I know this will be seen as complete heresy to some, but hear me out before you just dismiss the notion out of hand.
The "markets" have left the average American high and dry more often than not. 1929 and 2008 have been the worst years in recent times, but there have been many other drops and possibly worse ones in the Nineteenth Century.
In this time of bailouts and buying of toxic assets, is it time to disassemble the Dow, NASDAQ, the S&P, and other markets? Should we throw the baby out with the bath water and work on getting pregnant again?
Follow me after the break...
The stock markets are used as an indicator of a successful economy by many economists and speculators. The markets rise when costs are cut. The markets rise when the bottom line rises. The markets rise when executive pay and dividends rise. The markets fall when employees get raises. The markets fall when healthcare benefits for employees rise. Are you starting to see a pattern here?
I am proposing that the government, especially the economic team, freeze the markets on one day. Every share of stock would be held in trust during the transition. The transition would be to new stock markets. However, these new markets would have different foci and rewards.
The new markets need to reward companies and shareholders when the employees get full healthcare, including mental, dental, and glasses. The new markets need to reward companies for limiting executive pay, bonuses, and golden parachutes. The companies need to be rewarded for reducing their carbon footprint and being responsible corporations.
This is a new century. This is a new millenium. It is time to change the exploitive consumerism of the past. This is a new day and time for a new way forward. We can no longer afford to cut benefits on our retirees while fatcats keep more than five residences. We can no longer cut hours simply to deny healthcare coverage to those who need it the most. Investment in corporations is a necessary way for the companies to raise capital. However, we can no longer reward them for devasting our community with their greed.