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US corporate elite profiteering off mass unemployment
Key Excerpts from Article on Website of The New York Times
Posted: November 29th, 2010
http://www.nytimes.com/2010/11/27/opinion/27herbert.html
The class war that no one wants to talk about continues unabated. Even as millions of out-of-work and otherwise struggling Americans are tightening their belts for the holidays, the nations elite are lacing up their dancing shoes and partying like royalty as the millions and billions keep rolling in. Recessions are for the little people, not for the corporate chiefs and the titans of Wall Street who are at the heart of the American aristocracy. They have waged economic warfare against everybody else and are winning big time. The ranks of the poor may be swelling and families forced out of their foreclosed homes may be enduring a nightmarish holiday season, but American companies have just experienced their most profitable quarter ever. The corporate fat cats are becoming alarmingly rotund. Their profits have surged over the past seven quarters at a pace that is among the fastest ever seen, and they can barely contain their glee. On the same day that The Times ran its article about [record corporate] profits, it ran a piece on the front page that carried the headline: With a Swagger, Wallets Out, Wall Street Dares to Celebrate. Anyone who thinks there is something beneficial in this vast disconnect between the fortunes of the American elite and those of the struggling masses is just silly. Its not even good for the elite. The rich may think that the public wont ever turn against them. But to hold that belief, you have to ignore the turbulent history of the 1930s.
Note: For many reports from reliable souces on corporate profiteering, click here.
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