Capitalists gamble with other people’s money and other people’s lives.
By Daniel at 30 March, 2009, 7:38 pm
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The failure of GM is a failure of management, not of labor. This fact is so obvious that over 70% of Americans subscribe to it.
The liquidation of GM will throw millions of people out of work. It will bankrupt towns and cities and destroy the lives of innocent people all across America.
Capitalists gamble with other people’s money and other people’s lives. This is not just and it is un-American. If we had the socialist safety net that civilized countries do, so that workers were at least to some degree protected from the greed and folly of the capitalist class, I would say let the “free market” sort it out.
However, that socialist safety net ranges from inadequate to non-existent. The collapse of GM will mean loss of health insurance for hundreds of thousands of men women and children, many of whom will suffer and some will die because of it. The execs and the bond-holders do not face this suffering.
Job loss will devastate the tax base of hundreds of cities and towns already reeling. Schools will close, cops and fireman will be laid off, but the wealthy towns where the execs and bond-holders live will not share this fate.
Because of the unfair nature of our system, it is not only just but necessary that our government of the people, by the people and for the people should step in to mitigate the human suffering which will be so asymmetrically distributed as a result of the incompetence of the GM’s capitalist owners.
So, yes, I think it the least Obama can do and I’m glad he is doing it.
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