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Old 01-19-2010, 07:12 AM
 
5,165 posts, read 5,665,230 times
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Many of us already realize capitalism is not the system we have in America any longer. And no it is not socialism that has taken hold. It is potentially much worse.

US Does Not Have Capitalism Now: Stiglitz - CNBC

What has happened to Entreprenuership?

What has happened to innovation and creativity?

"An awful lot of people are not managing their own money," Stiglitz said. "In old-style 19th Century capitalism, I owned my company, I made a mistake, I bore the consequences."

Accountability is lost.
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Old 01-19-2010, 07:16 AM
 
Location: Northern Virginia
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absolutely 100% true...
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Old 01-19-2010, 07:37 AM
 
Location: Portland, Oregon
7,090 posts, read 11,358,626 times
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True, let's go back to the 19th century. If you become disabled, laid off, or not making enough to make ends meet then you better have someone be able to take care of you because you were on the street. If you retired, then you better be able to pay all your medical bills and have every penny saved up or you were on the street (or you got no medical care). Better keep an eye on the largest companies, not anti trust laws back then. No FDIC either, so if the bank went bust your money was long gone and you were a pauper.
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Old 01-19-2010, 07:41 AM
 
Location: By the sea, by the sea, by the beautiful sea
66,110 posts, read 47,711,003 times
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Quote:
Originally Posted by subsound View Post
True, let's go back to the 19th century. If you become disabled, laid off, or not making enough to make ends meet then you better have someone be able to take care of you because you were on the street. If you retired, then you better be able to pay all your medical bills and have every penny saved up or you were on the street (or you got no medical care). Better keep an eye on the largest companies, not anti trust laws back then. No FDIC either, so if the bank went bust your money was long gone and you were a pauper.


Then some evil beings went and stopped all that
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Old 01-19-2010, 07:53 AM
 
Location: Northern Virginia
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Originally Posted by burdell View Post
Then some evil beings went and stopped all that

Obviously most of that change has been for the better...but the point is that it's not true capitalism. Whether that's a good or bad thing is another question. The story posted in particular points to the lack of responsibility senior execs have in corporate world. They are brought in to run or turn around a company, they fail and they fly away with golden parachutes. There is no accountability for their actions. I know some senior people that keep doing this at company after company. They are terrible at running companies but able to talk themselves into each new situation mostly on their charm and sales skills. If the walls of the executive offices could talk...the things they'd say...
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Old 01-19-2010, 07:56 AM
 
5,165 posts, read 5,665,230 times
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Originally Posted by arielmina View Post
Obviously most of that change has been for the better...but the point is that it's not true capitalism. Whether that's a good or bad thing is another question. The story posted in particular points to the lack of responsibility senior execs have in corporate world. They are brought in to run or turn around a company, they fail and they fly away with golden parachutes. There is no accountability for their actions. I know some senior people that keep doing this at company after company. They are terrible at running companies but able to talk themselves into each new situation mostly on their charm and sales skills. If the walls of the executive offices could talk...the things they'd say...
Thank you for bringing sanity to the thread.

You are 100% correct.

The two prior posters must not have read the article.
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Old 01-19-2010, 08:27 AM
 
Location: Northern Virginia
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I'm interested that no one seems interested in this post...
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Old 01-19-2010, 08:32 AM
 
5,165 posts, read 5,665,230 times
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Originally Posted by arielmina View Post
I'm interested that no one seems interested in this post...
Maybe that is what has happened in America. No one wants to take responsibility. No one wants to stand up and fix what is broke.

We have become to accustomed to taking the easy way out.
Accountability does not exist. We are already building toward the next financial crisis.
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Old 01-19-2010, 08:44 AM
 
Location: By the sea, by the sea, by the beautiful sea
66,110 posts, read 47,711,003 times
Reputation: 36328
Quote:
Originally Posted by arielmina View Post
Obviously most of that change has been for the better...but the point is that it's not true capitalism. Whether that's a good or bad thing is another question. The story posted in particular points to the lack of responsibility senior execs have in corporate world. They are brought in to run or turn around a company, they fail and they fly away with golden parachutes. There is no accountability for their actions. I know some senior people that keep doing this at company after company. They are terrible at running companies but able to talk themselves into each new situation mostly on their charm and sales skills. If the walls of the executive offices could talk...the things they'd say...


I completely agree, the good ol' boy circle definitely prevails among the corner office set, failure means nothing. I was just trying to point out what people may refer to as the good old days were in many ways not so good.
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Old 01-19-2010, 10:02 AM
 
Location: Londonderry, NH
41,478 posts, read 55,408,842 times
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We ran out of Capitalism when the financial industry realized there was more money to be made and kept if the government borrowed money instead of taxing. Then our "defense industry" investors figured a way to stay on the government teat forever by inventing the Cold War and the War on whatever. We lost Capitalism when the money mongers bought the government and figured a way to avoid risk forever.
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