.
The End Of Free-Market Capitalism As We Know It
Scott Minerd, global chief investment officer at Guggenheim Partners is concerned that Americaâs predatory capitalism, developed over the past five decades, might not survive the COVID-19 pandemic. Well guys, if your fears come true, itâs your own fault.
Ever since conservatives were convinced that only white collar employees were required for American businesses to flourish, right wingers have opposed higher wages, benefit packages, paid vacations, etc., etc. for the working class.
There were (and still are) those conservatives employed in union shops who have pi$$ed and moaned constantly about paying union dues, and sworn up and down their own positions were indispensable. And, as employees possessing phenomenal skills, they were irreplaceable and their employers knew it. Therefore, union representation was unnecessary because their compensation would be as much, or more, without union interference.
Of course, these same workers ridiculed other blue collar workers as being greedy and overpaid, especially those represented by unions. So, conservatives were thrilled to vote for union busting Republicans. And when Reagan sold them on âReaganomicsâ and the beneficial federal programs his administration established to provide Corporate America the funding necessary to send factories to China to exploit the cheap labor there, conservatives were thrilled. At last, the âlazy workers" in America were being punished for their greed and slothful ways, while the âexcellent workersâ knew their jobs were safe. After all, âexcellent workersâ had superior skills that no Chinese worker could match.
So, âTrickle Downâ reigned as right-wingers showered Reagan with endless praise while they watched high-paying manufacturing jobs (including their own) follow the setting Sun, across the Pacific to the communists. (Remember, it was Nixon who opened China for the 0.1% and Big Business as conservatives cheered his diplomatic accomplishment, even though the RED Chinese government remained our cold war enemy.)
Jumping ahead, we arrive in the closing months of 2019, the soon-to-be-impeached president trump is ignoring reports from heads of several federal agencies, their warnings of the potential pandemic of the coronavirus, the danger it posed to the American public, and the threat of economic upheaval that could result, fall on the impeached president trumpâs deaf ears. And, despite the typical denial by the impeached president trumpâs devoted fanatics, the experts were correct, and their hero was, and is, wrong, wrong, wrong.
Now, after a$$holes like Scott Minerd rejoiced when the impeached president trump rolled back Obama era regulations that protected Wall Street, the banking industry, and the billionaire class from their own greed, the Scott Minerd-types are worried. Could it be possible their heroâs idiotic response and continued incompetence in handling the COVID-19 pandemic isnât going to work out? Will passing bills providing American families a few thousand dollars to tide them over for the duration of the pandemic-caused employment crisis be too much. Will passing legislation giving Big Business and the 0.1% multi-trillions-of-dollars be too little?
What ever the results of these handouts, loans, tax cuts, grants, etc., the Scott Minerd-types are deeply concerned â âa populist revolt to address the current massive inequality of income and wealth, will happen. Soon pressure will mount on policymakers to bolster the social safety net and increase things like health care and job security and maybe even institute a guaranteed living wage.â â
Imagine the disastrous effects on society a significant reduction in income inequality, poverty, homelessness, etc. would have. A much lower crime rate would be a definite result. And there would be many other benefits to average Americans, which would make life in the U.S. a living he11 for conservatives.
But if history has proven nothing else, itâs that the super-rich are resilient and unprincipled. Years of work and planning were involved crafting an economic system, which adds thousands of people and entire families to the poverty roles each year, while carefully placing obstacles to others trying to join the exclusive 0.1% club. Itâs by design that income inequality increases the wealth gap, and at a rate that grows faster each day. And, as conservatives regularly assure themselves, poverty and homelessness are lifestyles chosen by the victims.
In closing, there is a progressive movement to establish voting by mail as an option for everyone. But the billionaire class wonât permit a policy change as simple as voting by mail, since it poses a threat to their control. Progressive demands for addressing inequality will, again, be drowned out by conservatives decrying socialism. So, if the predatory capitalism created by and for the billionaire class does change, it will only change in ways to benefit the 0.1% (Including socialism to further enrich the 0.1%). Scott Minerd, and anyone else concerned for the well-being of the billionaire class, your worries are unfounded. Donât worry, be happy.
After coronavirus, the U.S. will ânever return to free-market capitalism as we knew it,â says Guggenheimâs Minerd
.
The End Of Free-Market Capitalism As We Know It
Scott Minerd, global chief investment officer at Guggenheim Partners is concerned that Americaâs predatory capitalism, developed over the past five decades, might not survive the COVID-19 pandemic. Well guys, if your fears come true, itâs your own fault.
Ever since conservatives were convinced that only white collar employees were required for American businesses to flourish, right wingers have opposed higher wages, benefit packages, paid vacations, etc., etc. for the working class.
There were (and still are) those conservatives employed in union shops who have pi$$ed and moaned constantly about paying union dues, and sworn up and down their own positions were indispensable. And, as employees possessing phenomenal skills, they were irreplaceable and their employers knew it. Therefore, union representation was unnecessary because their compensation would be as much, or more, without union interference.
Of course, these same workers ridiculed other blue collar workers as being greedy and overpaid, especially those represented by unions. So, conservatives were thrilled to vote for union busting Republicans. And when Reagan sold them on âReaganomicsâ and the beneficial federal programs his administration established to provide Corporate America the funding necessary to send factories to China to exploit the cheap labor there, conservatives were thrilled. At last, the âlazy workers" in America were being punished for their greed and slothful ways, while the âexcellent workersâ knew their jobs were safe. After all, âexcellent workersâ had superior skills that no Chinese worker could match.
So, âTrickle Downâ reigned as right-wingers showered Reagan with endless praise while they watched high-paying manufacturing jobs (including their own) follow the setting Sun, across the Pacific to the communists. (Remember, it was Nixon who opened China for the 0.1% and Big Business as conservatives cheered his diplomatic accomplishment, even though the RED Chinese government remained our cold war enemy.)
Jumping ahead, we arrive in the closing months of 2019, the soon-to-be-impeached president trump is ignoring reports from heads of several federal agencies, their warnings of the potential pandemic of the coronavirus, the danger it posed to the American public, and the threat of economic upheaval that could result, fall on the impeached president trumpâs deaf ears. And, despite the typical denial by the impeached president trumpâs devoted fanatics, the experts were correct, and their hero was, and is, wrong, wrong, wrong.
Now, after a$$holes like Scott Minerd rejoiced when the impeached president trump rolled back Obama era regulations that protected Wall Street, the banking industry, and the billionaire class from their own greed, the Scott Minerd-types are worried. Could it be possible their heroâs idiotic response and continued incompetence in handling the COVID-19 pandemic isnât going to work out? Will passing bills providing American families a few thousand dollars to tide them over for the duration of the pandemic-caused employment crisis be too much. Will passing legislation giving Big Business and the 0.1% multi-trillions-of-dollars be too little?
What ever the results of these handouts, loans, tax cuts, grants, etc., the Scott Minerd-types are deeply concerned â âa populist revolt to address the current massive inequality of income and wealth, will happen. Soon pressure will mount on policymakers to bolster the social safety net and increase things like health care and job security and maybe even institute a guaranteed living wage.â â
Imagine the disastrous effects on society a significant reduction in income inequality, poverty, homelessness, etc. would have. A much lower crime rate would be a definite result. And there would be many other benefits to average Americans, which would make life in the U.S. a living he11 for conservatives.
But if history has proven nothing else, itâs that the super-rich are resilient and unprincipled. Years of work and planning were involved crafting an economic system, which adds thousands of people and entire families to the poverty roles each year, while carefully placing obstacles to others trying to join the exclusive 0.1% club. Itâs by design that income inequality increases the wealth gap, and at a rate that grows faster each day. And, as conservatives regularly assure themselves, poverty and homelessness are lifestyles chosen by the victims.
In closing, there is a progressive movement to establish voting by mail as an option for everyone. But the billionaire class wonât permit a policy change as simple as voting by mail, since it poses a threat to their control. Progressive demands for addressing inequality will, again, be drowned out by conservatives decrying socialism. So, if the predatory capitalism created by and for the billionaire class does change, it will only change in ways to benefit the 0.1% (Including socialism to further enrich the 0.1%). Scott Minerd, and anyone else concerned for the well-being of the billionaire class, your worries are unfounded. Donât worry, be happy.
After coronavirus, the U.S. will ânever return to free-market capitalism as we knew it,â says Guggenheimâs Minerd
.
