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Gender: Female
Hometown: Seattle, WA
Member since: Mon Dec 13, 2004, 02:55 AM
Number of posts: 12,232

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What Wall Street values is not what we value

Yet we take their valuation as an indicator of whether we are doing well as a nation or not.
And they revolve back and forth between government and their companies, ensuring their values are embedded in our culture.

I keep going back to the microcosm of the reasons they have so often downgraded Costco as a clear illustration of this. They have 'encouraged' Costco to cut jobs and pay rates, to pay CEOS and shareholders (the few) more on the backs of workers and customers by reducing pay and raising prices. When Costco has refused and instead kept doing what is fair, has made them successful and helps communities, Wall Street marks them down. What does that say in terms of the 'market' doing well? What benefits us more as a society?

Yet, it's the values of Wall Street that end up being promoted through them being retained as advisors and appointees at the highest levels.
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