Intel, the largest chip maker in America, with 2023 revenues of $54 billion, has just been awarded an $8.5 billion grant from the federal CHIPS and Science Act, plus $11 billion in favorable loans. In addition to badly needed microchips, Intel produces totally useless stock buybacks. On its website the company
Stock buybacks are a form of stock manipulation, which is why they were outlawed by the Securities and Exchange Commission after the Great Depression, up until deregulation in 1982, that limited buybacks to two percent of profits. Now it’s all the buybacks Wall Street can eat, with nearly 70 percent of all corporate profits going to this form of stock manipulation.
In Germany, companies must live within a legislated system of codetermination, meaning that half the seats on a company’s board of directors are held by worker representatives, and labor-management committees run the day-to-day operations of each facility. (BTW, this system was urged upon German businesses by the U.S. after WWII, because we believed unionized workers were less likely than their bosses to cozy up to fascists.)
Why can’t we demand Congress reinstate outlawing stock buybacks to 2%of profits, and demand companies be function within a legislated system of codetermination? We have certainly seen the rich and the now/new Republican Party cozying up to fascist ideology and leaders?
Same old story… Boeing, Intel, Housing. Jesus , when are the so called Congressional employees going to get that regulating crime is their job? Stop allowing corporations to manipulate stocks. We should all be alarmed at the corruption going on in our very own country. Come home America and clean house. Quit the bull that other countries are so bad when we can barely hold our heads up due to crime and corruption. I am sick to death of having my own country be the slimiest of all. Starting to stink so badly other countries are starting to hold their noses!
A grant--under whose admin?! Goes w/ deregulation, like getting rid of Glass-Steagall, also a Dem admin product. Encouraging that D party is ignoring that oh so declasse "basket of deplorables," the working class majority, and has come to the side of the superior yet misunderstood and suffering Gilded Age 2.0 financiers.
I've been studying finance. I expected that market fundamentalism was based on sound data and theories, interpretations about which we on the labor side would of course disagree. I was shocked to find out the Austrian and Chicago schools now dominating world economics are little more than assertions of a wealthy elite's right to rule. These emperors of economics are clothed in nothing but outright greed and the desire for endlessly growing power.
Despite the claims of continental Conservatives, U.S. Republicans, and party elite D neolibs, there IS an alternative! The Greatest Gen. and we older Boomers of the protest years thought the New Deal permanent and we believed the Ds were for us. Obviously, we were wrong. Not about the New Deal, though. I recommend "Why the New Deal Matters" (2021) by Eric Rauchway and "Taming the Street" (2023) by Diana Henriques.
The propaganda against was generated by the same de facto religion that caused the 1929 crash yet its believers urge obedience. (never mind the S & Ls or 2008) My fave is something I heard from '80s biz school majors, now appearing in online reviews of humane econ books--'the leftist New Deal failed to do anything; it was WWII that ended the Depression.' I reply: "Yeah, sure. People sat there unemployed and hungry from Oct. 1929 until the war effort geared up in Jan. 1942." My 95 year old mother says the illogic would be funny if it weren't for the fact she lived through the Depression.
Stock buybacks are a form of stock manipulation, which is why they were outlawed by the Securities and Exchange Commission after the Great Depression, up until deregulation in 1982, that limited buybacks to two percent of profits. Now it’s all the buybacks Wall Street can eat, with nearly 70 percent of all corporate profits going to this form of stock manipulation.
In Germany, companies must live within a legislated system of codetermination, meaning that half the seats on a company’s board of directors are held by worker representatives, and labor-management committees run the day-to-day operations of each facility. (BTW, this system was urged upon German businesses by the U.S. after WWII, because we believed unionized workers were less likely than their bosses to cozy up to fascists.)
Why can’t we demand Congress reinstate outlawing stock buybacks to 2%of profits, and demand companies be function within a legislated system of codetermination? We have certainly seen the rich and the now/new Republican Party cozying up to fascist ideology and leaders?
Same old story… Boeing, Intel, Housing. Jesus , when are the so called Congressional employees going to get that regulating crime is their job? Stop allowing corporations to manipulate stocks. We should all be alarmed at the corruption going on in our very own country. Come home America and clean house. Quit the bull that other countries are so bad when we can barely hold our heads up due to crime and corruption. I am sick to death of having my own country be the slimiest of all. Starting to stink so badly other countries are starting to hold their noses!
A grant--under whose admin?! Goes w/ deregulation, like getting rid of Glass-Steagall, also a Dem admin product. Encouraging that D party is ignoring that oh so declasse "basket of deplorables," the working class majority, and has come to the side of the superior yet misunderstood and suffering Gilded Age 2.0 financiers.
I've been studying finance. I expected that market fundamentalism was based on sound data and theories, interpretations about which we on the labor side would of course disagree. I was shocked to find out the Austrian and Chicago schools now dominating world economics are little more than assertions of a wealthy elite's right to rule. These emperors of economics are clothed in nothing but outright greed and the desire for endlessly growing power.
Despite the claims of continental Conservatives, U.S. Republicans, and party elite D neolibs, there IS an alternative! The Greatest Gen. and we older Boomers of the protest years thought the New Deal permanent and we believed the Ds were for us. Obviously, we were wrong. Not about the New Deal, though. I recommend "Why the New Deal Matters" (2021) by Eric Rauchway and "Taming the Street" (2023) by Diana Henriques.
The propaganda against was generated by the same de facto religion that caused the 1929 crash yet its believers urge obedience. (never mind the S & Ls or 2008) My fave is something I heard from '80s biz school majors, now appearing in online reviews of humane econ books--'the leftist New Deal failed to do anything; it was WWII that ended the Depression.' I reply: "Yeah, sure. People sat there unemployed and hungry from Oct. 1929 until the war effort geared up in Jan. 1942." My 95 year old mother says the illogic would be funny if it weren't for the fact she lived through the Depression.