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Sekhmets Daughter

(7,515 posts)
55. Well surely not the babies?
Thu Feb 21, 2013, 10:16 PM
Feb 2013

It's really not that difficult to understand. Wall St screwed everyone, not least of all the retailers and it goes back decades. I'll try to explain. In 2009 HBO ran a documentary "Schmattas: Rags to Riches to Rags" It chronicled the NYC garment industry, which was once a thriving force to be reckoned with. They interviewed the owner of Russ Togs, before it went public. Russ Togs was the first manufacturer to come out with 'coordinated separates' which meant you could buy 4/5 garments and have 3 or 4 different outfits. I loved Russ Togs... In any case, like most successful businesses, when it came time to consider further expansion the Wall Streeters convinced them to "go public" with tales of huge IPOs and vast riches. So they went public and the owners went from wealthy to filthy rich. Okay. But eventually the investors want a healthy return on their money as well and the easiest way to squeeze out profits is to squeeze labor. In 1969, 95% of all clothing worn by Americans was manufactured by Americans, by 2009 that was down to 5% and still shrinking. But things got worse, eventually Russ Togs filed for bankruptcy in 1991. A downturn in retail that the company couldn't handle because it was always feeding the investor maw and didn't have the funds needed to plow into the business.

That story has been written about 1000s of companies, some end up loaded down with debt from private equity takeovers, only to end up in bankruptcy anyhow. Retailers are in the same bind. Investors always want dividends, ROI. Business schools, for 3 decades, have been preaching/teaching that investor equity is the be all and end of of any business. The retailers are between the rock of investors wanting ROI and shoppers wanting the best prices...and the the hard place of wages.

I don't see anyone in the wings with the political will nor the political power to change the basic dynamics of capitalism....and that's what t will take. That or a catastrophic collapse that makes this last one look like a picnic, or a revolution.

No shit. Wonder where the co-chairs who left the government went to? Autumn Feb 2013 #1
Yep... WillyT Feb 2013 #3
Pardon me while I go vomit. Scuba Feb 2013 #2
Right There With You... WillyT Feb 2013 #4
I know, I know...but consider the alternative. Sekhmets Daughter Feb 2013 #5
Obama's a Democrat, alright. Jackpine Radical Feb 2013 #10
I just wanted to get out front of the discussion Sekhmets Daughter Feb 2013 #14
Wall Street gets the government they pay for. nt awoke_in_2003 Feb 2013 #35
Exactly.... Sekhmets Daughter Feb 2013 #36
Look at the twenty years of wage stagnation... awoke_in_2003 Feb 2013 #38
So they have what they paid for. Sekhmets Daughter Feb 2013 #40
With the laws as are written... awoke_in_2003 Feb 2013 #44
Sure... Sekhmets Daughter Feb 2013 #48
How many bankers are on trial... awoke_in_2003 Feb 2013 #56
a non sequitur Sekhmets Daughter Feb 2013 #57
No, the OP is about... awoke_in_2003 Feb 2013 #58
Sorry...I didn't think that's what we were discussing. Sekhmets Daughter Feb 2013 #59
No need to apologize... awoke_in_2003 Feb 2013 #60
I absolutely agree about campaign finance reform.... Sekhmets Daughter Feb 2013 #61
And Yet... If All 300 Million Plus... Had A Real Living Wage... Retail Business Would Be BOOMING... WillyT Feb 2013 #45
Well surely not the babies? Sekhmets Daughter Feb 2013 #55
The people who own them... awoke_in_2003 Feb 2013 #78
"Thirty million workers are making less today than they did in 1968, adjusted for inflation!” midnight Feb 2013 #77
But Unfortunately, not as honest or loyal as Eisenhower. Demeter Feb 2013 #74
One must ask, loyal to whom? Sekhmets Daughter Feb 2013 #76
he's a registered democrat alright, and democrats in DC approve of this sort of thing nt msongs Feb 2013 #11
Of course they do....campaigns are not free. Sekhmets Daughter Feb 2013 #15
He's not and there is no alternative. That's the fundamental problem. n/t Egalitarian Thug Feb 2013 #25
Well no good alternative... Sekhmets Daughter Feb 2013 #28
Sometimes I think we are the same person (except you have managed to retain some optimism). Egalitarian Thug Feb 2013 #29
LMAO Sekhmets Daughter Feb 2013 #32
The new political measuring stick... awoke_in_2003 Feb 2013 #30
Sad isn't it? Sekhmets Daughter Feb 2013 #34
30 years ago nineteen50 Feb 2013 #71
Absolutely agree...n/t Sekhmets Daughter Feb 2013 #72
Shit, 30 years ago, I never in my wildest dreams, thought I'd miss Nixon. Fuddnik Feb 2013 #80
One can be a Democrat and worthless scum Demeter Feb 2013 #73
Can't argue with that. n/t Sekhmets Daughter Feb 2013 #75
Sometimes I think all of Washington is one big shell game...knr joeybee12 Feb 2013 #6
I Think It Is... WillyT Feb 2013 #7
The idea of a representative democracy... awoke_in_2003 Feb 2013 #31
Tell the rabble what they want to hear, huh? DearHeart Feb 2013 #8
Yep... WillyT Feb 2013 #9
Ok we know we are fucked. We know that the elite run the country. rhett o rick Feb 2013 #12
What needs to be done won't happen... awoke_in_2003 Feb 2013 #33
And are fearful of any changes in their ideologies. WHEN CRABS ROAR Feb 2013 #54
They are still working on it... hay rick Feb 2013 #13
Yay!! The task force is coming. Is it this one? Autumn Feb 2013 #16
That be the one. hay rick Feb 2013 #24
it is a dog and pony show Skittles Feb 2013 #65
hopefully the ball gets rolling by obama's third term frylock Feb 2013 #23
Love the optimism. hay rick Feb 2013 #26
yeh, i'm all outta HOPE for CHANGE.. frylock Feb 2013 #64
LOL !!! - Perfect !!! WillyT Feb 2013 #37
I agree. bvar22 Feb 2013 #70
Seems to me there have already been some cases heard if not prosecuted.It's not over until it's over judesedit Feb 2013 #17
Um... Not So Much, Actually... WillyT Feb 2013 #21
President appoints a task force abelenkpe Feb 2013 #18
This might be the answer you are looking for. From the article Autumn Feb 2013 #27
No new dollars? abelenkpe Feb 2013 #41
It's a great way to start an investigation that you want to go nowhere. Autumn Feb 2013 #46
Are You Talking About THIS Grilling ??? WillyT Feb 2013 #49
Great, I had lost that, gonna watch it tonight. I should have remembered Autumn Feb 2013 #50
Aw Shucks... WillyT Feb 2013 #52
Well, Simpson-Bowels (intentionally misspelled) had a Pete Peterson to fund them. Fuddnik Feb 2013 #81
Check the timing,Campaign is over---cash recieved is Wellstone ruled Feb 2013 #19
to be fair... Enrique Feb 2013 #20
Or... Schneiderman Being Taken Off The Chess Board, ala Elliot Spitzer... WillyT Feb 2013 #22
I did miss it -- thanks!! gateley Feb 2013 #39
You Are Quite Welcome !!! WillyT Feb 2013 #42
Hey, where are our usual administration salesmen? They seem oddly absent. Marr Feb 2013 #43
Don't Hold Your Breath... WillyT Feb 2013 #47
I think they hired some help. Fuddnik Feb 2013 #82
Congress is all bought and paid for by the banks davidn3600 Feb 2013 #51
BINGO !!! WillyT Feb 2013 #53
What a fucking sorry state of affairs. How sad we have become. lonestarnot Feb 2013 #62
I am Jack's total lack of surprise Demo_Chris Feb 2013 #63
^ Wilms Feb 2013 #66
Morning Kick !!! WillyT Feb 2013 #67
Fuck. progressoid Feb 2013 #68
Agreed... WillyT Feb 2013 #69
"Someone got played, but it wasn’t Eric Schneiderman" snagglepuss Feb 2013 #79
KICK against the pricks Fire Walk With Me Feb 2013 #83
LOL !!! - I'm With YOU Fire... WillyT Feb 2013 #84
Last Kick From Me... WillyT Feb 2013 #85
Kick and Rec.! Fuddnik Feb 2013 #86
Man, I love being able to rec & kick this days later....missed this, Willy! tpsbmam Feb 2013 #87
Kick woo me with science Feb 2013 #88
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