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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (682047)	5/11/2005 2:55:41 PM
From: Wayners	Read Replies (1) \| Respond to of 769670

I don't see anything wrong with it.

To: DuckTapeSunroof who wrote (682047)	5/11/2005 3:15:01 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 769670

German Capitalism-Bashing `Poisons' Sentiment, Executives Say May 4 (Bloomberg) -- Criticism within Germany's ruling Social Democratic Party of free-market practices is damaging business sentiment and deterring foreign investment, chief executives of companies including Allianz AG and Altana AG said. ``The effect of this unbearable debate abroad is disastrous,'' said Altana chief executive Nikolaus Schweickart in a speech at the annual general meeting of the company, Germany's fifth-largest drugmaker, in Frankfurt today. ``As a consequence, no more investments from abroad are being channeled into Germany, no more jobs are being created, and the entire business climate is being poisoned.'' Social Democratic Party Chairman Franz Muentefering has led the criticism, last month comparing investors seeking short-term gains to the biblical plague of locusts that descended on Egypt, stripping it of vegetation. With economic growth slowing and unemployment near a post- World War II record, business confidence in Germany fell to a 19- month low in April. Muentefering, who took over as Social Democrat chairman from Chancellor Gerhard Schroeder last year, is spearheading attempts to boost support ahead of a regional election in North Rhine-Westphalia May 22 that opinion polls indicate the Social Democrats may lose. ``Germany must be clear that it will end up a loser if we think we can uncouple ourselves from globalization,'' said Allianz chief executive Michael Diekmann, 50, in a speech to shareholders in Munich today. ``Nor can public companies uncouple themselves from the laws of the capital markets.'' Allianz is Europe's largest insurer. `Imbalance' At a news conference in the northern city of Bremen today, Muentefering spoke of an ``imbalance'' between capital and workers, saying that ``businesses are there for people'' and not the other way around. He criticized companies such as meat processors that have fired German staff to replace them with cheaper imported labor. Finance Minister Hans Eichel today repeated criticism of hedge funds and offshore financial centers at a news conference in Berlin, saying they ``have to be regulated.'' Muentefering said the Social Democrats are discussing various measures to maintain Germany's ``social-market'' economy. He pointed to steps already taken, such as proposals to broaden minimum-wage regulations and force the publication of executives' salaries. ``People in Germany have to know again that what we are doing for the well-being of businesses, which is a lot, is also in their favor,'' Muentefering said. The Social Democrats aim to be ``the protectors of decent employers and employees.'' The Cabinet today approved plans to cut the main corporate- tax rate to 19 percent from 25 percent, part of a 20-point plan to spur growth. Opinion Poll German voters support Muentefering's ideas, a poll by market researcher Forsa for broadcaster N-TV showed. Of 1,002 people surveyed on May 2 and May 3, 93 percent said companies have to take on responsibilities to society. Thirty-eight percent consider a majority of companies to be greedy for profit, with another 39 percent holding that view of a minority of companies. N-TV gave no margin of error. ``The whole discussion has gotten out of hand,'' said Hans- Joachim Koerber, chief executive of Metro AG, the world's third- largest retailer, yesterday at a press briefing in Dusseldorf. ``Such a debate damages Germany's position as a business location.'' Koerber said it is naive to think that politicians can prescribe where jobs should be maintained or tell international investors where and how they should invest. ``To violently criticize an entire system for electoral reasons, to vilify companies and their managers as cold-blooded executors of capital and profit interests is dangerous language that must be clearly countered,'' Schweickart said. ``The very few `black sheep' do not represent the appearance of the whole flock.'' With just over two weeks to the election in North Rhine- Westphalia, the Social Democrats' coalition with the Green party is trailing the opposition Christian Democratic Union and its ally, the Free Democratic Party, by 10 percentage points, a poll by opinion researcher Forsa showed yesterday. Defeat would end 39 years of Social Democratic rule in the state, Germany's most populous.