Sunday, September 06, 2009

Food for Thought

How capitalism works 3

The same author ( Davie Oliver ) describes how the banking industry isWinning the battle against being regulated after receiving billions in handouts (Toronto Star, 09/08/09) ,

"You would think after global financiers triggered the current, unprecedented world-wide recession and credit crisis, they might embrace inevitable reforms that their reckless conduct made necessary. The US government pumped life sustaining cash into 20 banks but their powerful lobbying groups are resisting any legislation to curtail their activities, they jacked up credit card interest to 27% and more, have hastily foreclosed on borrowers, heedless of Washington’s plea to do the opposite, they have set aside billions for employee bonuses and they still lend a high 35 times their capital reserves.

'Olive did manage to come up with,' But, as profit maximizing institutions, their imperative is to focus even harder on making money."

Doesn't this describe every enterprise in capitalism? John Ayers

No comments: