The problem with America is Wall Street-style heartless capitalism where the guys at the top love only money, worship greed, and don’t care how it affects you and I. That’s just the way it is. What made the situation worse was that during the Bill Clinton Administration, CEO’s started to get paid in stock. The change aggrandized an already epidemic culture of unrelenting greed that has taken this country to a new form of extreme capitalism.
Chairman and CEO of JPMorgan Chase, Jamie Dimon, was the ambassador of this idea at the time. The argument was to pay people based on performance by compensating executives with company stock. Up or down, your financial future was based on how well the company’s stock did. While on the surface the idea makes sense, the change ushered in a whole new capitalistic system, one that involved an era of corporate mergers, the growth of monopolies, job layoffs, and that perpetrated the demise of the American factory as well as the American dream.
Jamie Dimon is not solely responsible of course. NAFTA with its architect George HW Bush actually set the play for much of the suffering in the US and the destruction of manufacturing in many of the northern cities. The result of chasing money and power with abandon, combined with a society that made excuses for corporate hypocrisy, was fed by a false hope of the public benefiting from private profits.
Yet when rich bankers drew up their new plans, they didn’t involve innovation or investment but instead included a new push for tax avoidance, wage theft, and environmental overreach. The new philosophy of short term profit seeking then moved on to the government. Wall Street backed policies of taking money out of the schools, their own neighborhoods, and public support for healthcare.
The Dulles Brothers, John and Allen, are probably two of the most evil men in history and their role in this transition is important to note. Starting out as Wall Street attorneys, John went on to become Secretary of State from 1953 to 1959 and Allen went on to become head of the CIA. The brothers were right wing ideologues. They carried into government an uncompromising plan to stomp out communism and promote ‘American exceptionalism’ through a campaign of interfering with national elections, conducting assassinations and subverting the common good on the planet.
These two pawns of Wall Street led a crusade for the American Empire where only Wall Street would reaped the profits while you and I were labeled the ‘Ugly Americans’. They even wrote the treaty of Versailles that pushed the Germans to mass deprivation and eventually fed an evil the world never knew before.
The point of all this is that like attracts like. The heartless ethos’s of American capitalism since the world wars is the root of all evil. Profit without conscience is the credo Wall Street lives by and has tirelessly tried to sell to you and I. I say they can keep their sentiments and excuses for evil. Sound minds didn’t believe it yesterday, sound minds won’t believe it today, and sound minds won’t believe it tomorrow!!!
David Anderson says
Bill Clinton actually had nothing to do with being paid in stock (for CEOs, etc). It was a trend gathering steam under Reagan during the 1980s. Much of your article is good, but that’s a mistake, sir.
Between 1995 and 2001 I worked on Wall St as a stock broker, VC analyst, a trader (stocks/bonds) and finally a consultant to a M&A company which I still do a bit of, after I got my law degree. Wall St. is ACTUALLY a bunch of people in the trenches, not millionaires, but (like America) the top 1% -10% utterly clean up. Incredibly wealth disparity on Wall St. And they give mega bux to the Republican party to let them do whatever the fuck they want – rip people off right and left. That’s the problem. Why don’t you look at stock buy backs and Trump’s latest grifter genius move to cut corporate taxes (“For the working American!!” –_ which actually go to the top 0.01% in the form of buybacks. Its a shell game like you can see on Broadway like 3 card Montey.
NOw what’s THIS?
“They even wrote the treaty of Versailles that pushed the Germans to mass deprivation and eventua”
–is this true? The timeline is fishy.
Anyway, JJ – we differ only in style, not substance mostly. I enjoy your articles very much.
D.A>
NYC
Jack Jones says
Your right again but I believe we’re coming to our conclusions from different angles. The point I made about CEO’S being paid in stock and the problem I had with it came from President Bill Clinton’s CEO’S tax deductibility cap and the loop hole for stock options and bonuses, Clinton tried as well as Robert Reich to get a handle on CEO deductions or write off but they ended up being steam rolled by the powers that be in a loop hole for stock options as compensation that lead to them only paying 20% tax instead of 39.6 % . From everything I’ve read the Dulles bros were a huge part of the Treaty of Versailles. Thank you for your comments I also agree with you about the stock buy back part!