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See the problem with bailouts

is that it kept allot of these people from learning a lesson in humility.    There are some basic premiseses in this article that is I believe false,  you can't imagine yourself John Galt and favor your ass being bailed out by the taxpayer.    It is a contradiction.  However the basics are true, the internationalist elite are sacrificing our middle class for what they see as the good of the globe.   It is intentional.

The good news—and the bad news—for America is that the nation’s own super-elite is rapidly adjusting to this more global perspective. The U.S.-based CEO of one of the world’s largest hedge funds told me that his firm’s investment committee often discusses the question of who wins and who loses in today’s economy. In a recent internal debate, he said, one of his senior colleagues had argued that the hollowing-out of the American middle class didn’t really matter. “His point was that if the transformation of the world economy lifts four people in China and India out of poverty and into the middle class, and meanwhile means one American drops out of the middle class, that’s not such a bad trade,” the CEO recalled.

I heard a similar sentiment from the Taiwanese-born, 30-something CFO of a U.S. Internet company. A gentle, unpretentious man who went from public school to Harvard, he’s nonetheless not terribly sympathetic to the complaints of the American middle class. “We demand a higher paycheck than the rest of the world,” he told me. “So if you’re going to demand 10 times the paycheck, you need to deliver 10 times the value. It sounds harsh, but maybe people in the middle class need to decide to take a pay cut.”

At last summer’s Aspen Ideas Festival, Michael Splinter, CEO of the Silicon Valley green-tech firm Applied Materials, said that if he were starting from scratch, only 20 percent of his workforce would be domestic. “This year, almost 90 percent of our sales will be outside the U.S.,” he explained. “The pull to be close to the customers—most of them in Asia—is enormous.” Speaking at the same conference, Thomas Wilson, CEO of Allstate, also lamented this global reality: “I can get [workers] anywhere in the world. It is a problem for America, but it is not necessarily a problem for American business … American businesses will adapt.”

2 Replies
bruce MN
Veteran Advisor

Re: See the problem with bailouts

This article is getting alot fo notice. Thanks for putting it up.


As I was reading it I kept thinking about the scenne near the end in Unforgiven:


     Munny walks back to the edge of the rise and watches the
     rider and it is a lovely sunset happening and he is talking
     to no one in particular.

                   It's a hell of a thing, ain't it,
                   killin' a man.  You take
                   everythin' he's got... an'
                   everythin' he's ever gonna have...

                              THE KID
                        (trying to pull him-
                           self together)
                   Well, I gu-guess they had it...

                   We all got it comin', Kid.

bruce MN
Veteran Advisor

Re: See the problem with bailouts

P.S. I think it was probably alot more fun, and certainly more mentally healthful, to have imagined one's self as Harmon Killebrew or Roy Orbison than the fictional John Galt.