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IRISH 05/16/2009 05:49 PM Report
It is to be hoped that growth of responsible unionization of American economy will restore the economic status of the middle class. Enough of the egocentric CEOs believing that they alone produce wealth. The wealthy get what they want and others get what is given to them.
charlizecourriers 05/15/2009 03:13 PM Report
Which union was C.P.Rose a member of? The corruption of one union Mr.Stern knows a few things about, was, when I was briefly a member, unbelievable-that is, fully known to the U.S. government. Jimmy,by the way,was made into a steel ingot, by his fellow "leaders" of the Teamsters. That's the unalloyed truth. Mr. Stern has ridden the wave of takeovers just like his doppelganger execs. His greed is only matched by theirs.As will his obituary.
REMant 05/15/2009 01:42 PM Report
I like this guy, and he understands that we must earn our way out of the present situation, but he needs to go beyond making the usual union arguments against consumer surplus and attack the banking structure which makes such distortions possible. As he noted, it is not redistribution that is necessary, but it is sensible distribution in the first place. This is not entirely a matter of wages or of taxes, it is also as Charlie said a matter of the escalation in equities. A flat tax rate would mean higher income workers pay more, which ought to be progressive enough, because we really don't want to distort distribution, but only enforce mkt discipline, which is what's lacking. A share in corp governance will keep wages up, but so again will mkt discipline, because if workers can't buy, cos can't produce, and overproduction or underconsumption is not the root cause of business depressions, rather too much credit is. Germany, and indeed, most of the rest of Europe, is more equitable, not just because of this, but because they really believe in fair trade. In contrast US cos don't seem to even understand the sort of competition free trade requires. They rarely compete fairly and use not only bribes, but also flat fees, loss leaders, and various partnerships, etc, with the intent to monopolize. The Europeans, on the other hand, do have a free-trade understanding, that paradoxically to some, jibes with their understanding of the protection of individualism, and that competition is emulation not monopolization, taking place at the level of development and production, not trade per se. This was Smith's idea of it. Americans have in contrast always been mercantilists hiding behind talk about free trade. Where Smith's idea is to allow ppl to individually improve productivity and hence independence, the mercantilist idea concentrates on forcing dependence. Hayek fulminated about ppl who spoke of "freedom to," but he was wrong about this, because we really do need virtue for the free mkt to work and ppl accomplish anything. Since, BTW, healthcare costs are fundamentally a symptom of mal- or misdistribution, not its cause, fixing the latter will solve that problem.