Tag Archive for corporatism

Corporate Profits Reach Highest Percentage of GDP On Record as Total Wages Fall to Record Low

What’s good for corporations is not always good for the country, its people, or the capitalist system we allegedly defend; it’s time we make the distinctions. A little more than two years after the 2008 financial crisis, corporate profits were hitting record highs and our gross domestic product was growing again.

Today, our nation’s fiscal health depends more on increased consumption than on the production of goods and services. But average real wages for most workers have stagnated or fallen over the last thirty-five years, and good jobs are disappearing. Just look at the Commerce Department’s latest GDP report, which shows corporate profits have hit their highest percentage of GDP on record at the same time as total wages have fallen to a record low. Without employment or income, what’s the key to our economic recovery?

The Commerce Department's latest GDP report shows corporate profits have hit their highest percentage of GDP on record at the same time as total wages have fallen to a record low

From CNNMoney

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Jon Corzine is reportedly planning to start up his own hedge fund.

In the absence of any criminal charges filed against him, former NJ Governor Jon Corzine is reportedly planning to start up his own hedge fund; this as authorities close a ten month criminal investigation into the sudden bankruptcy of his firm, MF Global, and $1.2 billion in client funds that still remains “missing.”

Even if he skates prosecution, there should be regulatory or industry rules that would ban financial executives for, at a minimum, grossly negligent misconduct. People go to prison for stealing a few hundred bucks, while Corzine and the other “Too Big To Jail” banksters go right back to work after billions of dollars magically disappear. Your thoughts?

"Jon Corzine, who had only $3 million of his own money in MF Global, was said to be buying a French château with his wife two weeks before the firm’s bankruptcy." Photo by Andrew Harrer/Corbis.

From The New York Times

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