Website review: AlterNet: Smashing Capitalism!
imorgen discovered this in Politics
•18 reviews since Aug 24, 2007
politics, capitalism, economics
•alternet.org/story/60506/
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Reviews of this website
imorgen discovered 11 months ago- "We may be witnessing the first time in history that the downtrodden manage to bring down an unfair economic system without going to the trouble of a revolution."
- darsius rated 11 months ago
- maybe capitalism will come into it's own and actually start working soon. However, I still prefer Europe's social democracy.
- nate0254 rated 11 months ago
- If I could spell pppshaw, that would be my comment.
- FKFaceMcFayden rated 11 months ago
- Okay, I understand that in order to keep the money flowing the Huffington Post has to cater to its "progressive" demographic in order to sell advertising space while simultaneously and ironically blaming "the market" for all the nation's woes, fine; but reading this article was like watching a train wreck. The article is correct in saying that this bank run is the fault of the lenders in question, but what people like Barbara Ehrenreich don't understand is that mortgage companies like Countrywide are artificially Propped-up fractional reserve banks that have only a "fraction" of total FDIC insured deposits on hand. As such, fractional reserve banks are inherently insolvent and can only be kept alive by borrowing money from the Federal Reserve Bank. In other words, FDIC and the FED, which has a monopoly on printing money, protects and in a sense promotes the poor business standards of US banks; i.e., "if it has a pulse we'll lend it money". In a truly free market a business model such as a fractional reserve bank would last about a week. It's not because the free market magically manages business, no; it's because, unlike the Federal Government, the free market doesn't finance fraudulent business practices such as fractional reserve banking. The other unmentioned fact is that the reason people are "running out of money" is that the Federal Reserve's practice of credit expansion is destroying the value of the dollar. It has absolutely NOTHING to do with Wal-Mart's pay rate. The anecdote about Henry Ford raising the pay of his employees, a favorite argument of leftists these days, had more to do with the fact that there's a competitive market for retaining employees rather than paying a "living wage". Go to any big box store and ask what the base pay rate is for a relatively unskilled (poor) worker, say, a bagger. I'll bet you that they all pay about the same wage. If you really want to have some fun, go to your local UFCWU grocery store and ask the same question. I'll bet they pay low skill workers LESS than the average big box stores by at least 50 cents. The article keeps alluding to the notion that the poor are somehow causing the walls of state capitalism to come crashing down as opposed to foolish business decisions fueled by the FED. This view has absolutely nothing to do with reality.
- flyingrose rated 11 months ago
- You simply must read this article! Well, you don't have to but if you don't you'll miss the best laugh you've had in a long time. Even though this is painful to many in the short term, the future I foresee is far better than the past. I hope those who are unable to fulfill their "commitments" realize that they were pawns in an unwinnable game. I do not feel sorry in the least for the lenders - they knew - or should have known - that precisely this would happen. Don't blame those who didn't see it coming and did what they were "programmed" to do. The author makes many points which are absolutely true and infinitely predictable - they even quote Henry Ford who knew way back when (see excerpt below - or better yet, read the entire article). From the page: "this may be the first case in history in which the downtrodden manage to bring down an unfair economic system without going to the trouble of a revolution." More from the page: "About a century ago, Henry Ford realized that his company would only prosper if his own workers earned enough to buy Fords. Wal-Mart, on the other hand, never seemed to figure out that its cruelly low wages would eventually curtail its own growth, even at the company's famously discounted prices. The sad truth is that people earning Wal-Mart-level wages tend to favor the fashions available at the Salvation Army. Nor do they have much use for Wal-Mart's other departments, such as Electronics, Lawn and Garden, and Pharmacy."
- meatbot rated 11 months ago
- A short, sweet, and entertaining viewpoint on bad economic strategy crashing down on all parties involved. Features a great commentary on factors affecting all of us here living in North America which is really just the start of eco-depression to come.
- hamish40 rated 11 months ago
- Yes, get rid of the vicious bastard, capitalism. If we continue struggling under this insane system, we'll lose everything. It's heartless and soulless, foul and insulting to human dignity.
- nicky187 rated 11 months ago
- Got to start somewhere. Might as well be here.
- Mayamoi rated 11 months ago
- The important thing is is that it is crucial that the top remain on top and that America's 1% remain ultra rich. Remember the best way you can keep the super wealthy where they are, content and happy the way God wants it is to support your "President" select oh sorry he won fair and square in 04 didn't he?
