Age Old Question
I do not hate the rich. And I do not envy them. If a person works hard and plays by the rules, they should be able to enjoy the fruits of their labor, at least after taxes.
No, what we are talking about has been going on it the USA for over 100 years. It is a question about those ‘rules’ to which I referred to above. Beginning in the early 1900s the USA passed laws and created agencies that helped ensure that products were safe and worked as expected.
Now we come to venture/vulture capitalism. Yesterday, I referred to Four People and the attitude that the rich are entitled to do what ever they want.
From a news conference by Newt Gringrich on Monday, 9 Jan 2012:
Is capitalism really about the ability of a handful of rich people to manipulate the lives of thousands of other people and walk off with the money? Or is that, in fact, somehow a little bit of a flawed system?
And, so, I do draw a distinction between looting a company, leaving behind broken families and broken neighborhoods and leaving behind a factory that should be there.
The taking over, or buying out, a company that may have fallen on slightly hard times. and getting it on its’ feet again so it can be a member of the family of productive companies is a laudible and necessary function.
The charging of that company of fees that are in excess of that companies ability to pay and drives that company in to bankruptcy is unconscionable.
There is only one phrase to describe what is behind these excessive fees that drive companies into bankruptcy:
From the Thursday, 12 Jan LA Times:
“We’re trying to lure more venture capitalists into my home state every day, but the idea that you get private equity companies to come in and, you know, take companies apart so they can make quick profits and then people lose their jobs, I don’t think that’s what America’s looking for. I hope that’s not what the Republican Party’s about.”