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The capitalists have moved operations to China, where capitalism is still encouraged on the business end. They may be "communists", but their growing wealth is due to capitalism.
It's not that there are no regulations. The problem is there has been insufficient regulation in some areas and in others the regulation have been ineffective.What these corporations need is some sort of outside regulation. Seems to me, that used to come from shareholders...but these days, most shares are held by institutional investors. I'd be in favor of a law against very high compensation as well as one against closing profitable divisions....though that would need deep thought.
Well that's the dilemma. Government can't dictate to a private entity what to pay its CEOs and can't make layoff decisions. Unfortunately, not too long ago, there was such a thing as integrity in business which generated goodwill among investors and consumers, and profits could be expected to be healthy because of that. But it doesn't seem to exist anymore.
I'd like a peek inside the thought process of someone making $25 Million who decides to lay off workers. How in the fuck do they justify their greed? They must see their own workers as some sort of alien species, not fully human.
"Johnson & Johnson, a family company"
Right...like the Mafia.
So where are all the Randian capitalists who are usually so eager to argue that corporations and their CEOs "need" every penny they make in order to keep Americans employed?
More Layoffs, Bigger Payoffs: CEOs Who Cut More Jobs Got Paid 42% More Money in 2009 - DailyFinance
Combined, the CEOs at those 50 firms made $598 million and laid off 531,363 workers -- accounting for more than three quarters of the 697,448 announced layoffs at the top 500 firms. The study also found that 72% of them announced their mass layoffs during periods of positive earnings reports, and that those companies enjoyed a 44% profit increase in 2009.
Kinda warms the cockles of the heart, doesn't it? Let's hear it for modern capitalism!!
The capitalists have moved operations to China, where capitalism is still encouraged on the business end. They may be "communists", but their growing wealth is due to capitalism.
Indeed, and perhaps one of the best decisions made by China in it's entire history. China has a unique thing going on there...control the populace with the same iron grip as always, provide extremely small social assistance - while reaping the rewards of capitalism.
What faster way can a country build wealth than this?
P.S.> To note, personally I think China's leaders are clearly in the top 5 worst governments in the world, as in how they treat their citizens...so the above shouldn't be confused with me thinking China's leaders are anything but sleaze.
It's not that there are no regulations. The problem is there has been insufficient regulation in some areas and in others the regulation have been ineffective.What these corporations need is some sort of outside regulation. Seems to me, that used to come from shareholders...but these days, most shares are held by institutional investors. I'd be in favor of a law against very high compensation as well as one against closing profitable divisions....though that would need deep thought.
Well that's the dilemma. Government can't dictate to a private entity what to pay its CEOs and can't make layoff decisions. Unfortunately, not too long ago, there was such a thing as integrity in business which generated goodwill among investors and consumers, and profits could be expected to be healthy because of that. But it doesn't seem to exist anymore.
It is obvious that the regulations on the home mortgage industry has been insufficient. The secret trading of derivatives allowed Wall Street to put the screws to thousands of investors. Probability the most distressing problem is that large financial institutions have been able to select their own regulator. This has resulted a market for government regulation. where the prize goes to the lowest bidder. Large multinationals have simply move selected operations offshore to escape all regulations.
We are seeing the result of this today. Basically the big financials have been able to do what every wanted without regard to regulations or even the wrath of their stockholders.
Good grief, Madeline, MM...this thread has it all.
Ignorami on parade.
Since I'm still not "allowed" to return your neg rep, this will have to do:
More Layoffs, Bigger Payoffs: CEOs Who Cut More Jobs Got Paid 42% More Money in 2009 - DailyFinance
Combined, the CEOs at those 50 firms made $598 million and laid off 531,363 workers -- accounting for more than three quarters of the 697,448 announced layoffs at the top 500 firms. The study also found that 72% of them announced their mass layoffs during periods of positive earnings reports, and that those companies enjoyed a 44% profit increase in 2009.
Kinda warms the cockles of the heart, doesn't it? Let's hear it for modern capitalism!!
spot on...the bastards should have given everyone a raise and watched the company tank and everyone go on the dole.....assholes....
More Layoffs, Bigger Payoffs: CEOs Who Cut More Jobs Got Paid 42% More Money in 2009 - DailyFinance
Kinda warms the cockles of the heart, doesn't it? Let's hear it for modern capitalism!!
spot on...the bastards should have given everyone a raise and watched the company tank and everyone go on the dole.....assholes....
Sorry, but I seriously doubt some of the conglomerates mentioned were even close to tanking. Get real.
It's pretty obvious the Randian capitalists missed the point entirely. In an ideal world, of course maximizing profits is the name of the game, but not when the economy is in such desperate need of repair. There's only so much "the government" can do. It would be nice if the private sector pitched in too.
spot on...the bastards should have given everyone a raise and watched the company tank and everyone go on the dole.....assholes....
Sorry, but I seriously doubt some of the conglomerates mentioned were even close to tanking. Get real.
It's pretty obvious the Randian capitalists missed the point entirely. In an ideal world, of course maximizing profits is the name of the game, but not when the economy is in such desperate need of repair. There's only so much "the government" can do. It would be nice if the private sector pitched in too.
When have we had "Randian capitalism"?( I assume you mean Ayn Rand type capitalism)
Sorry, but I seriously doubt some of the conglomerates mentioned were even close to tanking. Get real.
It's pretty obvious the Randian capitalists missed the point entirely. In an ideal world, of course maximizing profits is the name of the game, but not when the economy is in such desperate need of repair. There's only so much "the government" can do. It would be nice if the private sector pitched in too.
When have we had "Randian capitalism"?( I assume you mean Ayn Rand type capitalism)
Not for about the past 100 years.
More Layoffs, Bigger Payoffs: CEOs Who Cut More Jobs Got Paid 42% More Money in 2009 - DailyFinance
Kinda warms the cockles of the heart, doesn't it? Let's hear it for modern capitalism!!
spot on...the bastards should have given everyone a raise and watched the company tank and everyone go on the dole.....assholes....
Sorry, but I seriously doubt some of the conglomerates mentioned were even close to tanking. Get real.
It's pretty obvious the Randian capitalists missed the point entirely. In an ideal world, of course maximizing profits is the name of the game, but not when the economy is in such desperate need of repair. There's only so much "the government" can do. It would be nice if the private sector pitched in too.
China offers fresh tax break to encourage outsourcing businesses
By Chandan Das on August 12th, 2010
Eager to end Indias supremacy in the outsourcing industry, neighboring China has announced that it will not impose operating taxes on offshore outsourcing services business in 21 of its major cities until 2013 with a view to encourage the growth of this industry. A statement issued by the Communist government in China on Wednesday said that the exemption of five per cent operating taxes will be effective from July 1, 2010 and will remain in effect till December 31, 2013.
A business website reports that the 21 major cities exempted from the operation taxes on offshore outsourcing services, include Beijing, Dalian, Tianjin, Harbin, Shanghai, Daqing, Nanjing, Suzhou, Nanchang, Wuxi, Jinan, Hangzhou, Chengdu, Hefei, Xiamen, Guangzhou, Wuhan, Changsha, Shenzhen, Chongqing and Xian.
A joint statement issued by the Chinese Ministry of Finance, Ministry of Commerce and the State Administration of Taxation said that revenue from offshore service outsourcing denotes service revenue generated from deals signed with offshore businesses for providing IT outsourcing, BPO and KPO services. Quoting the release, Chinas official news agency Xinhua said that Chinese outsourcing firms in these 21 cities that have already paid the operating taxes on their offshore outsourcing services revenues since July 1, 2010 would be entitled to refunds by the end of the current year
It's not that there are no regulations. The problem is there has been insufficient regulation in some areas and in others the regulation have been ineffective.What these corporations need is some sort of outside regulation. Seems to me, that used to come from shareholders...but these days, most shares are held by institutional investors. I'd be in favor of a law against very high compensation as well as one against closing profitable divisions....though that would need deep thought.
Well that's the dilemma. Government can't dictate to a private entity what to pay its CEOs and can't make layoff decisions. Unfortunately, not too long ago, there was such a thing as integrity in business which generated goodwill among investors and consumers, and profits could be expected to be healthy because of that. But it doesn't seem to exist anymore.
It is obvious that the regulations on the home mortgage industry has been insufficient. The secret trading of derivatives allowed Wall Street to put the screws to thousands of investors. Probability the most distressing problem is that large financial institutions have been able to select their own regulator. This has resulted a market for government regulation. where the prize goes to the lowest bidder. Large multinationals have simply move selected operations offshore to escape all regulations.
We are seeing the result of this today. Basically the big financials have been able to do what every wanted without regard to regulations or even the wrath of their stockholders.
spot on...the bastards should have given everyone a raise and watched the company tank and everyone go on the dole.....assholes....
Sorry, but I seriously doubt some of the conglomerates mentioned were even close to tanking. Get real.
It's pretty obvious the Randian capitalists missed the point entirely. In an ideal world, of course maximizing profits is the name of the game, but not when the economy is in such desperate need of repair. There's only so much "the government" can do. It would be nice if the private sector pitched in too.
When have we had "Randian capitalism"?( I assume you mean Ayn Rand type capitalism)
When have we had "Randian capitalism"?( I assume you mean Ayn Rand type capitalism)
Not for about the past 100 years.
Yup, yet capitalism always takes the hit, it may be crony capitalism or state capitalism perhaps but it certainly isn't "free market "Randian capitalism".
Sorry, but I seriously doubt some of the conglomerates mentioned were even close to tanking. Get real.
It's pretty obvious the Randian capitalists missed the point entirely. In an ideal world, of course maximizing profits is the name of the game, but not when the economy is in such desperate need of repair. There's only so much "the government" can do. It would be nice if the private sector pitched in too.
When have we had "Randian capitalism"?( I assume you mean Ayn Rand type capitalism)
Yes. The flaw in the application of Ayn Rand's philosophy today is that it doesn't take into consideration that markets can be irrational, misunderstand risk, and misallocate resources, or that financial systems without vigorous government oversight and the capacity for pragmatic intervention can constitute a recipe for disaster. Which is precisely what happened with the crash of the housing market which led to the crash of the big investment houses which [almost] led to a crash of the financial structure on a global scale.