4 posts tagged “politics”

This was written by Steven Pearlstein of the Washington Post on 11/13/08:

But there is also no denying that American-style capitalism has been undermined by its own success. In its present incarnation, it rewards manipulation over innovation and speculation over genuine value creation, resulting in massive misallocations of capital and the accumulation of unheard-of wealth in the hands of money managers and top corporate executives who are more lucky than they are skilled.

No longer is it the entreprenurial capitalism of Google and Amazon and Nucor Steel that animates the American imagination -- it is the financial capitalism of Enron and Drexel Burnham Lambert, of Goldman Sachs and the Blackstone group, of publically traded real estate investment trusts and multibillion-dollar hedge funds. Here in the United States, they have sucked up a disproportionate share of talent and capital, distorted compensation systems, and helped to perpetuate the false notion that companies exist solely to enrich their investors and investment bankers. And now, through the marvels of global financial markets, they have spread their toxic culture and products to economies across the globe.

One sunny day in 2009, an old man approached the White House from across Pennsylvania Avenue where he'd been sitting on a park bench.  

He spoke to the U.S. Marine standing guard and said, 'I would like to go in and meet with President Bush.'
       
The Marine looked at the man and said, 'Sir, Mr. Bush is no longer president and no longer resides here.'   
       

The old man said, 'Okay' and walked away.
       
The following day, the same man approached the White House and said to the same Marine, 'I would like to go in and meet with President Bush.'      

The Marine again told the man, 'Sir, Mr. Bush is no longer president and no longer resides here.'
       
The man thanked him and again walked away. 

The third day, the same man approached the White House and said to the same Marine, 'I would like to go in and meet with President Bush.'
       
The Marine looked at the man and said, 'Sir, this is the third day in a row you have been here asking to speak to Mr. Bush.  I've told you that Mr. Bush is no longer the president and no longer resides here.  Do you understand?'
       
The old man looked at the Marine and said, 'Oh, I understand.  I just love hearing it.'
       
The Marine snapped to attention, saluted, and said, 'See ya tomorrow.'