Tag: capitalism
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Lost Generational Wealth
The growing gap between worker productivity and pay has been a new source of wealth since the early 1970’s. A much older but similar source of wealth was pocketed by slave owners. A Citigroup historical review of ties to slavery shows at least indirect profits. The company acknowledged that slavery and slave labor “most likely”…
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Productivity, Inequality, and a New Gilded Age
©2002 Ted Rall, Universal Press Syndicate This Ted Rall cartoon of business malfeasance was written after the Enron scandal and the Dot-com market crash, but there has also been quieter profiteering before and since from lagging wages in the entire economy. When I look at the productivity and pay chart below, I see my working…
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Continual and Fearless Sifting and Winnowing
By which alone the truth can be found Sifting and winnowing is a metaphor for the academic pursuit of truth associated with the University of Wisconsin–Madison, coined by University President Charles Kendall Adams. Professor Richard T. Ely was known to be liberal and pro-union, having published a book on socialism. In 1894 Superintendent of Public Instruction…
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John Bogle on Corporations
From “The Modern Corporation and the Public Interest,” a speech by John C. Bogle, Founder of the Vanguard Group, to the Public Company Accounting Oversight Board, December 7, 2017, pp. 13-14 “. . . The enterprises that will endure are those that generate growing profits for their owners, something they do best only when they take…
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Enron and Others
Collected Quotes The genius of capitalism December 28, 2002 I want to assure you that I have never felt better about the prospects for the company. 1— Enron CEO Ken Lay, after selling $160 million of his own company stock (August 14, 2001) Enron used its political clout to create what one of its own executives…
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Malefactors of Great Wealth
Collected Quotes The Genius Of Capitalism Andrew Jackson on the Rich and Powerful It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. Distinctions in society will always exist under every just government. Equality of talents, of education, or of wealth can not be…
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Healthcare in America
Collected Quotes Do You Want Fries with That? Taco Bell competes with Beverly [Enterprises] for those people.26― William R. Floyd, Chairman of the nation’s largest nursing home chain, referring to his low-wage nursing assistants, July 7, 2002 There really are an enormous number of similarities between this and the world I came from.26― Chairman Floyd again, on his…