Free-market capitalism was supposed to save us from the tyranny of faceless apparatchiks. But that’s not what happened.
The American economy has moved way beyond outsourcing abroad or even “in-sourcing.” Most big companies headquartered in America don’t send jobs overseas and don’t bring jobs here from abroad. That’s because most are no longer really “American” companies. They’ve become global networks that design, make, buy, and sell things wherever around the world it’s most profitable for them to do so.
Mitt Romney says he should be president because he and his company Bain Capital created 100,000 jobs at Staples and “created jobs” at other companies that Bain took over. So … did Mitt Romney really “create jobs” at Staples? Or did he and Bain really just follow the Wal-Mart model, using the advantages that come with having large, national chains, putting a number of local, smaller businesses out of business, while shifting a lot of people into lower-paying jobs? Understanding the difference is important because Romney says he will help the country “create jobs” the way he helped “create jobs” at Staples.
All politics is local. So is the economy.
The Commodity Futures Trading Commission, the main regular of derivatives (bets on bets), wants to extend Dodd-Frank...
The Federal Reserve has once again counted up America’s personal wealth — and omitted the nation’s 400 richest from the final tally. But the new figures, even with that omission, show a divide still deepening.