Wake Up Business People!
Published by Bob Foster
It is well enough that people of this nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
—Henry Ford
The banking and monetary system Henry Ford was referring to is the system that recently plunged our country into the worst recession since the 1930’s. Now, that same system is up to their old tricks again.
Paul Krugman wrote an OP-ED piece for the New York Times yesterday, and here is the first paragraph:
Americans are angry at Wall Street, and rightly so. First the financial industry plunged us into economic crisis, then it was bailed out at taxpayer expense. And now, with the economy still deeply depressed, the industry is paying itself gigantic bonuses. If you aren’t outraged, you haven’t been paying attention.
Please take the time to read Krugman’s article here.
The antics of Wall Street are currently constructing the exact same scenario that just required taxpayer bailouts. According to Krugman, Andrew J. Hall, of Citigroup (the bank currently propped up with $45 Billion of taxpayer money) is now owed $100 Million, according to his employment contract.
Why does any of this matter to the small-business person? First of all, because Wall Street is using taxpayer money (your money) as part of their operating capital—with no benefit to you or your business.
Secondly, it is small business that will rebuild our economy and put people back to work—not Wall Street. It will therefore fall on small business (and their employees) to pay the bills of government assistance to failing companies….and there is no end in sight.
Are we “…ready to face up to the fact that we’ve become a society in which the big bucks go to bad actors, a society that lavishly rewards those who make us poorer(?)” (Paul Krugman)
I would like to hear from anyone who agrees, or disagrees, with Krugman’s assessment of our current financial system.
Comments
2 Responses to “Wake Up Business People!”
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The Henry Ford quote is eery. I read the Krugman article and agree with it. As you know, I also posted on it. The article is thoughtful indeed. Thanks for this post, Bob. Your emphasis on small business is always appreciated.
Judith Ellis´s last blog ..Being Reunited
Judith – Thanks for your comment…I also enjoyed your post on the same issue.
The thing that concerns me is that most small-business people are so involved in trying to make their business succeed, they are not aware of the major happenings outside their office walls–the very things that could seriously impact their business…and not in a good way.
I know that you are concerned, and now we need to get other small-business people concerned as well.
Thanks again for your interest.
Bob Foster´s last blog ..Wake Up Business People!