Class Warfare Blog

April 5, 2020

Let It Begin!

Filed under: Economics,Morality,Politics — Steve Ruis @ 11:53 am
Tags: , ,

Back before the 2016 presidential election, my partner made a quasi-prediction. You remember that electron, the one between a corporate Democrat and an amoral, money-worshiping Republican? She felt that our only hope, if there was any available, was that whoever was elected would overplay their hand. I thought there to be a virtual guarantee of that happening, but she went farther, she felt that the entire corrupt system would crash and there would be “hard times” for sure but maybe, just maybe, a new system could rise from those ashes. Back then I was skeptical but now, maybe not so much.

Just this morning I read Capitalism Has Failed in Fighting Coronavirus by Richard D. Wolff, professor of economics emeritus at the University of Massachusetts, Amherst. And this article stated quite clearly that “ The problem of policies aimed to return the economy to what it was before the virus hit is this: Global capitalism, by 2019, was itself a major cause of the collapse in 2020. Capitalism’s scars from the crashes of 2000 and 2008-2009 had not healed. Years of low interest rates had enabled corporations and governments to ‘solve’ all their problems by borrowing limitlessly at almost zero interest rate cost. All the new money pumped into economies by central banks had indeed caused the feared inflation, but chiefly in stock markets whose prices consequently spiraled dangerously far away from underlying economic values and realities. Inequalities of income and wealth reached historic highs.” (Emphases mine.)

Hey I’ve got an idea to help those corporations: they can . . .
sell the fucking stock they bought with their fucking tax cuts!

On walking the dog this morning I saw a clear tag on many of the city trash barrels I passed “Tax the Rich!”

And our government rallied to pass a two trillion dollar relief bill, maybe 20% of which will actually go to people. These rest goes to . . . guess where . . . mostly corporations.

Have people forgotten that the recent federal tax cuts were largely a benefit to said corporations? And what did those corporations do with their windfalls. The Trump administration promised that they would use the funds to modernize, expand, hire a bunch of people and the skeptics (me included) said “Well, the last time they bought back their own stock (which used to be illegal price fixing) which enriched their shareholders and their executives.” So, what did they do this time? They bought back their own stock (which used to be illegal price fixing) which enriched their shareholders and their executives. Wow, it almost seems like déjà vu!

Hey I’ve got an idea to help those corporations: they can . . . sell the fucking stock they bought with their fucking tax cuts!

Why should we be giving corporations “relief” funding when they have been sitting on piles of cash and/or piles of their own stock, which because of their purchases, they can sell at inflated prices right now!

It is clear that any administration . . . Trump led . . . Biden led, anyone endorsed by either of these parties has their marching orders. Prop up the status quo, no matter the cost. (Why do you think they torpedoed Bernie’s campaign?)

If you want to estimate the actual costs, read the comments to the Naked Capitalism post linked to above. They are of the “maybe we need to stand a few people up against the wall and shoot them” variety.

There will be blood.

 

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