means if the US company exports US manufacture goods outside of the US, it MAY get some export credits, but most often, it will pay US taxes - whereas if it creates a "foreign subsidiary" - that foreign entity exists under foreign law, 100% tax free until such time as that subsidiary repatriates the funds.
Want to close that loophole? Well, you'd need to ANNEX Europe, Asia, etc to abolish the entire notion of "foreign."
Since that's never going to happen, we dicker about 10% here or 20% there - or tax holidays or whatever else. We simply cannot control the "foreign" companies and turn them into "American" ones. And that's the biggest reason for the decline of US manufacturing over the last 60 years - the only reason any manufacturer builds any product in America is to serve American markets and harvest other tax restrictions.
Biden, Trump, no American politician will ever discuss this - but it's the most important aspect of multinational operation - it is literally how most of the money in almost every corporation larger than a few billion in market cap operates.
Mind you, "income taxes" as a concept were understood but nearly impossible to implement in Smith's day - one might tax income from a plot of land that produced products for sale, but taxing the income from sales grew increasingly onerous (the income could always be realized somewhere away from the government - say in India, or America).
We are going to have to reconsider our tax approach, and revert to efforts to tax "wealth" directly, rather than income (or real estate). But that's a project that is bigger than Biden, and unlikely to impress most of the Democrats. (In my view, Elizabeth Warren and Bernie Sanders are a few decades early).
“The optimist in me thinks that as the public becomes more aware of the close connections among corporate power, predation, inflation, wage suppression, and political corruption, the new antitrust movement will eventually succeed.”
I sure hope you’re right, Mr. Reich. There’s two components necessary for success. The first is an educated public. Nearly half of Americans get their “news” exclusively or mostly from right-wing media outlets like Fox. That doesn’t bode well on educating (or “edumacating,” channelling GWB) that group. And, secondly, it assumes that the political influence of the 99% is meaningful. I know you’re well aware of the studies done that show that the wealthiest people (and corporations are people, too, as Citizens United showed us all) have about 10X the political influence of the average American, regardless of how we vote. That also doesn’t bode well.
I live in France, which the Right would label a “socialist Hell-hole.” OK, call it what you like, but France is a capitalist country, too, with plenty of billionaires just like the US (including Barnard Arnault, who runs in the top 5 wealthiest people world-wide) but at least enough consumer protection to make most goods and services affordable--much, much more so than in the US. Health care is less than half the cost in the US with equal or better health outcomes (avg life expectancy is about 4 years longer than in the US). The other example I like to give is mobile phone service--who DOESN’T have a cell phone these days? In the US I pay about $60/month. For the *exact same service* (unlimited talk/text and 60 GB of data per month) I pay about $9/month. And, as far as I can tell, they’re still making a profit. Yes, it really is that bad in the US: Corporations have Congress by the short hairs, so to speak.
I am small investor but in last few years only bought European companies. CEOs make about half or 1/3 if what they make in US companies and company invests in the company. US companies only invest in money. Financialization of the market.
Thank you for this column. I wholeheartedly agree with you here. The unchecked deregulation of our monopolies in big business so CEO’s and their corporate boards can make hundreds of thousands more in proceeds while workers at those companies and those who buy the goods they market and sell don’t do very well. The wealth gap continues. It’s past time to narrow this gap. Thank you President Biden for doing just this. We need he and VP Harris for another 4 years.
Get rid Congress members (on both sides, yet mostly GOP) and vote in people who will allow Congress to actually get the important work they are supposed to do done. No more “congressional “leaders” who do NOT represent you, the people of either a district or your US senate.
The door is closing. Forty plus of slow, corrosive, court stacking by insider trading of men with no morals. Feeding their greed with unrestrained power.
My youth was trickled down upon,marked by confirmation of liars and men of no moral fortitude.
Vote them out. Expand the Supreme Court’s now President Biden.
Elena, talk about capitalism running amuck! Musk thinks he is his own country because he is so rich and because in the past, he has been given a free pass to do whatever he wanted and no one could stop him. Now, he is deliberately sabotaging Ukraine, blowing up Twitter-X, and other things I have heard about but don't have a clear understanding of yet. Musk is despicable! He needs to be curbed like an untrained puppy or the whole household(all of us) will be in chaos. The shenanigans of Musk, Amazon, Google, and some other corporations are truly childish and we need some parents in the room to stop some of the "childish" behavior.
No CEO riding high within monopoly capitalism has even a hint of interest in the public good. In fact, being a sociopath seems to be a sought after attribute.
This is the toxic formula which threatens, civilization itself, as everything which is best for society, ecology, and justice is ignored with disdain.
And this is what the GOP has to continually feed in order to keep their unjust power. In time they will be known as the #PlanetKILLERS unless we stop them from making capitalism the noose around our collective necks.
THE MAN ! , With Moral CHARACTER ! AND The WISDOM !! , That Comes, WITH It. Makes UP ! , The MAN ! , Who Should REMAIN ! , ,,,,,,, in The WHITE HOUSE !!! . VOTE !!!, and KEEP JOSEPH ! , ,,,,,,, IN His PLACE ! , of RESIDENCE !! . GO ! BLUE !! ( BLESSINGS ! )
I remember when Bork was nominated for the Supreme Court. I was concerned about his view of economics and his dismissal of the power of monopolies and was grateful when he was rejected. I know Republicans have been taking revenge for that rejection since then, but that's because they had no real clue of what Bork stood for. We have had anti-trust laws on the books for decades and very few cases have actually been brought considering how many years. Reagen, I suspect had no idea of what Bork and his crew were peddling, but he either liked the guy or had one of his advisors that liked Bork and his cozying up to monopolists, so he went with Bork and just couldn't understand why Democrats and a few Republicans could possibly be opposed. I think one has to be into vengeance to be a Republican, say for the past half century or so. I, too want to be optimistic about our ability to at least somewhat curb monopolies, but I am concerned that effective communication about what the monopolies are doing to all of us is not getting through. Fox loves monopolies because you know what you are getting when you deal with one, and that is often a lot of money in donations or purchased advertising. For candidates, it's huge donations to campaigns that are supposed to have no strings attached, but always do, actually ropes attached. By 2010 when our Supreme Court ruled against the American people in Citizens United, the conservatives had already been bought and paid for, smilingly lying to us that money is speech and corporations are persons. The lying continues regularly when the SC hands down decisions. They toss a little bone to us dogs while they kick us aside when they think we're not paying attention as they rewrite our Constitution to suit rich white straight pseudochristian men and corporations. If the cases mentioned with Google and Amazon end up at the SC, I suspect Alito, Roberts, or Thomas will figure out some way to praise those monopolistic corporations and what a wonderful job they have done for all of us and probably cite some 17th century English religious nut to solidify their argument. How do we get ordinary voters to see what is going on and how much they are losing under the economic thumb of the monopolies and near-monopolies, particularly when Fox and others either ignore the topic altogether or report on just how great Google and Amazon are and how they should be permitted to do whatever they are doing because we all benefit, or some other such hogwash?
Please don’t sell yourself short or become so discouraged it causes paralysis. That is what fascists are counting on. Your vote matters. President Biden and progressive Democrats are making a difference and if they get control back, they can do much more. PLEASE, never give up your vote,
AS Linda, is STATING, robert !!, This IS NOT !, the Time !, to CHUCK IN, the TOWEL !! The MORE, of the * NO VOTERS, ,,, HANG IT UPS! ,,,, IN the Middle of the ROAD ( 3rd party followers ) ETC ETC * That TAKE, Those " SIDE ROADS . !! " The WAY BETTER, Chance, of The USA, To BECOME !, The NEXT ! . NORTH KOREA !! ( PLEASE, MANKIND !, Wake UP !!) , ( LORD/GOD !, ,,,,,HAVE MERCY !! )
Yeah, and if money is speech, then people do not have a fundamental protected right to free speech. In fact, "speech" is very expensive in this country.
Robert, All I can say is WOW! President Biden has the vision along with the courage and intelligence it takes to implement it in order to put democracy back in the hands of the People. You just promoted President Biden to Statesman in my eyes. Please make your next cartoon about Joe! It's time to put all that orange hair spray in the garbage disposal and celebrate leaders with strength of character and a sense of community and the common good. We, the People, all of us this time working together for the good of all. The People United Will Never Be Defeated! El Pueblo Unido Jamás Será Vencido! https://www.youtube.com/watch?v=kTLrFjYt8tA
“‘What about the political power of giant corporations?’ we asked.
“His retort: ‘How do you expect courts to measure political power?’”
In this case political power is directly proportional to the sums of money corporations give to politicians friendly to their economic interests.
“But what about the power of big corporations to suppress wages?”
“Employees are always free to find better jobs.”
Different jobs pay different salaries, but most employees seeking new employment will merely find themselves transitioning horizontally from one job with suppressed wages to another job with suppressed wages.
“What about their power to undercut potential rivals with lower prices?”
“Lower prices are good for consumers.”
Lower prices, in an individual store or industrywide, are a come-on, a loss-leader, designed to bring in customers and/or gobble up market share by forcing out competitors or acquiring them, and when the company has established great enough market share, it no longer has to keep cutting prices and begins to raise them to the limits of what the majority of likely buyers for those goods or services can, or are willing to, pay. And if it’s a necessity, especially one that may mean the difference between life or death, the sky’s the limit (see: U.S. healthcare).
Maryk , It Is just FLAT DOWN, GONNA' Happen, as to What is WRITTEN, ,,,, In Our LORD/GODS, Holy WORD ! MANKIND, WILL KEEP Stumbling Down * THEIR PATH !, ,,,,to DISTRUCTION !* PLEASE !, ,,,ASK OUR LORD , into Your HEART ! DON'T ,,,,,,,Get LEFT BEHIND ! , WHEN ! , HE Does RETURN !! ( Those, Left BEHIND, Will INCURE , HIS Righteous WRATH ! ) Many, of MANKIND, think the BIBLE,, ,,,, IS a *FARIE TALE BOOK * . PLEASE ! , DON'T, be Present, !, as the 'WRATH RECEIVERS !' . REVELATIONS , Reveals, GREAT WRATH ! ,,,,,, Chapter 16, VERSE 21 , SPEAKS ABOUT, The HAILSTONE PLAGUE ! A " TALENT" averages 74, to 130 POUNDS!! . of WEIGHT ! At " TERMINAL SPEED ! " , LORD HAVE MERCY !! , on ALL ! ,,,,, . WHO REMAIN ! , on EARTH !! I Speak These WORDS, because, IT Burns, in My BONES! To SPEAK ! The WORD!, ,,,,,, of GOD! ( Always KNOW, Our MORTAL BODIES, Will Return, To The EARTH. BUT Our SOULS, ,,,, WILL RETURN, ,,, To OUR LORD/GOD!, FOR ,,,,, ,,,,,, ,,,,, ,,,,,,ETERNITY ! MY Question, For MANKIND, is ( AND THAT !,,,,, INCLUDES !, ,,, MYSELF ! ) ARE ! , You READY !!?? ( BLESSINGS!, to . ALL ! )
In his prescient Brave New World Revisited (1958), Huxley explicated in a non-fiction format what he had dramatized in Brave New World (1932), featuring overpopulation and the future growth in size and power of large corporations among other developing forces. Near the end of Revisited, he said that we would learn the outcome in 50-100 years. That was 65 years ago. The fight is now. Engagement is existential.
The Chicago School of Economics (combined with the libertarian fantasy of Ayn Rand and company) is behind a lot of our present conundrums. The neo-liberal agenda put out by Reagan, Bush (2), Clinton and Obama (to a lesser extent and perhaps not by choice) promoted this tendency to oligopoly. Of course the corporations did not object, and CEOs charged forward with glee, lining their own pockets in the process. Robert Bork bears blame, but he was not alone, and it is a mistake to think he acted alone. The entire dismal science (economics) has to take the blame for this one. Turning Homo sapiens into Homo economicus was/is a tragic error. We are not our economy, we are relationships that go way beyond this realm. By reducing us to purely economic relations we lose both our humanity and our place in a rapidly degrading global ecosystem.
Wayne Teal, your word, "Homo economicus" needs to be in the dictionary and everywhere! I just love how you explained the tragedy of it all. I get upset by all the facts and figures and the requisite complaining and/or clapping. The laser focus is always on more for a few people not on the well being of all the people. Thank you! Please keep pushing this out into the world. Make people think. And do you mind if I use "Homo economicus"?
It is not my word. In Latin it would be Home oeconomicus, and was used by Wendy Brown in her book Undoing the Demos, and others. I believe I might have heard it first from an economist at Cornell U. Use it all you wish.
Unlimited greed, capitalism is not sustainable. The entire planet will end up a third world polluted cesspool.
Unlimited anything is not sustainable. That doesn't mean that regulated capitalism is not sustainable.
The question is, how much must we regulate capitalism? To restructure it so that it is responsible to all and not just the rush/powerful, I offer that it might require so much regulation that it might no longer be recognizable as capitalism as we now know it. And that might not be a bad thing.
Capitalism as we know it, is killing us and the planet, all for the benefit of a very few who would kill life here forever,for extra profit now.
We are now (and have been) on an unsustainable path and either we will change on our own or the consequences of our actions will force the issue.
This is NOT capitalism as defined by Adam Smith. He specifically warned that a capitalist system left to its own devices would degenerate into cartels and monopolies. Capitalism requires both a profit motive and a free market where consumer choice drives innovation and efficiency to win the consumer dollars. A free market is free of fraud and collusion, not free of policing. Profit extorted, not earned, by cartels and monopolies is feudalism, not capitalism.
Laissez faire is a poison pill for capitalism. Unfortunately, corporate media has fooled the general public into thinking laissez faire is the default when one speaks of capitalism while also corrupting the meaning of "free market" as "free of regulation." This mischief is not backfiring because people now blame capitalism for what actually is corporate feudalism. The purveyors of this false "capitalism as we know it" created a problem because those harmed by this corporate feudalism now turn to socialism thinking capitalism is at fault, and they now panic and have no coherent response other than to turn socialism into a pejorative.
This perversion of capitalism is a symptom of the decline of democracy in America. As we learned in Professor Reich's class, government makes the rules of the marketplace, and as corporate billionaires consolidate their power, they use their power to capture control of government to rig the markets against the consumer (and labor markets against the worker). Because consumers are the overwhelming majority, we would expect markets to be regulated as needed to remain free of fraud and collusion, corporate consolidation being the worst form of collusion because it is so difficult to reverse. Because this is not the case, the obvious conclusion is that this perversion of capitalism is not a unique problem but is part of the war on democracy by the financial elites.
Before we can debate the details of what level of regulation is proper, we first must wrest government from the economic elites to restore real democracy.
Per your (and Robert's) comments in paragraph 3 Dennis - squash Citizen's United!!!!!
Money > Access > Influence. Corporate America ruined our system of democratic governance.
SCOTUS was (is) brain dead. Corporations as people, money as speech? Pish posh!
It’s good for us to remember that mom and Pop stores are a form of capitalism. And it’s a good form. It is the kind of capitalism that sustains nations cities towns in communities.
Absolutely agree, Sharon. The market landscapes of our small and medium sized cities have been polluted with expensive corporatized upscale trash. Instead of walking into a friendly Ma and Pa shop where everyone knew everybody in the neighborhood, the 'gentrification' of our shopping experiences has driven us to the convenience of shopping online where trust, friendship and our money disappears long past the pandemic years. I'm glad to have lived long enough to remember that important part of our past.
Wow! That is one hell of a detailed accounting of the "perversion of capitalism."
Thank you Dennis.
Yes, and the Supreme Court did this to us.
how would the corporate landscape differ if their "personhood" status was revoked? what if corporations, which give legal cover to all sorts of illegal and unethical behavior, were simply outlawed? also, the roots of capitalism are to be found in almost free labor, and almost free (stolen, expropriated) land and resources. so our standard of living is ultimately built on the suffering and deprivation of others, notably in the global south. and yet strangely, I am reluctant to give up my privileged material status. until I and 8 billion other self-centered egos are willing to share and look out for each other, we are doomed. but given the chemical cesspool in which we live, and the deteriorating climate, it will all become a moot point sooner than we thought.
Sadly, I agree. I won't be around to see the final downfall but I can't imagine what kind of life my two Great
Sadly, I agree. I can't imagine the kind of life my Great Grandchildren will face.
Paul ! It is * ALL WRAPED UP! * as Covered, in The HOLY SCRIPTURES ! , That Kadywhumpuss MANKIND, ,,,, WILL REMAIN in it's DESOLATE State, UNTILL ! , The * ADJUSTER ! , RE-Apears, . and , DOES ! , The " ADJUSTMENT !" . ( AND ! , ,,,,, It's SOONER! , Than MANKIND ! , THINKS !
YET AGAIN: I blame our HORRIBLE schooling system for producing dopey zombies unable to comprehend who the REAL villain is: obsolete fossil fuel billionaires that do not pay taxes, meaning THEY ARE NOT AMERICANS.
The PROPERLY EDUCATED know who our enemies are, but they are not 100% of the 75% that are not registered Trumplicans.
Part of the problem is that state governments keep taking money away from public schools and giving it to charter schools and the like. I don't think any public money should go to private schools.
Thank you Dennis. You have said it clearly and succinctly for all to not confuse capitalism with feudalism. Corporate power and greed has become the ruler over all. I truly Biden succeeds in his efforts with antitrust changes. It is both good for the US as well as globally.. again thank you. If I may copy what you have written I would love to share with others.
Bravo!!!!!
thanks. I plan to steal some of your wording. I have finished his book The System-who rigged it, how we fix it. It's a good summary of where we are today and should be handled out en masse to the public like the purveyors did of The Road To Serfdom. How do we fix it ? It depends largely on more people coming to understand the system and acting on it. NO ONE knows if it's already too late to fix the system. The only choice if one gives a damn is to work for change, for wresting. One other thing. Despite Reich's efforts, Jamie Dimon will go to his grave convinced he is doing God's work, as he once said. That's the distorting power of wealth, your peer community, and the human unlimited capacity for rationalization.
“Free from... ” got Adam Smith was to be free from RENT. As in free of landlords and those who make money passively. Capitalism cannot help itself but to get is where we are now. To “fix” it only gives it a respite and time to renew itself. Those dips in capitalist economies every 5 to 7 years/cycles are proof of the fallacy that capitalism is foolproof for anyone except those who are of the rich/powerful class. Yes, we are as class oriented as those who live under the rule of those chosen to rule by god.
Keynes gave us the tool to tame that business cycle, but if you do the tax cuts in recession without the hikes during booms to cover the cost, you get modern Republicanism. There is no perfect system. We formerly chose the system best for each problem, a mixed economic system, which is how we got Social Security. Now, we have a dogmatic choice, profit on everything, that we are forced to make work on everything when it obviously doesn't.
Don't confuse this neo-feudalism with capitalism. Capitalism is not define simply by the profit motive alone, unless you are in the John Birch Society. Bernie's democratic socialism is misguided. The problem is putting democratic back in capitalism. Oligarchal capitalism is feudalism in capitalist clothing - barons of industry instead of land barons extorting the worker serfs.
I wish I knew how to get the power back even in my own local area, However, we must because we are running out of time!
What did he have to say in that other book he wrote? ..
I need to read Smith's book again. So much new perspective from the 2020s might increase my understanding of his insight.
Well put.
Adam: "Capitalism as we know it" is not capitalism the way it was envisaged by Adam Smith. On the contrary, it's more like socialism for the rich. What else is not paying your taxes but government welfare? Elon Musk and Jeff Bezos are the new Welfare Queens.
We have been brainwashed, since Reagan, to think that that capitalism and the free market means that capitalists should be completely free to do whatever they please, unfettered by government.
This is just complete bullshit. Smith envisaged a strong government to break up monopolies and collect taxes from the wealthy.
More Unions.
The Republican party and the Fortune 500 have been lovers for decades, when one itches the other scratches. Big business is the driving force behind both entities. The lobbyists pour Beluga down the throats of the party members who advance the agendas of the elite the businesses they represent. Money and power take precedence over love of country. Save what is still worth saving, vote Democratic.
Indeed. Agreed Donald.
The problem with capitalism is capitalism. It is not now, nor ever was the ideal RCCS no mic system for
Precisely. And if the elite sociopaths CAN'T have it all, they're content to burn it ALL down so no one else can have ANY!
So there!
/s (this imitation ain't no sort of flattery)
The problem seems to me is that capitalism is regulated now, but it is regulated to benefit mostly the wealthy and big corporations at the expense of ordinary people and the planet. How can it be regulated to benefit all of us and protect the planet? I don't know the answer.
It's not regulated now. The monied corporations have seen to the regular and systematic deregulation for the last 50 years. I wonder what it would really look like if it was a fair playing field.
Reform the FDA, get rid of Citizens United and enforce the ant-trust laws for a start.
Corporations shouldn’t have personhood as they have been granted for no good reason by the courts. Money is not free speech but was declared to be by the courts. Corporate lawyers have had their way with the law by infiltrating the Supreme Court, and with their heavy hand on the scale of justice democracy is struggling to survive.
LOL! Capitalism, right NOW, is not recognizable! Ever since the monied interests became powerful enough to skew the balance, we have a hybrid Capitalism, which ONLY benefits those in power. We need as much regulation, as it takes to reduce the influence of wealth in the decisions of corporate managers. We need regulations that balance the benefits to the corporation with the NEEDS of labor. We don't have that. That's why we have the growing gap between CEOs and average wages.
Include not only the workers, but the communities which rely on these industries as SHAREHOLDERS too. Now only the Stockholders are con-sidered important. And they care only about how lucrative the funds they spent on buying their stocks are and NOTHING ELSE!
This is exactly true. GE did that to many communities....all of a sudden decided to pull out of the place they polluted and monopolized for decades. Leaving a wasteland in their wake. With average citizens and communities that struggled for years to fill the gap, if they ever could. Never mind the many individuals left without employment....Never mind the cleanup of toxic chemicals they dumped & secretly buried everywhere (PCBs)...never mind the rising cancer rates among the citizens that populated these communities. It's always and ever will be.....about the money....period.
Elizabeth Warren has a plan. I don’t know why she’s being downvoted
I always think back to green architect-designer William McDonough’s quote that “The need for regulation is a symptom of a poorly designed system". Capitalism is great for the building phase of an endeavor, but becomes cancerous and destructive in the ongoing management of the same. Sure, reward the initial risk-takers with reasonable return on investment, but It is the relentless search for ever-increasing profit that fuels the destruction.
Without regulation (self and other regulation), we'll continue to sponsor cruelty to others. William McDonough and his buddies don't have excuses for lousy buildings.
Well, yes, today’s problems are complex, but in many cases, the design flaw in the “poorly designed system” is to place the need to monetize and profit from an effort over all other considerations.
My focus is one person at a time. The "mental health" (juvenile justice) systems are nuts b/c of all of the cooks who mess up the soup: social workers, lawyers, judges, teachers, parents, etc., etc. As a child psychiatrist, I can't fix Detroit; however, I do a good job with many juvenile felony offenders ... one at a time; and then another, one at a time, over time). Helping one juvenile offender is difficult ... but impossible when the various systems cannot address one offender b/c they focus on offenders as homogenous. In my business there's no design. I work "in" the system and do what I can (following the Mother Teresa model: come, see what there is to do, and do it.
well said
I grew up in England with a watered down form of capitalism known as socialism. It was dreadful, little better than East Germany. and England was known as "the sick man of Europe."
In the same era, the US enjoyed regulated capitalism, with very high taxes on the wealthy and on the corporations - as Adam Smith envisaged - so no-one was wealthy enough to sponsor Citizens United, and no corporation was wealthy enough to employ two lobbyists for every Congressman. The EPA was strong, heck even Nixon extended it, and the government had no problem breaking up monopolies.
Since Reagan and his lickspittle cheerleader, Milton Friedman, Smithian capitalism has been turned on is head, government has been vilified, and the free market has been redefined as that which allows the capitalist to do whatever he wants, without restriction. But this is just Orwellian bullshit. The free market is only possible when the government is strong and restrictive.
To change American Capitalism to a heavily regulated form of capitalism is a big, big lift and with the current state of education and ignorance in the USA, I’m not so sure that you can get there . In addition, the ruling class, even with heavy regulations, still did pretty well for itself.
A couple of comments. 70% of Americans want higher taxes on the wealthy and the corporations, 70% want tighter gun control, 70% want universal healthcare, 70% support a woman's right to choose. And it's the same 70%. We are the large majority and the MAGATS are merely the tail that wags the dog. All we need is for the DNC to eschew its corporate leanings and have a platform that appeals to the large majority.
Second, I disagree about the ruling class in the era of heavy regulations. Paul Krugman makes an interesting point. Life magazine was the 1950s version of Lifestyles of the Rich and Famous, and through its lens you can observe the ultrawealthy of that era. Then and now, they were the C-Suite guys, but in the 1950s, a top CEO would have a nice apartment in the city, a nice, relatively small place in the countryside, a mahogany open motor boat to putter around the nearby lake, and his choice of schools to send his kids. And that was it, basically. No ocean-going yachts, no spaceships, no ownership of islands. And no extra money to pay for lobbyists in Washington.
The only thing that I disagree with in your comment (and I REALLY agree with everything you said) is not paying lobbyists in Washington. There have always been ways to influence. No the money we see pour into politics now did not exist....but the influence that money can buy most certainly did exist. There will always be people who believe they are better and owed more and should be listened to more because they have money. And with that money, they buy influence. So you are correct....no huge lobbyists working night and day in DC in 1950's. But money slipping into hands, land being "acquired", someone put into a position of influence.....that's been going on since time immemorial.
If we change our economic system, then a more egalitarian form of democracy will emerge. This approach is called “Economic Democracy” and starts with locally based worker or owner based cooperative ownership that focuses on providing necessities first and foremost which is consumed and controlled by the local regions. Local governments would regulate their own economy and profits would stay in the region. Small businesses would be individual/entrepreneur owned and large companies such as airlines would be government owned and regulated with the profits utilized to support the costs of government and the lowering of prices. It is the opposite of”Globalization” and monopolies where the profits of production leave the local region to shareholder and billionaire's pockets. Democracy starts with local and regional economic control and national and international governance exists for coordination of regional economic activity. All people must have the purchasing power to obtain food, clothing, housing, medical care and free education through college and university before any accumulation of wealth is permitted. Wikipedia has a detailed explanation of “Economic Democracy.” https://en.wikipedia.org/wiki/Economic_democracy
Also check out the book “After Capitalism Economic Democracy in Action https://www.amazon.com/After-Capitalism-Economic-Democracy-Action/dp/1881717143/ref=sr_1_4?crid=QFESJ7OQE9SF&keywords=after+capitalism&qid=1694529890&s=books&sprefix=after+capitalism+%2Cstripbooks%2C178&sr=1-4
(Sorry I have to refer you to another unregulated capitalistic monopoly for purchase)
It's neither; but regulation is necessary b/c non-empathic businesses/governments are too powerful.
Or, a Good Thing.
Capitalism REGULATED is sustainable and lucrative. It's those that want mo' money and unfettered access to mo' power that start the deregulation that start the spiraling down.
Im not convinced that capitalism is sustainable because there has been "regulation" and its never sufficient and slack rules are easy for companies to meet and slack enforcement is easy to avoid.
Of course Congress should fix this, and its easy to do, but Congress and states dont fix this because they are de facto owned by the polluters eg the oil and gas lobby, and everyone knows this.
The odd thing is so many concerned citizens will admit this much but nonetheless think that America is a democracy that can regulate capitalism. All we need to do is write letters, protest and writing op eds. Write in to your reps and it will eventually make a dent! Sure.
I worked 22 years in environmental regulation and the laws all authorized and mandated a level playing field and were very positive, but the mandates in the laws were not tough enough., and legislatures have made sure of it.
The statutes give almost unlimited discretion to the executive agencies, leaving them free to do nothing.
An example of this is methane gas which is both toxic and a potent GHG. Methane (CH4) is natural gas. It leaks into the air from oil and gas pumping stations and at well heads in huge quantities. EPA and the states all have known this for many decades but the laws do not require action. So they are free to do nothing about it.
Citizens and NGOs cannot force agencies to act absent specific mandates in the law. For example, the Clean Air Act (CAA) does not mandate ie enforceably require that EPA stop methane pollution by a date certain.
Thus the methane pollution has continued despite the obvious harms leaking methane causes, and despite this record, Congress will not require companies to prevent methane pollution to ensure environmental protection.
Congress simply will not rectify even these obvious harms. It will not act addressed this and many other environment problems such as GHG emissions -is there any more obvious than global warming from GHGs?
The reason nothing is done to really stop GHGs including methane ,and most other forms of pollution, is capitalism which drives companies and legislatures and which defines wastes and pollution as "externalities".
It may be unsustainable because the corporations always manage to control the politicians and get what they want We manage in times of severe crisis to beat them back but they always come back and get control. We can only manage them when there is a severe crisis that threatens even them.
Valerie ! The MAMMONITES !, That Want all that *MO* money !, & ALL THAT *MO* Power !, Won't Be ABLE, tO " take it !! " with Them,,,,, When, " THAT DAY ! " Arrives ! BLESSINGS !
And THAT is exactly how capitalism works...
His name was Ronald Reagan!
Capitalism with about a $500,000 a year limit on what a person could earn a year, would work much better. Getting the rich robber barons out of controlling the governments of Earth by confiscating their wealth, plus putting about $100 limits on campaign contributions from unions and corporations and individuals and candidates. And no lobbyists. The penalty for being greedy needs to be public flogging because fines mean nothing to rich people. If that doesn't stop the greedy bastards, prison for life or the death penalty will.
I don't begrudge high earners -- just want them to pay their fair share and not be predatory.
I don't begrudge them, but they could care less about the poor people . They don't care whether the poor people live or die just as long as they work cheap.
They absolutely don't care. And the ultra rich high earners don't want to even think about poor working class people joining a union. The nerve!
ABSOLUTLY, TRUE ! Bob ! " It's TIME !, For the SURFS !, to RISE UP ! " ( BUT Then, WE Will BE Accused, Of Being a Bunch 'O' Hippie, Pinko COMMUNIST, Knock Kneed,
bow Legged SOCIALISTS ! " , by the MANGOWANKER Cultists ! . ( LORD !, have MERCY ! { on Me, Too ! } )
Sorry. I do begrudge them. They have made their huge profits at the cost of workers, consumers, and the very LIFE of this planet. Their needs to be consequences for this kind of predatory greed.
I think predatory greed sums it up perfectly. It’s a form of illness and sad all the way around. There is so much more to life than accumulating stuff.
Currently a single meaning childless taxpayer earning 90,000 a year can pay 42% in taxes. The billionaires are paying about 4.5%. and half of All families aren't paying anything, the religious families mostly claim they hate socialism and communism. With a 42% tax rate, that drives many small entrepreneurs out of business. The billionaires should have to pay the same as people earning under $100,000 a year. I actually would like the rich to be taxed 95% or more but that is not fair. Without that tax, society can become anarchy and no one will make any money. It takes money to make money nothing is for free. Capitalism doesn't work when you run out of other people's natural resources and you pollute the Earth.
Thus the AMT.
Can you define "fact"?
Let's put it this way. https://www.irs.gov/taxtopics/tc556
Didn’t Biden suggest 15 percent ? That sounds entirely reasonable to me.
People don't understand how it works though.
Buffett works for $100K a year,and has made a fortune for people that believe in him.If you bought a share (1 share ) in 1966 ? for circa $14 and compound that at 20% a year for 58 ish years,then the answer is somewhere around what a Berkshire share is now $540K?. A simple understanding of compounding and get it roughly right.
You are working for charity.Teach your children how to do it and when I kick the bucket my selected charities suddenly have a good lump sum,and the dividends derived from that forever more. The kids are alright as Pete Townshend would say..Takes 4 or 5 big hammers to hammer it into them though.In the US it is a 501( C) (3) charity,the name is different here in Australia,but the idea is the same.
The "owner" of a company here has built it from nothing to billions.He owns 36% of shares in the company,call it 1 billion shares.The company makes $10 billion profit after tax. Dividend per share is $3.Obviously he has $3 X 1 billion as income,he takes no wages out of the company,a lot of his $3 billion goes to charity.
The share price is $20,so he is worth $20 billion..The share price goes up $1 tomorrow,he makes $1 billion in 6 hours.The share price goes down $2 the next day,he loses $2 billion in 6 hours .The number is meaningless.
When he dies the charities he supports will probably get most of it.The kids are alright,they are more fanatical than he is at giving money away to charity.
The govt takes the shares off him,they don't know how to run it.He is the driving force behind it.Share price plunges,$billions are lost,for what.?The thousands and thousands of people employed may lose their jobs,what good is that?.
Some of them are nasty. The vast majority are great,need money for a charity,who do I make the cheque out to!
A famous story here, the richest man in Australia is being driven home ,early 1980s. They go past a building with lots of bald children playing.Whats that? Cancer?.Sends the driver over,give them my card and tell them to contact me.They don't contact him A few weeks later he marches in,why did you not contact me?.
Listen I want the name of everybody here.Children,parents ,nurses,teachers, the lot.You all go to Disneyland for a few weeks holiday.Once I have the list my people will organise it.You do not tell anybody this,I don't need or want the publicity.
Same man has a heart attack.Rushed to hospital,touch and go.He pulls through with the defibrillator at the hospital.That's what saved me he says,was it in the ambulance Erm no they say.WHY NOT!. People die because of that,no defibrillator,Erm yes..
The tax I pay and those #$@#$& in govt will not equip an ambulance with life saving equipment.Tomorrow you start to equip every ambulance with the equipment,send the bill to me and I will sort those idiots in govt out They won't know what hit them.
That is the idea of having wealth.
Buffett is a guy who pays his fair share and has decided to give all his money to charity. He supports Democrats, although some of his businesses are predatory.
For every Buffett, there are about 10,000 pikers.
I like that and there are good people out there with money. There are also a lot of really good people in government. There are some things government can do as well or better than private companies or wealthy people. In an ideal world, we’d sort this out instead of constantly bickering.
To point out the obvious.The Bezos foundation.Amazon.Grown from a bookstore in his garage.
10 years ago an up and coming company,$14 a share split adjusted. As a rough idea he has 1 billion shares of the company,10%.The other 90% is owned by whoever will spend money to buy them.
10 years ago he was worth $14 billion.Anybody like the idea of buying shares in this up and coming company.No way, too risky,I might lose money.Spend $14K to buy 1,000 of them,are you crazy.
Today the shares are worth $143 each, Bezos is worth $143 billion .
Your $14K grows to $143K.He did well for you.Anybody like the idea of spending $14.3 K to buy 100 shares .See what they are worth in 10 years .
Are you crazy,I might lose some money,I would rather spend a lifetime complaining about his wealth,and greed,make up stories of how he doesn't pay tax.
When Amazon starts paying dividends how about paying those dividends into the Bezos foundation to help those less fortunate..........?
They all do it. Carnegie foundation.Kellogg foundation.Walton foundation
Rothschild foundation. Gates foundation.Steve jobs ( cancer research). Any wealthy person you can think of will have a charity.Long after they are dead the shares in companies the foundation owns will still produce income for the charity
The biggest foundation will be the me,me,me,me foundation.AKA the Trump foundation .That must be his worst nightmare and will never happen.The Trump foundation is for Trump,send me more money ,I will fight harder for you
I’m open to that discussion; there should be some reasonable limits imposed upon every predator. Capitalism carries many advantages; the problem isn’t capitalism. It’s the people who aren’t tamed to consider anything beyond themselves.
BOB ! A little over the Top ! , BUT ! , I Do, Understand, Your FRUSTRATION ! Just Get, The TOP, little * Fuzzies ! * to PAY ! , ,,,,,,THEIR FAIR SHARE !!
Christianity and unlimited capitalism have never mixed. I want all people to have security so they don't develop mental illness and become narcissists that harm other's and abuse drugs while self-destructing themselves. If all the billionaires were benevolent, this would not be a problem. Anyone who opposes a maximum wage for all citizens is evil in my opinion. The existing billionaires could keep their wealth until they die of old age possibly, then the death tax would require they set up funds for each family member of let's say $500,000 a year for the next 70 years, in the meantime the family members cannot receive more money unless they show proof of giving it all away to other people and actually helping the community grow a strong middle class. There is no shortage of competent CEOs to fill in and take over the corporations who will work for say, 500,000 a year. America is still a free Nation now, but it is getting risky to voice your opinion. Even if you agree, be wise before clicking on anything. The fascists are already winning their war.
I’m not so sure the Fascists are winning their war. But they might if we don’t stand up and push back on this nonsense.
And what country have you now created? How do you intend to pass those laws that you would need to do this?
The issue with capitalism is the same as with communism: they both love their blind spots. And that blind spot is the same for both & sits squarely in the realm of how they value matter & energy provided 'freely' to us from nature.
I leaned marxist, and I still value it as a formal tool to interogate capitalism. But, once I took an ecological modelling class, I realized that no human economic system will ever be sustainable until we figure out how basic matter & energy - with all of the complexities of its time & place & form - feed into & form the basis of currency. What's amazing is calculating total system throughput in an ecosystem is nearly the same as calculating GDP. So, the two can and need to be fused.
We need to realize that our species developed during a very fortunate time, when nature was 'on our side'. Economics - marxist & capitalist - make assumptions about how the world 'will always be' on our side. That's why both will have to change if we are too survive. Capitalism succeeds because it concentrates power & collective effort faster & more efficiently than communism. Like a set of species in an ecosystem that cycle energy faster & more efficiently than a competing suite of species. In both of these examples, the 'winner' is a suite of things, not one thing only. And the winner succeeds because they move matter & energy, or money & power, more efficiently. However, the trade off is the same for both in ecology & economics because increased efficiency in both ecosystems & economies lead to fragility & increased vulnerability to disturbance. You can actually calculate all of this. The values are real.
The false assumption that undermines all of this is that we are still in the middle of an industrial revolution. Most workers are gig or independent contractors. Most consumers can shop over the internet....don't have to buy at the "company:" store. Big steel, even bid three auto industry mostly offshore.
That said, it hits hardest for the necessities of life - food, shelter, clothing.
The best thing we had going was the child tax credit. Millions kept from poverty. Stimulated the economy.
I disagree & I offer all of the CO2 driving hurricane season as evidence we have yet to leave the industrial revolution. You're simply restating the faulty implicit assumption that economics, not physics, gets to define value. Until currency accounts for variability in the value of matter & energy, economics will continue to fail.
The price of energy is fixed by humans situated in Saudi Arabia. We sold the goose that laid the golden egg under Reagan/Bork policy- manufacturing industry. No industry, no industrial revolution here.
Nature was also on our side mostly because there were not many of us and our impacts to nature were minimal. It's clear American capitalism as it functions is not sustainable without a re-work of political economy.
Can there be a sustainable capitalism? To answer this question we would need to understand better the role that growth and growing debts play in our economy. To me capitalism as we have it now looks like a giant Ponzi scheme, in particuar if we take into account the ecological debt we accumulate wrt the natural ecosystems on which life on Earth depends.
Regulated..... a word that works in the process of raising children to the process of nurturing a healthy economy. Chaos has ruined many societies and families.....
what regulated capitalism are you referring to? its window dressing for the most part.
I mean the kind of capitalism the US enjoyed in the 35 years before Reagan and his lickspittle Friedman. When corporations and the wealthy paid large amounts of taxes. When monopolistic phone corporations were broken up. When you had an EPA with teeth. By golly, even Nixon governed to the left of Barack Obama.
That's the kind of capitalism I'm referring to, in the era before the South started voting against their economic interests, in the era when America had the greatest economy the world had ever seen.
Now we have to listen to Oliver Anthony whining about "the rich men north of Richmond," apparently oblivious to the fact that he and his ilk created this land where he has to "work in a bullshit job for bullshit pay."
Congress can require that corporate charters include the public interest.
BINGO, Daniel.
.
Shareholders
are NOT the sole
Stakeholders: We ALL are.
Just Flat ! , ,,,,,RIGHT ON !! kristofarian !
That will never happen.
Baloney! Giving up without trying is for losers. It may be hard, but could be achievable if we are willing to make the effort. I think its a great idea.
Tim Baldwin: I agree: we must try: no guts, no glory (or, at least fairness). Let's see what happens today in the court challenge against Google.
Not baloney.
it is so if you think so
I'm thinking some states require such language already? The Missouri Constitution talks about how the health and welfare of the people of Missouri are a constitutional right. It means nothing unless legislators act upon it. Like those kids who took their state to court over climate change. Now that was pretty cool though I think generally the law, looking backward, tends to put a brake on taking legal action on the climate.
That was Montana. The problem is that Delaware, the largest jurisdiction, is the leasst common denominator and takes the wrong view, curtesy of Dupont money.
Need a national standard.
I like the idea but doubt we can make it happen. We had that at one time and the corporations undermined it.
Daniel Solomon, how will a "public interest" promise in coporate charter be effective and enforceable? Existing "public interest" tags are in the Anti Trust laws are they not?
Capitalism is a system. A human construct. Unregulated it becomes the nightmare we have now where mega billionaires essentially play by their own rules and to hell with everyone else. It ceases to make sense.
nightmare on Wall Street.
Only if we allow it. It is just another economic system that has been around for a relatively short time and already (?) has shown itself for what it is. There ARE other systems, but don’t let their names scare you. Study them with an open mind.
See Robert Reich video on “Socialism “ he uses “Bananas” so people do not turn off...
Liberal socialism.
The entire planet is overheating so fast there's no time to be a cesspool.
http://www.commonwealthclub.org/events/archive/video/jeff-goodell-heat-will-kill-you-first
Could corporations work with governments to reverse thu+is?
Only so far as it fell to their longhorn term interests . You can rest assured that as soon as possible they would revert back. Remember Roosevelt hand the New Deal. It only lasted until Reagan completed the return to previous GP behavior.
Sorry about my typing . On a bike...longterm
You Be ! ,,, ALRIGHT ! , Francis !
But all those selfish people who benefited greatly by the New Deal are afraid they might have to share something. All they gained under the New Deal still comes their way. But they deserve more, you deserve less and apparently many agree with this lopsided rip off.
Common Good ...... like signaling when you drive.... like stoping at red lights.... like paying ones fair share of taxes..... like keeping your property in good shape..... like sharing caring.....
Trickle down ..... yes, you can get lower.... just keep putting up with greed. Trickle down, not low enough???
WORK CHEAP !, Get Paid ,,, CHEAP ! Keep BUSTIN' YOR BUTT! WE ! , are the FOUNDATION !, of the * Amway ! Periymid (SPL.ERROR) * SO BE ! The Worldly MAMMONITE MANKIND !! ( BUM TRIPP ! ) Sorry, Jean !
Not if it hurts the bottom line
THAT is precisely why the ONLY truly "happy" nations, or ones with above 85% life satisfaction, are mainly SOCIALIST. (I am of course talking about Norway, Denmark and Sweden.)
'Murica is still hoving in the 40s, although I obtained that data a few years ago while a facist man-baby was still wrecking the chairs in the White House with his impressive girth.
France
Selfishness/Greed always results in division, death and/or destruction. Not only is this biblical, but it is demonstrated in these examples of greed facilitated by, so called, 'capitalism'- Companies takes our personal information and selling it for a profit and using it to exploit consumers, while using their sway over our political system to prevent common sense legislation that protects consumer rights. Oil Companies sabotaging the conversion to renewable energy and Climate Science to preserve their wealth, at the peril of the plant. Elon Musk exploiting his StarlLink monopoly to impact Ukraine's war with Russia by preventing a Ukrainian Strike on Russia and by requiring the U.S. to pay for the service, after initially giving Ukraine access for free! Why would we allow him to monopolize space travel with a SpaceX government contract and why the hell is the U.S. and competing companies accepting Tesla charging technology as the industry standard for electric vehicles??? That is equivalent to letting Trump back into to White House, after he has demonstrated he will use it for his own personal gain vs to benefit 'the people' and he will not relinquish it once he has it. Or putting the fox back in the hen house! Musk has demonstrated he will exploit our dependence on his technologies to tip the scales and for personal financial gain!!! and so on...
McCarthy has so many of Trump's controlling strings attached to him the poor guy can't think for himself, as if he ever could. Trump's demand for McCarthy to initiate impeachment proceedings against President Biden is an asinine attempt to give credence to a failed effort. Trump lost and he'll lose again. The people of this country are tired of an idiot running around this country pretending to know what he's doing and proving to everyone that he doesn't. Lex Luther is alive and well, for now. Trump is only comfortable when all about him are positioned beneath where he envisions himself. He is an emotionally disturbed individual hell-bent on destroying everything we now have in favor of a future "nothing." How people can give any type of support to this man is a mystery to me. Putin kills his adversaries. The difference between Trump and Putin, Donnie wants what Vladie has, uncontested power. If acquired, then we will see what Trump does with the people he doesn't like in our new "order." There might be a prominent profession that will experience a surge in its business due to the "Undertaking."
I agree 100% with what you've said....with one change.....little hands Donnie is so stupid and greedy, he'll sell all that is the USA TO Putin. Every secret, everything that keeps American safe and secure...etc. etc. The Donald has always been a grifter after more and more money. And he has no brain to think beyond getting more money and grifting. And that makes him very dangerous.
Bob , Spot On ! The OVERALL MAMONITE PROBLEM , Needs to BE EXPOSED ! So That ALL Of US ! At the * Last Two Rungs, ,, at the BOTTOM, Of The Ladder !* Can KICK ! , The LEGS OUT ! ,,,,,,,and Bring The "bIG gUYS , INTO SUBJECTION !! "
I will not put much stock in Palast.
At times, I have felt he is given too much to conspiratorial thinking. This is not to say he doesn’t have something to say, however.
So Biden is now channeling Teddy Roosevelt as well as FDR. Hurrah! This what we need, and yet another reason to vote for him.
As for Bork, at least Reagan couldn't get him on the Supreme Court, thank goodness.
Bork originally was a socialist. Like me, came from Pennsyltucky. From 1973 to 1977, he served as Solicitor General under Nixon and Ford, successfully arguing several cases before the Supreme Court. During the October 1973 Saturday Night Massacre, Bork became acting U.S. Attorney General after his superiors in the U.S. Justice Department chose to resign rather than fire Special Prosecutor Archibald Cox, who was investigating the Watergate scandal. Following an order from Nixon, Bork fired Cox as his first assignment as Acting Attorney General.
He was head of a "Bork Commission:" to review the judiciary. The Library of Congress seems to have lost most of the documentation, but I was interested because he recommended that judges like me should have been grandfathered as Article 3 judges.
My position has always been that Bork policy screwed petit burgoos small business worse than consumers. In essence the Chamber of Commerce and National Manufacturing Association chose Bork, to the detriment of "main street: which is/was the base of the Republican Party. Back in Pennsyltucky, Bork policy closed middle class shops and stores and shuttered main street.
Want to help all concerned? Give Biden authority to sue (under the Clayton Ac) price fixers and price gougers. Start with OPEC/Saudi/Russia, which by the way is also a national security matter, more important than monopoly enforcement.
He wasn't a socialist by the time Reagan nominated him to the SC.
That's for sure. Opportunist. He was appointed because the Chamber and National Manufacturing Association funded Reagan.
Most GQP seem to be opportunists.
dishonest ones at that!
Where is it written that Bork was a socialist?
Try this. In Two Decades, He Swung Far to Right : Bork Entered Politics as Backer of Socialist https://www.latimes.com/archives/la-xpm-1987-07-19-mn-5041-story.html
Wow! I suppose he had other needs greater than his ideals.
Thank you for your comment. An eyen oppener. I am 75 and the name was familiar, but I could not place it. Now I do.Amen to your suggestion.
Ditto! I’m over 80 and just beginning to understand the history leading to the changes in the Republican stance. I wish I could talk to my father, who was active before the ‘60s (when I was barely out of high school). I can’t imagine him agreeing with what is happening today! No wonder my generation and family became Democrats.
BLESSINGS! , unto You ! Virginia !
Should the Clayton Act be amended to have an abuse of dominant position standard similar to the EU's Article 102? Seems logical to me so that prices, which can be manipulated by platform companies, are not the only factor.
The real problem is Saudi Arabia owns the largest refinery in the US, controls companies like Exxon and controls OPRC. They are at war with our economy.
Check this out: https://www.reuters.com/world/us/what-is-nopec-us-bill-pressure-opec-oil-group-2022-10-05/
IMHO Saudi owe us maybe trillions in damages....they caused the recent inflation...should have to not only recoup losses, but get consequential and punitive damages to put into our economy. It affects worldwide markets and companies that add on to the fixed prices are also liable.
the Sauds'll cripple Biden's '24 chances
with astronomical Fuel Prices. they
Demand another el trumpfster.
or Worse.
Absolutely correct, high oil prices and food shortages from global will cause inflation, no matter how high the fed raises the interest rate.
If the Library of Congress reportedly list most of the documentation about Bork Commission, could that mean that Nixon pulled a “Trump” and absconded with papers that were supposed to be turned in to government ?
It was later... probably during the Carter Administration.
I’m in.
Robert, I’m going to tell you two stories about corporate power that have affected me. First, my dad who had three small town discount department stores achieved fame when his success was heralded on the cover of a trade magazine, Discount Merchandiser, in the 60’s. Within a short time, three large chain stores built shopping centers outside each town. Zayre’s, Gaylord’s, and Kmart. They drove my father and every single downtown into bankruptcy and abandonment. Decades later, as a boutique real estate company, I discovered that my newspaper advertisements cost 3-5 times more than those placed by affiliates of Re/Max and other large companies, who received “contract” rates. Same space, different price. Unfair competition and wealth concentration leads to miserable outcomes in the “free enterprise” system.
As a small business owner (20 staff), I could never get the best price for health insurance. Was told I needed to be over 30. So biggest firms got best price and my profitability was impacted and the cost staff contributed was higher because I was too small. My staffs’ health was too important, I bought the insurance.
Yes. Small business owners paying more for the same stuff.
I hope you saw what I said above. My grandpa, uncles, Baron Hardware, Brewster Company, GS Richards Co, in essence put themselves out of business by supporting the Republican Party - Chamber and NAM.
Yep. My dad and grandpa were left New Dealers.
YES Kerry ! big FISH , ,,,,,GOBBLING UP ! , the smaller Fish ! . ( You're GOING, To Need ! , ,,,,,A BIGGER BOAT !! )
Off subject, but I worked for a large medical insurance company 30 years ago and saw those rates. I wanted to get some small businesses to get together for a co-op of insurance to lower their rates. i was chastised and told what a stupid idea that was, etc.. If I had been a little bit old I would have taken those small businesses into a class action suit AGAINST the medical insurance community. I wonder if I would've had any lawyers on my side?
A co-op sounds possible, but my guess is it would be hard to compete.
I doubt a class action suit claiming that a large company rates were monopolistic, biased and unfair. Thats essentially what anti trust claimants argue. Its an uphill battle, a tough case to make under existing laws.
They are exempt for antitrust.
However, when they commit fraud, they are vulnerable.
ok that would appear to be a good example of how certain insurance companies are free to chose who they do business with - they'd probably say they are 'not obliged to offer the same prices to small as to large', citing economies of scale or whatever, and even if there are none, 'they should be free to do business where and with whatever companies or person as they chose, hire and fire as they choose'.
Most mothers would say its not decent. Most fathers would say 'thats our cherished freedom of contract'.
The duopoly says to hell with mothers and other voters when it blocked Sen Sanders for merely threatening the duopoly and its medical insurance racketeer owners with desperately needed reform of medicare !
Robert,
("duopoly" is a hot button for me.) As long as we are condemned to the plurality, single choice voting system, independent or third-party candidates are toxic because they create a spoiler effect. The voter must decide: Will I "throw away" my vote on someone who can't win, and may cost what I would consider the lesser-of-two-evil duopoly candidates a vote, or should I just vote for the lesser of two evils? Unfortunately, the latter is the reasonable choice, UNTIL we adopt Ranked Choice Voting. Ranked Choice Voting DESTROYS the spoiler effect, by letting voters express their 2nd, 3rd, etc. choices. (It enables instant run-offs, if no one achieves an absolute majority, by eliminating the candidate with least votes, adjusting the ballots appropriately, and recounting. Iterate until you are left with the winner of an absolute majority.) The spoiler effect maintains the duopoly: when it is destroyed the duopoly loses its survival mechanism. Non-duopoly choices become non-toxic. Ranked choices lead to moderation as candidates need to consider who will give them their 2nd, 3rd, etc. choice votes to construct a majority position in the election; and over time non-duopoly candidates may actually win elections. Article I, Section 4 of the Constitution would enable Congress to mandate the Ranked Choice Voting system in all Federal elections: the process does not have to follow the interminably slow state-by-state path. When the Democrats are in the position to pass this legislation, we may need grass-root campaigns to "encourage" them to pass it, since the current system gives incumbents an electoral advantage. We will need statesmen--not just politicians--to pass this.
I applaud you. Hats off!
We have all seen this happen before our eyes - my nearest small town had several good stores selling a variety of 'things you need' - tools, clothes, kitchen wares etc then suddenly a huge new Walmart appeared alongside taking up far more space than all those smaller stores combined - and selling of course everything you ever need for normal working life, and some foodstuffs, and within the year most of those smaller stores closed down. Very sad but inevitable. The Walmart has a huge car park, and outside gardening supplies with lots of plants in spring - it was & still is "the place you go for what you need" - except now lots of us don't bother - we just shop online via Amazon instead ! So Walmart is getting dealt the very same destiny as it caused to the smaller stores, altho I have to confess it seems to still be doing fine - busy as ever - altho I think it must be 6 months since I shopped there for anything ! Strangely a big new Walgreens appeared soon after, but on the very few occasions I have ever been in there it was always nearly empty of shoppers, so I have no idea how/why it's still open (must be 5 years now at least) ! I only went in there looking for a particular thing that was not in Walmart ! And now of course anything you ever imagined is on Amazon !
We fought Walmart in our neighborhood but the store came in anyway. After about eight years they closed with barely two weeks notice. They sighted lack of profit but they didn't want to pay their garbage fines.
I never set foot in the store once.
It's an ocean. The big fish eat the little fish. Until there aren't any left, or the people kill all the big fish and just starve.
Thankfully, ours is a republic in which everyone of us has value ... even if we don't vote.
The more I read the, more desilusioned I become...
Veronica Von Bernath Morra : I agree with Robert Reich and am optimistc . Some of this monopolistic Capitalism is unsustainable. Let's see how the court case goes today, against Google; and the next one against Amazon. Biden is challenging monopolies with the FTC. And anti trust laws.
The answer to the question posed on this thread is simple. The "Monopolization" of this country is driven by greed. Those who have don't wish to share and those in need are looked down upon by those who have. My Grand father always said, "Take care of the pennies and the dollars will take care of themselves." He came from the "have nots" and finished being one of those who "had" what he sought. To me, wealth is a disease, one to be avoided if possible. There was at one time 5 different millionaire in my family, all of which were cold, disconnected, and somewhat cruel. I'm quite content in my state of abject poverty.
PRAISE GOD! Donald ! JESUS, Taught, On Trusting , in Our FATHER ! To Fulfill * ALL !, of OUR NEEDS! * That is, ,,,,ALL ! , We Need ! You ! , have learned, in Hindsight , Much WISDOM ! BLESSINGS !
mark--I'm listening.
Happiest years of my life after the recession killed my biz and I turned on, tuned in, and dropped out. Metaphorically speaking.
Kerry--When you look for justification in why people vote for Trump, there isn't any. No matter how you try to rationalize support for Trump, you can't. There is no sense to the whole issue. However, I would characterize his supporters as loyal not "educated." That has nothing to do with Metaphors.
Kerry-- If you were referring to my Ex-wife, I would understand.
Don , It is a Rough Go , Sometimes, !! BUT ! , KEEP, The FAITH !
Laurie Blair, thanks for lifting my optimism today! It is one of those days where optimism is challenging.
Veronica, KEEP READING. The more knowledgeable we become as a people, the better chance we have to UNITE into a solid front and DEMAND CHANGE and to bring back the genuine democratic processes that we both once knew a very long time ago.
That is just it tho when you see the number of likes here it is rare if it gets even in the hundreds but go look at YouTube videos and those will be in the millions! Those content makers are buying HUGE houses and taking fancy vacations for what they get paid from them too! Makes my blood boil!
Linda, I know it is discouraging, but if we can UNITE on ONE singular GOAL and work towards that GOAL, I think that we can make a big difference and improve things greatly.
MY VOTE for an important GOAL is to REVERSE the horrible CITIZENS UNITED supreme court decision which condones POLITICAL BRIBERY and CORRUPTS our politicians making them beholden to the dollar and causing them to ignore the genuine interests and safety of the vast majority of the people of the United States.
Jerry,
Congress can not merely pass legislation to overturn Citizens United and other previous decisions weakening electoral reform legislation, it can tell the Supreme Court: "hands off this legislation--it's passed outside of your purview" The Constitution Article III, Section 2, Paragraph 2 states: "the Supreme Court shall have appellate jurisdiction, both as to law and fact, with such exceptions, and under such regulations as the Congress shall make."
Don, Thank you for your astute analysis. My hope is that Robert Reich will take note of this important fact and run with it; leading us and organizing us into an effective group to pressure congress and to rid us forever of the HORRIBLE "CITIZENS UNITED" Supreme Court decision.
THANK YOU AGAIN!
Veronica,
I feel the same way. Friends tell me not to read any of this . I think maybe I should get a therapist... you know to get all this muck off my plate...
Then I worry that if I don’t know the facts I won’t be able to function either.... around and round we go.
The frustration comes from watching the “ same ole’ , same ole’ .... do we leave America???
Just know that many of us feel the same. Hold on to each other and educate one another, and stand tall!
We can’t “love it” right now, but we “Can’t leave it” either. Get behind young people and share the good stories of regulated Capitalism.
Thank you for your note. I left, accidentally. While on an eight weeks vacation, COVID happened. My physician recommeded that, at 71, I do not get on a plane.
I fell in love with South East Asia and I am still here. I cannot stay indefinitely. My family is in the US.
But I cannot fathom breathing the same air as those who seek to destroy our democracy.
The three stooges, and all their croonies. The repugnants call US "COMMUNISTS". I am in Vietnam, a country that is ruled by a communist party. I am here to tell you Vietnam, with all it's faults, is more capitalistic than the USA.
No socialised medicine, no socialised education, total freedom of religion. No, you cannot stand at a podiun and denounce the government. And all those who attacked the capitol and got convicted, would most likely be sentenced to death.
Hmm.......
I am happy I am not alone! Thank you again.
Discounting retail merchandise good, discounting newspaper ad space (for volume transactions) bad? "Boutique real estate" indeed.
Discount merchandising by giants who undercut locals bad. Selling the same space to giants for less than small locals bad. Boutique indeed. These are complicated points for you, I see. I hope this helps. Troll on.
Troll?! Lol. Overreaction to criticism from a "boutique real estate" business operator comes as no surprise.
I knew it was too complicated for you.
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” Adam Smith.
The Biden administration would do well to keep public attention on antitrust as a way of maintaining a vigorous economic system. This goes hand in hand with raising taxes on the corporations. Both antitrust and higher taxes would serve the nation well, both would serve a vigorous capitalism, and both would suffer under Trump or indeed any of the possible Republican administrations - which serve to promote only socialism for the rich.
Biden appointed Lina Khan and Jonathan Kanter to overhaul the US antitrust approach and enforcement.
Their work has alarmed lobbyists, the Chamber of Congress, and financial papers alike. There are weekly hit pieces on Lina Khan in the WSJ.
50 years of cosy relationships between lawyers and judges who were all indoctrinated into the Bork method won't change overnight, but Biden has done more to push for change than any president in 50 years.
The FTC is seeking public comment into updated merger guidelines...submit comments if you really want to support change.
Subscribe to Matt Stoller's newsletter "Big", which breaks down DOJ and FTC antitrust litigation, as well as providing action items (eg, talking points for holding Congress accountable...legislative changes are crucial, and Congress has been an expensive paperweight for far too long).
Yes, I like reading Matt Stoller analysis and updates on antitrust. Although some of it is a bit more than I need to know. I think he’s very good.
Love that para from Adam Smith, BUT the ones that follow are even more famous - one of the clearest statements of the concept of invisible hand, and the argument that if government intervene, it will make the conspiracy worse.
I don't believe Smith goes there, but the subsequent passages are a basis for the laissez faire interpretation of Smith.
The Biden Administration would do well to kept attention on...gosh, if they had the power to keep the public's attention on ANYTHING we would not feel a menace from Trump.
But I would focus corporate tax policy carefully. The US plays an interesting gambit: global taxation for any American "person" (corporate or human) - which means if the US company exports US manufacture goods outside of the US, it MAY get some export credits, but most often, it will pay US taxes - whereas if it creates a "foreign subsidiary" - that foreign entity exists under foreign law, 100% tax free until such time as that subsidiary repatriates the funds.
Want to close that loophole? Well, you'd need to ANNEX Europe, Asia, etc to abolish the entire notion of "foreign."
Since that's never going to happen, we dicker about 10% here or 20% there - or tax holidays or whatever else. We simply cannot control the "foreign" companies and turn them into "American" ones. And that's the biggest reason for the decline of US manufacturing over the last 60 years - the only reason any manufacturer builds any product in America is to serve American markets and harvest other tax restrictions.
Biden, Trump, no American politician will ever discuss this - but it's the most important aspect of multinational operation - it is literally how most of the money in almost every corporation larger than a few billion in market cap operates.
Mind you, "income taxes" as a concept were understood but nearly impossible to implement in Smith's day - one might tax income from a plot of land that produced products for sale, but taxing the income from sales grew increasingly onerous (the income could always be realized somewhere away from the government - say in India, or America).
We are going to have to reconsider our tax approach, and revert to efforts to tax "wealth" directly, rather than income (or real estate). But that's a project that is bigger than Biden, and unlikely to impress most of the Democrats. (In my view, Elizabeth Warren and Bernie Sanders are a few decades early).
DRM,
Some of the text in Thomas Piketty's book "Capitalism" is relevant to the discussion of wealth tax.
“The optimist in me thinks that as the public becomes more aware of the close connections among corporate power, predation, inflation, wage suppression, and political corruption, the new antitrust movement will eventually succeed.”
I sure hope you’re right, Mr. Reich. There’s two components necessary for success. The first is an educated public. Nearly half of Americans get their “news” exclusively or mostly from right-wing media outlets like Fox. That doesn’t bode well on educating (or “edumacating,” channelling GWB) that group. And, secondly, it assumes that the political influence of the 99% is meaningful. I know you’re well aware of the studies done that show that the wealthiest people (and corporations are people, too, as Citizens United showed us all) have about 10X the political influence of the average American, regardless of how we vote. That also doesn’t bode well.
I live in France, which the Right would label a “socialist Hell-hole.” OK, call it what you like, but France is a capitalist country, too, with plenty of billionaires just like the US (including Barnard Arnault, who runs in the top 5 wealthiest people world-wide) but at least enough consumer protection to make most goods and services affordable--much, much more so than in the US. Health care is less than half the cost in the US with equal or better health outcomes (avg life expectancy is about 4 years longer than in the US). The other example I like to give is mobile phone service--who DOESN’T have a cell phone these days? In the US I pay about $60/month. For the *exact same service* (unlimited talk/text and 60 GB of data per month) I pay about $9/month. And, as far as I can tell, they’re still making a profit. Yes, it really is that bad in the US: Corporations have Congress by the short hairs, so to speak.
I am small investor but in last few years only bought European companies. CEOs make about half or 1/3 if what they make in US companies and company invests in the company. US companies only invest in money. Financialization of the market.
Much more needs to be done to educate the public about monopolies and everything else about “the system”. A real challenge .The final frontier.
Dear Dave,
Can I come live with you?🤗🎶👏🏻🌏😂
Thank you for this column. I wholeheartedly agree with you here. The unchecked deregulation of our monopolies in big business so CEO’s and their corporate boards can make hundreds of thousands more in proceeds while workers at those companies and those who buy the goods they market and sell don’t do very well. The wealth gap continues. It’s past time to narrow this gap. Thank you President Biden for doing just this. We need he and VP Harris for another 4 years.
Get rid Congress members (on both sides, yet mostly GOP) and vote in people who will allow Congress to actually get the important work they are supposed to do done. No more “congressional “leaders” who do NOT represent you, the people of either a district or your US senate.
The door is closing. Forty plus of slow, corrosive, court stacking by insider trading of men with no morals. Feeding their greed with unrestrained power.
My youth was trickled down upon,marked by confirmation of liars and men of no moral fortitude.
Vote them out. Expand the Supreme Court’s now President Biden.
I can only think of the traitor Elon Musk at the moment. He should be locked up.
Elena, talk about capitalism running amuck! Musk thinks he is his own country because he is so rich and because in the past, he has been given a free pass to do whatever he wanted and no one could stop him. Now, he is deliberately sabotaging Ukraine, blowing up Twitter-X, and other things I have heard about but don't have a clear understanding of yet. Musk is despicable! He needs to be curbed like an untrained puppy or the whole household(all of us) will be in chaos. The shenanigans of Musk, Amazon, Google, and some other corporations are truly childish and we need some parents in the room to stop some of the "childish" behavior.
No CEO riding high within monopoly capitalism has even a hint of interest in the public good. In fact, being a sociopath seems to be a sought after attribute.
This is the toxic formula which threatens, civilization itself, as everything which is best for society, ecology, and justice is ignored with disdain.
And this is what the GOP has to continually feed in order to keep their unjust power. In time they will be known as the #PlanetKILLERS unless we stop them from making capitalism the noose around our collective necks.
Todd Telford, I like the accurate description, Planet Killers.
What about, "parasites"?
Bob Johnson, that works too!
Another accomplishment for the Biden administration and too many people only talk about his age. What a distraction.
What a STUPID distraction that appears to be working on many poorly operated minds.
THE MAN ! , With Moral CHARACTER ! AND The WISDOM !! , That Comes, WITH It. Makes UP ! , The MAN ! , Who Should REMAIN ! , ,,,,,,, in The WHITE HOUSE !!! . VOTE !!!, and KEEP JOSEPH ! , ,,,,,,, IN His PLACE ! , of RESIDENCE !! . GO ! BLUE !! ( BLESSINGS ! )
Total BS
I remember when Bork was nominated for the Supreme Court. I was concerned about his view of economics and his dismissal of the power of monopolies and was grateful when he was rejected. I know Republicans have been taking revenge for that rejection since then, but that's because they had no real clue of what Bork stood for. We have had anti-trust laws on the books for decades and very few cases have actually been brought considering how many years. Reagen, I suspect had no idea of what Bork and his crew were peddling, but he either liked the guy or had one of his advisors that liked Bork and his cozying up to monopolists, so he went with Bork and just couldn't understand why Democrats and a few Republicans could possibly be opposed. I think one has to be into vengeance to be a Republican, say for the past half century or so. I, too want to be optimistic about our ability to at least somewhat curb monopolies, but I am concerned that effective communication about what the monopolies are doing to all of us is not getting through. Fox loves monopolies because you know what you are getting when you deal with one, and that is often a lot of money in donations or purchased advertising. For candidates, it's huge donations to campaigns that are supposed to have no strings attached, but always do, actually ropes attached. By 2010 when our Supreme Court ruled against the American people in Citizens United, the conservatives had already been bought and paid for, smilingly lying to us that money is speech and corporations are persons. The lying continues regularly when the SC hands down decisions. They toss a little bone to us dogs while they kick us aside when they think we're not paying attention as they rewrite our Constitution to suit rich white straight pseudochristian men and corporations. If the cases mentioned with Google and Amazon end up at the SC, I suspect Alito, Roberts, or Thomas will figure out some way to praise those monopolistic corporations and what a wonderful job they have done for all of us and probably cite some 17th century English religious nut to solidify their argument. How do we get ordinary voters to see what is going on and how much they are losing under the economic thumb of the monopolies and near-monopolies, particularly when Fox and others either ignore the topic altogether or report on just how great Google and Amazon are and how they should be permitted to do whatever they are doing because we all benefit, or some other such hogwash?
I dont see anyway to "curb" or reform the US capitalist Oligarchy. Is Pres Bidens appointees and Congress going to even try to reform it?
I no longer plan to vote. I think its only encourages them.
Please don’t sell yourself short or become so discouraged it causes paralysis. That is what fascists are counting on. Your vote matters. President Biden and progressive Democrats are making a difference and if they get control back, they can do much more. PLEASE, never give up your vote,
AS Linda, is STATING, robert !!, This IS NOT !, the Time !, to CHUCK IN, the TOWEL !! The MORE, of the * NO VOTERS, ,,, HANG IT UPS! ,,,, IN the Middle of the ROAD ( 3rd party followers ) ETC ETC * That TAKE, Those " SIDE ROADS . !! " The WAY BETTER, Chance, of The USA, To BECOME !, The NEXT ! . NORTH KOREA !! ( PLEASE, MANKIND !, Wake UP !!) , ( LORD/GOD !, ,,,,,HAVE MERCY !! )
Yeah, and if money is speech, then people do not have a fundamental protected right to free speech. In fact, "speech" is very expensive in this country.
Robert, All I can say is WOW! President Biden has the vision along with the courage and intelligence it takes to implement it in order to put democracy back in the hands of the People. You just promoted President Biden to Statesman in my eyes. Please make your next cartoon about Joe! It's time to put all that orange hair spray in the garbage disposal and celebrate leaders with strength of character and a sense of community and the common good. We, the People, all of us this time working together for the good of all. The People United Will Never Be Defeated! El Pueblo Unido Jamás Será Vencido! https://www.youtube.com/watch?v=kTLrFjYt8tA
“‘What about the political power of giant corporations?’ we asked.
“His retort: ‘How do you expect courts to measure political power?’”
In this case political power is directly proportional to the sums of money corporations give to politicians friendly to their economic interests.
“But what about the power of big corporations to suppress wages?”
“Employees are always free to find better jobs.”
Different jobs pay different salaries, but most employees seeking new employment will merely find themselves transitioning horizontally from one job with suppressed wages to another job with suppressed wages.
“What about their power to undercut potential rivals with lower prices?”
“Lower prices are good for consumers.”
Lower prices, in an individual store or industrywide, are a come-on, a loss-leader, designed to bring in customers and/or gobble up market share by forcing out competitors or acquiring them, and when the company has established great enough market share, it no longer has to keep cutting prices and begins to raise them to the limits of what the majority of likely buyers for those goods or services can, or are willing to, pay. And if it’s a necessity, especially one that may mean the difference between life or death, the sky’s the limit (see: U.S. healthcare).
If it's a necessity, like abundant clean fresh water.... Fuggeddaboudit!
What could corporations do to stop global warming.
Where we're at today, as each year is the hottest yet:
https://youtu.be/r7ZVqXuBXHk?feature=shared
Maryk , It Is just FLAT DOWN, GONNA' Happen, as to What is WRITTEN, ,,,, In Our LORD/GODS, Holy WORD ! MANKIND, WILL KEEP Stumbling Down * THEIR PATH !, ,,,,to DISTRUCTION !* PLEASE !, ,,,ASK OUR LORD , into Your HEART ! DON'T ,,,,,,,Get LEFT BEHIND ! , WHEN ! , HE Does RETURN !! ( Those, Left BEHIND, Will INCURE , HIS Righteous WRATH ! ) Many, of MANKIND, think the BIBLE,, ,,,, IS a *FARIE TALE BOOK * . PLEASE ! , DON'T, be Present, !, as the 'WRATH RECEIVERS !' . REVELATIONS , Reveals, GREAT WRATH ! ,,,,,, Chapter 16, VERSE 21 , SPEAKS ABOUT, The HAILSTONE PLAGUE ! A " TALENT" averages 74, to 130 POUNDS!! . of WEIGHT ! At " TERMINAL SPEED ! " , LORD HAVE MERCY !! , on ALL ! ,,,,, . WHO REMAIN ! , on EARTH !! I Speak These WORDS, because, IT Burns, in My BONES! To SPEAK ! The WORD!, ,,,,,, of GOD! ( Always KNOW, Our MORTAL BODIES, Will Return, To The EARTH. BUT Our SOULS, ,,,, WILL RETURN, ,,, To OUR LORD/GOD!, FOR ,,,,, ,,,,,, ,,,,, ,,,,,,ETERNITY ! MY Question, For MANKIND, is ( AND THAT !,,,,, INCLUDES !, ,,, MYSELF ! ) ARE ! , You READY !!?? ( BLESSINGS!, to . ALL ! )
Avie,
Thank you for taking apart Bork so effectively.
In his prescient Brave New World Revisited (1958), Huxley explicated in a non-fiction format what he had dramatized in Brave New World (1932), featuring overpopulation and the future growth in size and power of large corporations among other developing forces. Near the end of Revisited, he said that we would learn the outcome in 50-100 years. That was 65 years ago. The fight is now. Engagement is existential.
Very clear. ( I liked the drawings.)
Big corporations are the anvil, Citizens United is the hammer. We are the ingots.
The Chicago School of Economics (combined with the libertarian fantasy of Ayn Rand and company) is behind a lot of our present conundrums. The neo-liberal agenda put out by Reagan, Bush (2), Clinton and Obama (to a lesser extent and perhaps not by choice) promoted this tendency to oligopoly. Of course the corporations did not object, and CEOs charged forward with glee, lining their own pockets in the process. Robert Bork bears blame, but he was not alone, and it is a mistake to think he acted alone. The entire dismal science (economics) has to take the blame for this one. Turning Homo sapiens into Homo economicus was/is a tragic error. We are not our economy, we are relationships that go way beyond this realm. By reducing us to purely economic relations we lose both our humanity and our place in a rapidly degrading global ecosystem.
Wayne Teal, your word, "Homo economicus" needs to be in the dictionary and everywhere! I just love how you explained the tragedy of it all. I get upset by all the facts and figures and the requisite complaining and/or clapping. The laser focus is always on more for a few people not on the well being of all the people. Thank you! Please keep pushing this out into the world. Make people think. And do you mind if I use "Homo economicus"?
It is not my word. In Latin it would be Home oeconomicus, and was used by Wendy Brown in her book Undoing the Demos, and others. I believe I might have heard it first from an economist at Cornell U. Use it all you wish.
Wayne Teal, thanks for the provenance!
Very well said. Thank you.