Sorry ACES, this is the fault of capitalism, or should I say the patriarchy.
The worst thing about the capitalistic system these days is the capitalists.
Capitalism is, of course, the best system on Earth. The free-market system allows the flow of goods, services and money -- a tide that lifts all boats.
"Prior to capitalism," economist and columnist Walter Williams has written, "the way people amassed great wealth was by looting, plundering and enslaving their fellow man. Capitalism made it possible to become wealthy by serving your fellow man. Capitalists seek to find what people want and produce and market it as efficiently as possible."
But no system is perfect. And we are now being treated to yet another disgusting look at the slimy underbelly of capitalism.
People were already outraged at the CEO compensation packages at failing firms. Tragically, these and others have become the ugly face of capitalism -- smearing the system that has brought humankind to unprecedented levels of health, wealth and happiness.
Now comes word that after the insurance firm American International Group was bailed out by taxpayers to the tune of $85 billion, about 70 of its executives went on a $440,000 week-long trip to the luxurious St. Regis Resort and spa in Monarch Beach, Calif.
In a year of outrageous stories, this one may be the most egregious, the most unforgivable. While people are losing their jobs and are fearful for their future -- one man in California even killed his family and himself -- these fat cats are getting massages and steam baths for a week at a luxury retreat?
These people are beyond stupid, to take advantage of taxpayers' most extraordinary largesse thusly and then splash cold water in our face.
The good thing is, that tends to wake one up.
The people behind this junket should be criminally charged with malfeasance, AIG's bailout money should be withheld from the U.S. Treasury, and the firm should be allowed to go into bankruptcy if need be. This is a world-class, historic outrage, and ought to be dealt with as such.
Instead, do you know what's happening? We're giving AIG even more of our money: The Federal Reserve announced this week an additional $37.8 billion in aid to AIG, on top of the $85 billion already pledged. Unbelievable. And it's the tip of the iceberg. There are plenty of jagged edges under the surface.
"Joseph Cassano, the financial products manager whose complex investments led to (AIG's) near collapse, is receiving $1 million a month in consulting fees," reports the Washington Post . In addition, "Former chief executive Martin J. Sullivan, whose three-year tenure coincided with much of the company's ill-fated risk-taking, is receiving a $5 million performance bonus."
This is not the capitalistic system's fault; these are its abuses.
Moreover, when Congress mandates loans to the disadvantaged, and rewrites lending standards as it has over the past few decades, that is not a failure of the capitalistic system. It's a failure of socialism.
And, truth be known, companies that reward failure in their upper management will end up failures themselves. This, too, is not a failure of capitalism; indeed, it is capitalism at work.
But it's the abuses people remember.
Unlike us, they may be secure in their retirements, but the Capitalistas helped put this country and its free-market system in grave danger. Just weeks before the most important presidential election in memory, the Capitalistas have given capitalism a bad name -- and played right into the hands of the socialist wing of the Democratic Party and their nominee.
Great job, guys.
Comments
Sorry ACES, this is the fault of capitalism, or should I say the patriarchy.
and you would prefer standing in line for toilet paper ala former soviet union days, willis? what has capitalism not provided for you?
This editorial misses a lot of information. The AIG had made a nonrefundable $400k deposit before the crash. The part of AIG holding the reward meeting is a viable and profit generating part of the big company and the party was for the agents and salesmen that help keep this part of the company profitable. The small amount of information in this editorial leads to the wrong conclusion in the case of the celebration.
Capitalism hasn't failed-just greed which even infects communism. Only radical left wing socialist preach the capitalism is wrong mantra. Capitalism has driven the success of our country.
justus, does your mas'ser know you can write?
Who taught you that art? Uncle Charlie?
justus4, you're absolutely right in your last two sentences. Everything leading up to those sentences is taken out of context, as you know.
We do the same thing right here in Augusta. You don't see or hear about it because the Commission keeps the budget formulation a secret from us just so we won't ask questiopns! The questions are like "why are we budgeting $25,000.00 for the Aliance for Ft. Gordon? Or a real good one Why are we funding $137,000.00 for a program called "CSRA planning and Development". Just what is the money supposed to be used for? We as taxpayers don't know because we are only provided a SUMMARY of what was asked for, not eh supporting documentation on what the funding will do for the county!
During the last 8 years Republican Congressmen tried to fix the Freddie Mac and Fannie Mae mess but they were blocked by Barney Frank and Chris Dodd. The Wall Street's Paulson along with Frank And Dodd wrote the $700,000,000,000 bail out Wall Street bill then added $153,000,000,000 of PORK for good measure. Our 7 Republican Congressmen voted against this RIP OFF of the taxpayer. Yet Saxby Chambliss (Socialist/RINO,Ga) voted for this waste. Why he has received over $10,621,716 from special interest much of it from BANKS & INSURANCE COMPANIES. With Saxby MONEY talks & the Taxpayer walks.
Since free market reforms in 1978 China's GDP has grown an average 9.9 percent a year. China's per capita income has grown at an average annual rate of more than 8% over the last three decades. Since the end of the Cold war Russia has "tried" a free market approach, but between govt corruption and the russian mafia it has only recently started a postive trend. Note that our problems and the soviets seeds from govt corruption and criminal actions. Capitalism works fine. The global economy has produced some of the problems, In the last few decades the U.S. share of the global economy has shrunk to approximately 20%. This trend is expected to continue as the economies of many newly industrialized countries continue to grow at a faster rate, this is called the balancing of the equilibrium. We use our technology as currency, but the problem with selling it is that is not a renewable resource as our youth aren't interested in science or math to help replinish our technological advantage. We need to drive industry within the U.S. and quit this global economy crap-it is also prone to human rights violations in other countries.
Capatilism is not the problem, lack of morals and common sense among some greedy people at the top is. The big money holders lose some stocks, its one less exotic car or yacht to them, so its basically a game. Unfortunately the smaller people follow their lead in panicking and selling off stocks. This whole thing almost seems like a self fullfilling prophecy due to fear. For those pointing out mistakes made by Frank and others remember Phil Graham brought unregulated swaps with his Commodity Futures Modernization Act. It also had a provision in it that exempted energy trading from regulatory oversight Nobody made sure the banks and hedge funds had the assets to cover the losses they guaranteed (that is what the swaps were supposed to do, like insurance). Also, subprime loans are only part of the housing problem. Greedy corporations shipping jobs overseas are causing people to lose good paying jobs so even people who qualified for good mortgage loans cannot make it. I also see where banks could still lower the cost of some of these homes and at least make some profit back, but they are unwilling to sell some, rather letting them sit forever like stubborn kids.
We need to drive these Marxist socialists out of this country. The irony of all the lives lost fighting marxist socialist in wars and we find the ignorant masses flocking to it like sheep to slaughter. Our forefather knew the ignorant masses couldn't effectively govern or make good choices. And here we go.....
Biz, I am afraid we are about to have a President who is elected by felons in prison, the homeless without addresses (other than phony ones), and street drunks; a President who has a long history of radical Marxist socialist and Muslim associates who comes from the slime of the most corrupt DIMocRAT political machine since New York's Tammany Hall-Chicago. Down right scary that so many ignorant sheeple fall for his empty suited rhetoric.
Jack, things can only get better from going away from the current GOP. I personally think we need an independent in office like Bob Barr or Ron Paul. Of course until people break from the spell of the major parties that will not happen.
obama will do what his masters tell him to do........................
welcome my fellow prisoners...............
it is neighborly for me to steal your earnings and give them to
others. neighborly now that is a fine commie twist.
justus free labor or free labor and delivery? free food? free rent? dont you realize that all of the fruits of that free labor
was destroyed by the yankees at least down here? u r so filled with hatred that you are like a parasite willing to destroy the host. cancer might be a good analogy. free yourself from those chains justus. be an individual, they arent all white devils.
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