Great Depression vs Silent Depression: 1930 vs 2023 Numbers Are Shocking
(rumble.com)
💥 ECON COLLAPSE 💥
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This is the same argument that libs have been making against Capitalism for years. Doesn't anyone else remember all this during and after the Great Recession when they were going on and on about "living wages"?
So what's the solution here? Impose a cap on how much money a person can make?
I've said before that sometimes it feels like I've fallen into Bizzaro world here. This is one of those times.
the root of the problem IMO is the Boards of Directors. There is no independence and no stockholder fiduciary on the board. the relationship is incestuous - Board votes for obscene compensation for the senior executives and grabs a bunch for themselves and nominates other obscenely compensated executives who see this as normal and appropriate. Blackrock et all control the voting at the annual shareholders meeting and so the voice of the common people get squashed.
To you question...no, I woiuld strongly oppose a federally mandated cap. However, I would support revisions to rules/laws regarding outside ownership and membership/constituency of the Board including prohibiting collusion between third party investment funds, eg Blackrock/state street/Vanguard and including private (VC) funds.
Do I argue in favor of a mandated guaranteed "living wage"? No, strongly object. Free markets are based on a willing buyer and a willing seller. If you are willing to sell your labor for a low price, then that is the contract you agreed to. Quit bitching...either find a better paying job or sit down shut up a row. And the thought of the Feds defining the elements that compose minimum living standards and therefore impute a commensurate wage is terrifying.