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View Diary: Conservative Exceptionalism (184 comments)

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  •  What the wealthy have (8+ / 0-)

    deluded themselves into believing is exactly the sentiment expressed by O'Reilly.

    Here's the truth: if they ALL took their balls and went home, the system would survive. Sure, it'd be a shock for a bit, but Mom&Pops a'plenty would replace Walmart in short order.

    And then you would have a society truly based on merit - capitalism may indeed need a purge every hundred years or so. nothing like the offspring of power brokers to screw it all up (Trump, the Kochs...).

    •  Capitalism does not need capitalists (8+ / 0-)

      A century ago, farmers rebelled against the malefactors of great wealth and successfully set up cooperative farm service organizations and branded sales organizations. Many of the branded sales coops are still the dominant brand (Ocean Spray, Land-o-Lakes, Blue Diamond Almonds etc.).

      The problem with cooperative ventures is that often the children or grandchildren of the people who made these cooperatives work have been talked into cashing out by financiers. One of the coops that was talked into converting to a corporation, Diamond (Walnut) Growers, now Diamond Foods, has had a lot of problems recently. There are fewer kibbutzim as well.

      There are also cooperative insurance companies and banking companies. Cooperative insurers are called mutual insurance companies. Cooperative banks are either mutual (savings) banks (the regulator who allowed Washington Mutual to keep its name after WaMu demutualized was absolutely wrong to do so) or credit unions. Again, there is the problem that regulators do allow executives to persuade members to convert mutual companies to shareholder companies, often to the overwhelming benefit of the executives and no benefit to the members. Only if the company is in financial distress should there be a conversion and then the executives need to all lose their jobs.

      The GOP is the party of mammon. They mock what Jesus taught.

      by freelunch on Sun Nov 11, 2012 at 07:19:34 AM PST

      [ Parent ]

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