Posted by: Randy Allgaier | October 22, 2006


Yes it is a bullish market.  The Dow reaches 12,000 and even closed there this week.  But what does that mean?  We are told that our economy is booming, but for whom?  To steal a phrase – “For whom does the ‘closing bell’ toll?”


Our corporations are making money hand over fist.  The oil companies, the pharmaceuticals, the banks- they are all sitting pretty right now.  CEO’s rake in tens of millions, but what about the workers?  What about working men and women?  Where is their part of this Wall Street boon?  For them it is just a boondoggle.


Of course corporations are doing well.  They have been deregulated, they have been outsourcing employment to markets that pay white collar workers about the same wage as the undocumented Latina maid in Beverly Hills, and they are reducing, if not eliminating, pensions and health care coverage.   Here’s a question- who did NAFTA benefit?  Not American workers, not Canadian workers and not Mexican workers.  AMERICAN CORPORATIONS!


The numbers are good – but the reality sucks.  Can the Republicans really get the American people to swallow the bilge water they are spewing about how well we are doing?  Just look at the average American.  More Americans are in more debt than ever.  And what about home sales?  Four out of ten homes sold in this country are SECOND HOMES.  Ah yes- the rich minority again are the ones who reap the harvest of this tilted economy.


Economics have changed.  Our global economy makes it difficult to get a handle on how corporate economics actually affects the lives of the peoples of countries.  Corporations have turned into the new global powers.  Countries- the political delineations are the powers of yesteryear.  Corporations are the real players.  In the history of the western world we have gone from religious power dominated by the church to political power dominated by countries to economic power dominated by huge multinational corporations.


I am all for corporate profits when they benefit the society, but right now corporations are benefiting no one but their own bottom lines. 

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