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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (91497)	12/12/2008 9:20:04 PM
From: axial	7 Recommendations Read Replies (1) \| Respond to of 116555

Mish, agreed: the comment was right on. But where is the comment stating that more responsibility is borne by those whose direction and management resulted in the current economic and financial crises? Where is the statement acknowledging that "superstar" management, hotshot financial engineers, lax regulators and lawmakers with their multimillion-dollar perks and compensation, should take a cut, too? Where is the fairness - even objective truth - in turning on working people for failures over which they had absolutely no control? This stinks. I'll be the first to concede that labor should look carefully at their options, and be prepared to make concessions. But it's absolute folly, and misdirected prejudice to conclude that people with tools in their hands caused this multitrillion-dollar meltdown, and that they should pay the price. They WILL pay the price in many ways, for entrusting their welfare, their pensions, their security, and their standard of living to fat-cat elites in business, finance and government whose sole interest was enriching themselves at the expense of others. Long-gone are the ethics and vision that inspired careful stewardship of America's well-being. Long-gone is the idea that America is for everybody. Where's your call for management and leadership to redress their part in the folly - from poor products to non-productive deployment of capital - which they perpetrated and from which they profited? I hoped to see some balance here. The actions of one or two unions are FAR from representing the views of working people - many of whom have no union, nobody at all, to represent them. They've been ruthlessly ripped off. They never had a chance. Their trusted agent - government - let it happen. The lynch mob is out for the working man, led by the same players who robbed him blind. In that, I hope you'll take no part. Jim