Bain Capital: A failure of capitalism or good business?

Posted: May 28, 2012 in 2012 Campaign, Political Economics
Tags: , , , , , ,
Today (NBC program)

Today (NBC program) (Photo credit: Wikipedia)

I can’t imagine that too many people would argue that our economic system is working just fine. The fact is that it’s been broken for a long, long time. But getting any kind of consensus as to what’s wrong with the system is another matter altogether. A perfect illustration of this happened a week or so ago on the Today Show with Matt Lauer. He asked Jim Cramer, NBC’s on-air stock picker, whether Bain Capital’s strategy of firing workers to reduce labor costs illustrated a failure of capitalism or if it was just good business. Cramer said it was good business, and that seemed fine with Lauer as he cut for a commercial.

Hey guys, it’s both. In the context of capitalism reducing labor costs…regardless of the social consequences of doing so…is part of the play book. And that is a failure of capitalism. It is unsustainable. It is morally bankrupt. And, it will lead to a violent pushback against the oligarchs.

Isn’t it time that we started asking some tough questions about the hallowed ground of capitalism before it’s too late?

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s