Published in New York Times
So the corporate C.E.O.’s and their friends now reap what they have sown. For the last two decades, they have systematically (with tax subsidies at times) stripped middle- and working-class America of the jobs, financial security and health care that they depended on to buy those same companies’ cars, “labor saving” devices, electronic devices and all other manner of stuff.
The cost savings conveniently floated up the pyramid and were split among the executives and their board members, lawyers, accountants, investment bankers and other friends.
Now Middle America is broke and can no longer support those at the top of the pyramid. Or their big bonuses. Or their friends and hangers-on.
It’s going to stay that way until they start to undo what they have done and bring jobs back — real jobs with health care.
Elizabeth A. Letzler
Baldwin, N.Y., Nov. 8, 2009
The writer is a retired former banker and certified financial planner.
5 comments:
An open letter to Elizabeth A. Letzler:
Singapore welcomes talent. We look forward to receiving citizenship applications from your much despised talents.
US is so democratic, yet it ends up with such problems.
Just imagine oters countries.
What could happened to them?
Widening income gaps ould be much, much worse!!!
After she earned so much from the same industry that she can retire early, now she bad-mouth her peers who are still in the pit.
I wish she would say the same things when she was still struggling to make her first million from selling toxic products for so many years. Such products already existed more than 15 years ago.
there are two kinds of talents.
there is the talents approved by self serving talents and..there is the other kind of talent that does not help to perpetuate the "pyramid scheme"
whether you like it or not, the people have been so conditioned to accept "unequal yoke" that changing the current of this economic tsunami is almost next to impossible.
we can only be apathetic witnesses to its outcome.
The view expressed in this letter is very important.
Many people forget that if they wish to make millions of dollars, the money must come from other people. If the other people get poorer, they will not be able to contribute to increase the wealth of the millionaires.
There is a story about killing the goose that lays the golden eggs. The greedy people, who wants to make more wealth, forget about this golden rule.
If the world is to be wealthier and safer, it is necessary for income to be shared more equallty.
I hope that our leaders in Singapore take heed of this point as well.
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