Their pleas (for government employment policies) have been drowned out by the voices of conventional prudence. ..... No, Mr. Krugman, it isnt conventional prudence, its capitalist greed. Corporate profits and the stock market are flying high. Why? Because wages are low, and are being kept low by unemployment & outsourcing to China, etc. Sure its bad for the country and even for the corporations in the long run. But in the long run the top executives and major investors will have hundreds of millions or billions stashed away: enough for many lifetimes. And with a small percentage of their stashes they can buy the political process. Tea Party insanity or Republican orthodoxy is a mere detail to them. Theyll go with whatever wins. And the liberals mostly do their bidding anyway. Every few decades the capitalists lead the system into collapse. Thats OK with them too. As long as they still own their corporations they will recover enough to wipe out any unfortunate reforms which diminish their power. Krugmans liberal reforms wont cut it any more. Theyve been tried. Sooner or later the corporations have to be transformed into worker and community co-ops. ... But read the article anyway. Its good as far as it goes - for its genre.
Posted on: Sat, 09 Nov 2013 18:39:34 +0000
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