The Ideology of Unfettered Capitalism Is Crumbling -- It's a Huge Opportunity for Alternative Economics
By Les Leopold,
AlterNet. Posted June 16, 2009.
Unfettered globalization, and trickle down economics are dead. This is the best teaching moment in 65 years.Recently, I shared the stage with Leo Hindery, Managing Partner of InterMedia Partners, at a forum on the economic crisis organized by A New Way Forward. The organizers had warned me to be ready to do battle with this media mogul who was CEO of TCI and AT&T Broadband, founded the YES network, is a former professional race car driver, and may be about to own the Chicago Cubs.
In preparation I Googled him and discovered he also served as John Edwards’ senior economic policy advisor. That made him a big time Democrat who at least was somewhat liberal. As we chatted before the event he said, “I’m the most progressive CEO you’ll ever meet.” And I’m thinking, “So what? I’ve only met two!”
Given that I had recently written a book (The Looting of America), which isn’t too kind to the super-rich, I was nervous. I didn’t want to be rude but I had every intention of making it clear that our financial crisis was the direct result of the ever growing gaps in wealth and income. I tried to think of humorous ways to weave in my knowledge of fantasy baseball with Hindery’s potential ownership of the Cubs. I was hoping to make my points without offending anyone; I wanted to be political, not personal. However, I was caught off guard by what unfolded.
Hindery was up first. With a sincere and kindly demeanor he proceeded to blame the entire crisis on the super-wealthy who designed the game more than thirty years ago. All of it: globalization, the derivatives orgy, the asset booms, the crushing of unions—all designed by the rich for the rich. He pointed out that the top 300,000 super-wealthy taxpayers account for half of all U.S. income, which gives them as much of the total pie as the other 150 million working people combined.
Say what? I did a lot of research for The Looting of America (with plenty of help—see the acknowledgements in the book) and had not come up with that gem. He gave me the citation: According to 2006 IRS data reported in the New York Times, “the top 300,000 Americans collectively enjoyed almost as much income as the bottom 150 million Americans. Per person, the top group received 440 times as much as the average person in the bottom half earned, nearly doubling the gap from 1980." .............(more)
The complete piece is at:
http://www.alternet.org/workplace/140681/the_ideology_of_unfettered_capitalism_is_crumbling_--_it/'s_a_huge_opportunity_for_alternative_economics/
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
