General Discussion

Moostache

(10,043 posts)

29. Globalization of labor has been every bit as bad as expected...

Tue Jan 19, 2016, 11:58 AM

Jan 2016

The major problem has always been what Henry Ford knew back at the dawn of the assembly line...production that leads to the workers being unable to afford the product of their labor is ultimately bad economics - unless you are prepared to act as an amoral agent of capitalism and ignore the human cost of your actions in favor of strictly monetary analysis.

The most evil concept in modern society? Fiduciary Responsibility.

Those 2 words give cover to CEOs and business leaders to act in the most heinous ways imaginable - poisoning the environment, poisoning PEOPLE, strip mining resources with no concern for sustainability, destroying entire regional economies for marginal profit increases...externalizing costs, internalizing profit...if there is an odious practice today, you can win a lot of bets by claiming that the CEO will justify them based on "Fiduciary Responsibility"...

Edit history

Please sign in to view edit histories.

85 replies

= new reply since forum marked as read

Highlight:

THIS is what's killing the US economy: [View all] kpete Jan 2016 OP

Pretty much. Too many parasites. nt bemildred Jan 2016 #1

And the best part is: forest444 Jan 2016 #5

Affluenza Rider3 Jan 2016 #27

It's the GREED, stupid tk2kewl Jan 2016 #2

What?, the CEO's are not getting enough? liberal N proud Jan 2016 #3

classic kpete Jan 2016 #6

That's just the opposite of what happens ErikJ Jan 2016 #50

uh, clif Jan 2016 #55

No I got it. Funny and true. ErikJ Jan 2016 #61

"I want my fair share – and that's all of it." KansDem Jan 2016 #20

What an embarrassment Rider3 Jan 2016 #28

Open your eyes Plucketeer Jan 2016 #42

If the teabaggers only knew their masters are the Koch heads wordpix Jan 2016 #31

Here's his picture cannabis_flower Jan 2016 #52

If you're not so smart, that's why you're rich NJCher Jan 2016 #53

If stocks keep on falling . . . another_liberal Jan 2016 #4

Stock prices are unrelated to any bail-outs that have occurred in the past ... 1StrongBlackMan Jan 2016 #14

We will have to disagree then . . . another_liberal Jan 2016 #67

Amazing GummyBearz Jan 2016 #69

This message was self-deleted by its author 1StrongBlackMan Jan 2016 #73

Spot on. Rex Jan 2016 #68

Yes, I think they will have to pay for what they have done to our economy . . . another_liberal Jan 2016 #81

According to this site the average CEO salary is about $160,000 per year in the US. Nye Bevan Jan 2016 #7

Fortune 500 companies prob'ly wolfie001 Jan 2016 #8

Isn't that kind of like averaging the pay of the top Hollywood actors Nye Bevan Jan 2016 #33

When the average salary at WakMart...... wolfie001 Jan 2016 #48

WalMart leaves residents angry after it forced the other grocery store and pharmacy out of DhhD Jan 2016 #59

That link didn't work... vi5 Jan 2016 #9

A little outdated (2013) but gives some idea OnlinePoker Jan 2016 #19

Yeah, I don't know where that poster got $160K as the average... vi5 Jan 2016 #40

Yes laundry_queen Jan 2016 #64

That's irrelevant too. hunter Jan 2016 #10

Does that include all compensation, or just pay? Ikonoklast Jan 2016 #13

I'm the CEO of my leaf raking biz tk2kewl Jan 2016 #18

Richest get stocks and stock options, health insurance, etc wordpix Jan 2016 #35

Wrong! Median, not average dreamnightwind Jan 2016 #77

I still remember the criminals on Wall Street................................. turbinetree Jan 2016 #11

Excellent post! Thanks Duval Jan 2016 #26

I am tired of really tired of the BS----------------------enough is enough.........Thank you .... turbinetree Jan 2016 #34

Si se puede! azmom Jan 2016 #30

(Wado)-----Cherokee.........................Thank you turbinetree Jan 2016 #36

Why didn't the Democratic Party Leadership go after the criminal Banksters? bvar22 Jan 2016 #49

Listen-------------------------I agree-------------------- turbinetree Jan 2016 #54

Most excellent rant. nt laundry_queen Jan 2016 #65

Thank you.....its just infuriates me .......as well as the second video........... turbinetree Jan 2016 #82

K & R Nyan Jan 2016 #12

This message was self-deleted by its author LiberalArkie Jan 2016 #15

So CEO pay is equivalent to 690 minumum wage workers. coyote Jan 2016 #16

They never see it that way when its time to cut jobs... Moostache Jan 2016 #23

Disgusting. Initech Jan 2016 #17

Not really. DefenseLawyer Jan 2016 #21

Globalization of labor has been every bit as bad as expected... Moostache Jan 2016 #29

"... what's really killing the economy (for wage earners anyway) is cheap third world labor." pampango Jan 2016 #32

It isn't trade at all. DefenseLawyer Jan 2016 #41

So how do Germany, Sweden, Canada and other liberal countries succeeded in dealing with the pampango Jan 2016 #44

They turned "made in (name of European country)" into a selling point jmowreader Jan 2016 #56

Germany has a positive trade balance Mnpaul Jan 2016 #63

Indeed it does. It imports way more than we do (30% of GDP vs our 12%). It does export more pampango Jan 2016 #70

They have a very high VAT or sales tax. That helps pay for lots of things that we pay for JDPriestly Jan 2016 #75

The VAT is indeed regressive (like FICA) but if, as in Germany, it funds progressive programs pampango Jan 2016 #85

And the widgets doing the labor are expendable because they are easily replaced without much effort. lonestarnot Jan 2016 #80

oversimplification Facility Inspector Jan 2016 #22

Yes! Thanks for the OP, kpete. Duval Jan 2016 #24

The latter is a factor. The former is meaningless whatthehey Jan 2016 #25

yep this is a red herring Elmergantry Jan 2016 #38

That isn't really the point Cosmocat Jan 2016 #78

That and the for-profit healthcare industry that Shillary defends so passionately. Still In Wisconsin Jan 2016 #37

Kicked and recommended. Uncle Joe Jan 2016 #39

Excellent point. jwirr Jan 2016 #43

Parasites and a disease on the workers of the World. SoapBox Jan 2016 #45

And if you make 10 Million per year, you PAY the SAME Payroll TAX as some who makes 118k a year.. vkkv Jan 2016 #46

EVERYONE needs to see this. onecaliberal Jan 2016 #47

It's a big part, maybe 1/3 of the issue. lark Jan 2016 #51

A big law to change is the one where shareholders come first.... Spitfire of ATJ Jan 2016 #57

Capitalism is killing the economy RoccoR5955 Jan 2016 #58

Go back to Eisenhower tax rates! at 90%. At least go back to pre-Reagan taxes. YOHABLO Jan 2016 #60

That and the military spending FiveGoodMen Jan 2016 #62

Not so much the pay inequity per se, TrollBuster9090 Jan 2016 #66

K & R RecoveringJournalist Jan 2016 #71

I think it's a gross misstatement to suggest that the U.S. economy is being "killed...." mike_c Jan 2016 #72

And the other side of their coin is they do not pay their share to participate in the giant suck job lonestarnot Jan 2016 #79

You are broke because you make too little, not because someone else makes too much jmowreader Jan 2016 #74

Oligarchs have all but killed the US economy. merrily Jan 2016 #76

Truly. Quantess Jan 2016 #83

Actually demonstrates resiliency of the economy. Lookl what it supports, 10 million millionaires. L. Coyote Jan 2016 #84