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Yo_Mama_Been_Loggin

(107,919 posts)
Wed May 29, 2019, 08:52 PM May 2019

Sears' owner wants to get out of paying $43 million in severance to former employees

Source: CNN

The owner of Sears promised to pay out tens of millions of dollars in severance to employees who lost their jobs. Now he wants to get out of it.

Former Sears Holdings chairman and CEO Eddie Lampert — who bought the remains of the bankrupt company earlier this year — is threatening not to make $43 million in pension payments to thousands of workers who have lost their jobs over the last year in multiple rounds of store closings.

Lampert disclosed that plan in court documents filed recently, the existence of which were first reported late Tuesday.

Lampert also denied that he is responsible for making some payments to creditors he says Sears Holdings is trying to force him to pay, according to the filing. Sears Holdings is the bankrupt remnants of the old Sears. It exists only to settle claims against it involving its few remaining assets.

Read more: https://www.msn.com/en-us/money/companies/sears-owner-wants-to-get-out-of-paying-dollar43-million-in-severance-to-former-employees/ar-AAC6ylV?li=BBnbfcL



Asshole!
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Sears' owner wants to get out of paying $43 million in severance to former employees (Original Post) Yo_Mama_Been_Loggin May 2019 OP
Of course he did. AllyCat May 2019 #1
Very confused on the apparent use of 'pensions' and 'severance' as synonyms ... mr_lebowski May 2019 #2
I'm guessing some people who were laid off are old enough to start collecting their pension. Yo_Mama_Been_Loggin May 2019 #3
as an employee of the newly named company that once was Sears stevesinpa May 2019 #10
I get the impression from the article.... Honeycombe8 May 2019 #7
i work in a former sears/kmart distribution center stevesinpa May 2019 #11
Somewhere in the fiery depths of Hell, Ayn Rand is very proud. Aristus May 2019 #4
speak for yourself stevesinpa May 2019 #12
I don't know how anyone can defend Ayn Rand-- and yes, her influences gave cover for the very hlthe2b May 2019 #15
I don't see anyone "defending" Rand - they disagreed that she turned people muriel_volestrangler May 2019 #17
She gave cover to generations of right wing deplorables and their "Xian Prosperity" enablers. hlthe2b May 2019 #18
Lampert is an Ayn Rand advocate csziggy May 2019 #22
Agree with stevesinpa...Speak for yourself Perseus May 2019 #13
Rand was deplorable. Her philosophy was deplorable. She influenced generations of RW deplorables. hlthe2b May 2019 #16
I noticed her defenders have a suspiciously low post-count. Aristus May 2019 #19
Have you ever seen her interview with Mike Wallace? If not, you should. OMG... hlthe2b May 2019 #20
But a bright spot for Republicans dixiegrrrrl May 2019 #25
Grifters gotta grift durablend May 2019 #5
He's a Libertarian rpannier May 2019 #8
Libertarian are nothing but republicans with another name Perseus May 2019 #14
Why am I not surprised?! sakabatou May 2019 #6
seems i repeat it seems that "most " buissness operators are scoundrells. AllaN01Bear May 2019 #9
Lets think about this for one minute anyone remember Carl Icahn and what he did to TWA turbinetree May 2019 #21
Yeah, Icahn is a real piece of shit... Blue_Tires May 2019 #24
who didn't see this coming?? Blue_Tires May 2019 #23
Tens of millions will get him a new Gulfstream jet,then he'll brag about "boosting" the economy.. Bengus81 May 2019 #26
 

mr_lebowski

(33,643 posts)
2. Very confused on the apparent use of 'pensions' and 'severance' as synonyms ...
Wed May 29, 2019, 09:05 PM
May 2019

AFAIK, these are two quite different compensation concepts ... so what's up with CNN conflating the two?

Or do I misunderstand?

Yo_Mama_Been_Loggin

(107,919 posts)
3. I'm guessing some people who were laid off are old enough to start collecting their pension.
Wed May 29, 2019, 09:10 PM
May 2019

Since it's harder to find another job when you're older it makes sense that some would start collecting retirement.

stevesinpa

(143 posts)
10. as an employee of the newly named company that once was Sears
Thu May 30, 2019, 12:45 AM
May 2019

i was hired too late for the pension, but from what I understand from my co-workers who do have a pension, since the company effectively shut down, anyone above a certain age was eligible to collect their pension- regardless if they lost their job or not.
that may not make sense, since Sears holding only exists to pay off its creditors, but the company basically just cahnged its name to Transformco. but those still employed by Transformco can elect to collect their pension while they still work, since it is a new company and no longer Sears Holding. i hope i didnt make it more confusing

Honeycombe8

(37,648 posts)
7. I get the impression from the article....
Wed May 29, 2019, 10:09 PM
May 2019

that those pension payments are for people who were laid off before the bankruptcy, in rounds of store closings. I guess pension payments weren't due them because Sears was going into bankruptcy. The creditors in the bankruptcy objected to paying those pensions for any employees laid off before the BR. But this guy (and his hedge fund), who were buying most of Sears' assets for over $5 billion dollars, said he would pay them, as part of the deal...if he got some key assets.

Lampert, the guy, and his hedge fund are saying they didn't get all the assets from Sears that they were supposed to, so they're not going to pay those disputed pensions/severance. Sears Holdings says it gave all the assets it was supposed to, in the deal.

Looks like Sears wants those payments made, but this guy is using that as leverage to get more assets.

This guy runs a hedge fund. A greedy MF, sounds like.

Sears should probably just shut down entirely. There's one in my city. My relatives say there's never anyone in it. It's inventory is pitiful.

I feel sorry for the workers.

stevesinpa

(143 posts)
11. i work in a former sears/kmart distribution center
Thu May 30, 2019, 12:49 AM
May 2019

and basically, we have scaled back shipments to stores. about half the work we do for sears/kmart is shipping directly to people's homes. but since our inventory is shrunk so much over the years, the company now contracts out for other businesses. in the facility I work at, we store and ship for 8 or 9 other companies presently, including, ironically, Walmart.

Aristus

(66,316 posts)
4. Somewhere in the fiery depths of Hell, Ayn Rand is very proud.
Wed May 29, 2019, 09:14 PM
May 2019

Steal every thing you can from every one you meet. Never give it back. Never apologize. Claim your right to do so stems from being naturally superior. Ayn Rand turned us all into selfish jerks...

stevesinpa

(143 posts)
12. speak for yourself
Thu May 30, 2019, 12:50 AM
May 2019

ayn rand turned no one into anything, everyone makes their own choices, but I am no selfish jerk and none of my friends are, or they wouldn't be my friends.

hlthe2b

(102,225 posts)
15. I don't know how anyone can defend Ayn Rand-- and yes, her influences gave cover for the very
Thu May 30, 2019, 08:41 AM
May 2019

selfish policies of the RW and their "Xian" enablers today.

muriel_volestrangler

(101,306 posts)
17. I don't see anyone "defending" Rand - they disagreed that she turned people
Thu May 30, 2019, 08:46 AM
May 2019

into selfish jerks; they instead said that people are responsible for they own attitude, and disagreed with the assertion that we are "all selfish jerks".

Rand's influence does tend to get overplayed in the USA; few have heard of her outside the country. She was, after all, by general consent, an awful writer, and had ideas that can be pulled apart easily.

hlthe2b

(102,225 posts)
18. She gave cover to generations of right wing deplorables and their "Xian Prosperity" enablers.
Thu May 30, 2019, 08:48 AM
May 2019

I read her. I detest her and everything she promulgated. Obviously, not everyone is similarly influenced by her, but she is and was detestable. I will not apologize for asserting that! She has no place on a progressive democratic site like DU IMO--she is the antithesis of what we promote.

Aristus has it absolutely right.

csziggy

(34,136 posts)
22. Lampert is an Ayn Rand advocate
Thu May 30, 2019, 11:10 AM
May 2019

He is the one who drove Sears/KMart into the ground. Now he is the one who bought the remaining assets and does not want to live up to the agreements made with employees and former employees.

Sears CEO Eddie Lampert Should Stop Reading Ayn Rand
By Erik Sherman

For those in business who idealize the philosophy of Ayn Rand, maybe it's time to forget books read during the teen years and start thinking about better ways to run a company. Put me in the same camp with Geoffrey James when it comes to saying that Ayn Rand is bad for business. Too bad for the investors in Sears that its CEO, Eddie Lampert, seems to remain a true believer.

Any person who demands the fealty of acolytes while preaching individualism is already off to a bad start with inherent contradictions. Apply the principles of Business-By-Rand and the start goes south pretty quickly.

<SNIP>

Lampert has never hidden his affection for Rand and has taken actions to implement its ideas. For example, as Bloomberg reported back in 2013, he broke the company up into dozens of autonomous groups that have to compete for attention and resources. Only the strong will survive.

<SNIP>

But with multiple executives fighting it out to get what they need, you end up running the company backward. Overall strategy takes a back seat to what individual groups can pull off. That was the problem that handicapped Microsoft in the mobile world. Windows and Office were the cash cows, and a future of the company, mobile, was left to wither. Apple and Google took away the significant market share that Microsoft once had.

More: https://www.inc.com/erik-sherman/sears-ceo-eddie-lampert-should-stop-reading-ayn-rand.html
 

Perseus

(4,341 posts)
13. Agree with stevesinpa...Speak for yourself
Thu May 30, 2019, 06:23 AM
May 2019

I read a couple of her books, "Atlas Shrugged" and "The Fountainhead", also heard her in an interview, oh and read a biography of her as well, and every time I thought she was crazy and bitter...

So no, she did not make me into a selfish jerk (maybe some of my friends will disagree ).

I read a lot from all sides of the spectrum because I think it is important to know how others think and act, but once out principles are set in place and we abide by them that rhetoric will automatically clash with your morals and ideals, Rand always clashed with mine.

hlthe2b

(102,225 posts)
16. Rand was deplorable. Her philosophy was deplorable. She influenced generations of RW deplorables.
Thu May 30, 2019, 08:42 AM
May 2019

Does that mean everyone who reads her books is similarly influenced? Of course not. But she is not, nor ever will be an influence for me. I find her philosophy sickening. I find those who promote her theories and philosophy sickening.

Aristus

(66,316 posts)
19. I noticed her defenders have a suspiciously low post-count.
Thu May 30, 2019, 09:52 AM
May 2019

It's also a lot of fun to pretend that books and political screeds have no influence on the way people think. But they wouldn't be a billion dollar industry if they didn't.

hlthe2b

(102,225 posts)
20. Have you ever seen her interview with Mike Wallace? If not, you should. OMG...
Thu May 30, 2019, 09:54 AM
May 2019


Edited to add the transcript:
Mike Wallace interviews Ayn Rand (1959): A Transcript
Mike Wallace Interviews Ayn Rand: A Transcript (1959)


Mike Wallace: This is Mike Wallace with another television portrait from our gallery of colorful people. Throughout the United States, small pockets of intellectuals have become involved in a new and unusual philosophy, which would seem to strike at the very roots of our society. The fountainhead of this philosophy is a novelist, Ayn Rand, whose two major works, The Fountainhead and Atlas Shrugged, have been best sellers. We'll try to find out more about her revolutionary creed and about Miss Rand herself in just a moment.

Mike Wallace: And now to our story. Down through history various political and philosophical movements have sprung up, but most of them have died. Some, however, like Democracy or Communism, take hold and affect the entire world. Here in the United States perhaps the most challenging and unusual new philosophy has been forged by a novelist, Ayn Rand. Miss Rand's point of view is still comparatively unknown in America, but if it ever did take hold it would revolutionize our lives.

Mike Wallace: Ayn, to begin with, I wonder if I can ask you to capsulize... I know this is difficult... Can I ask you to capsulize your philosophy? What is Randism?

Ayn Rand: First of all, I do not call it Randism, and I don't like that name. I call it Objectivism, meaning a philosophy based on objective reality. Now let me explain it as briefly as I can.

Ayn Rand: First, my philosophy is based on the concept that reality exists as an objective absolute. That man's mind, reason, is his means of perceiving it. And that men need a rational morality. I am primarily the creator of a new code of morality which has so far been believed impossible. Namely, a morality not based on faith, not on arbitrary whim, not on emotion, not on arbitrary edict, mystical or social, but on reason. A morality which can be proved by means of logic. Which can be demonstrated to be true and necessary. Now may I define what my morality is, because this is merely an introduction?

Ayn Rand: My morality is based on man's life as a standard of value. And since man's mind is his basic means of survival, I hold that if man wants to live on earth, and to live as a human being, he has to hold reason as an absolute. By which I mean that he has to hold reason as his only guide to action. And that he must live by the independent judgment of his own mind. That his highest moral purpose is the achievement of his own happiness. And that he must not force other people nor accept their right to force him. That each man must live as an end in himself and follow his own, rational, self-interest.

Mike Wallace: May I interrupt now?

Ayn Rand: You may.

Mike Wallace: Because you put this philosophy to work in your novel, Atlas Shrugged. You demonstrate it, in human terms, in your novel Atlas Shrugged. And let me start by quoting from a review of this novel, Atlas Shrugged, that appeared in Newsweek. It said that, "You are out to destroy almost every edifice in the contemporary American way of life. Our Judeo-Christian religion, our modified, government-regulated capitalism, our rule by the majority will." Other reviews have said that, "You scorn churches, and the concept of God." Are these accurate criticisms?

Ayn Rand: Ah... Yes. I agree with the facts, but not the estimate of this criticism. Namely, if I am challenging the base of all these institutions, I'm challenging the moral code of altruism. The precept that man's moral duty is to live for others. That man must sacrifice himself to others. Which is the present day morality.

Mike Wallace: What do you mean by “sacrifice himself for others”? Now were getting to the point.

Ayn Rand: Since I'm challenging the base, I necessarily will challenge the institutions you name, which are a result of that morality. And now what is self-sacrifice?

Mike Wallace: Yes.What is self-sacrifice? You say that you do not like the altruism by which we live. You like a certain kind of Ayn Randist selfishness.

Ayn Rand: I would say that "I don't like" is too weak a word. I consider [it] evil. And self-sacrifice is the precept that man needs to serve others in order to justify his existence. That his moral duty is to serve others. That is what most people believe today.

Mike Wallace: Yes, we're taught to feel concern for our fellow man. To feel responsible for his welfare. To feel that we are, as religious people might put it, children under God, and responsible one for the other. Now why do you rebel? What's wrong with this philosophy?

Ayn Rand: But that is in fact what makes man a sacrificial animal. That man must work for others, concern himself with others, or be responsible for them. That is the role of a sacrificial object. I say that man is entitled to his own happiness. And that he must achieve it himself. But that he cannot demand that others give up their lives to make him happy. And nor should he wish to sacrifice himself for the happiness of others. I hold that man should have self-esteem.

Mike Wallace: And cannot man have self-esteem if he loves his fellow man? What's wrong with loving your fellow man? Christ, every important moral leader in man's history, has taught us that we should love one another. Why then is this kind of love in your mind immoral?

Ayn Rand: It is immoral if it is a love placed above oneself. It is more than immoral, it's impossible. Because when you are asked to love everybody indiscriminately. That is to love people without any standard. To love them regardless of whether they have any value or virtue, you are asked to love nobody.

Mike Wallace: But in a sense, in your book you talk about love as if it were a business deal of some kind. Isn't the essence of love, that it is above self-interest?

Ayn Rand: Well, let me make it concrete for you. What would it mean to have a love above self-interest? It would mean, for instance, that a husband would tell his wife, if he were moral according to the conventional morality, that I am marring you just for your own sake, I have no personal interest in it, but I'm so unselfish, that I am marrying you only for your own good. Would any woman like that?

Mike Wallace: Should husbands and wives, Ayn, tally up at the end of the day and say, "Well now wait a minute, I love her if she's done enough for me today, or she loves me if I have properly performed my functions?”

Ayn Rand: No, you misunderstood me. That is not how love should be treated. I agree with you that it should be treated like a business deal. But every business has to have its own terms and its own kind of currency. And in love the currency is virtue. You love people not for what you do for them, or what they do for you. You love them for their values, their virtues, which they have achieved in their own character. You don't love causes. You don't love everybody indiscriminately. You love only those who deserve it.

Mike Wallace: And then if a man is weak, or a woman is weak, then she is beyond, he is beyond love?

Ayn Rand: He certainly does not deserve it, he certainly is beyond. He can always correct it. Man has free will. If a man wants love he should correct his weaknesses, or his flaws, and he may deserve it. But he cannot expect the unearned, neither in love, nor in money, neither in matter, nor spirit.

Mike Wallace: You have lived in our world, and you realize...recognize...the fallibility of human beings. There are very few of us, then, in this world, by your standards, who are worthy of love.

Ayn Rand: Unfortunately.... yes... very few. But it is open to everybody, to make themselves worthy of it, and that is all that my morality offers them. A way to make themselves worthy of love, although that's not the primary motive.

Mike Wallace: Let’s move ahead. How does your philosophy translate itself into the world of politics? Now one of the principle achievements of this country in the past 20 years, particularly, I think most people agree, is the gradual growth of social and protective legislation based on the principle that we are our brother's keepers. How do you feel about the political trends of the United States, the Western world?

Ayn Rand: The way everybody feels, except more consciously. I feel that it is terrible, that you see destruction all around you, and that you are moving toward disaster until, and unless, all those welfare state conceptions have been reversed and rejected. It is precisely these trends which are bringing the world to disaster, because we are now moving towards complete collectivism, or socialism. A system under which everybody is enslaved to everybody, and we are moving that way only because of our altruist morality.

Mike Wallace: Ah...Yes, but you say everybody is enslaved to everybody, yet this came about democratically, Ayn. A free people in a free country voted for this kind of government, wanted this kind of legislation. Do you object to the democratic process?

Ayn Rand: I object to the idea that the people have the right to vote on everything. The traditional American system was a system based on the idea that majority will prevailed only in public or political affairs. And that it was limited by inalienable individual rights, therefore I do not believe that a majority can vote a man's life, or property, or freedom away from him. Therefore, I do not believe that if a majority votes on any issue, that this makes the issue right; it doesn't.

Mike Wallace: All right, then how do we arrive at action? How should we arrive at action?

Ayn Rand: By voluntary consent, voluntary cooperation of free men, unforced.

Mike Wallace: And how do we arrive at our leadership? Who elects, who appoints?

Ayn Rand: The whole people elects. There is nothing wrong with the democratic process in politics. We arrive at it the way we arrived by the American Constitution as it used to be. By the constitutional powers, as we had it, people elect officials, but the powers of those officials, the powers of government are strictly limited. They will have no right to initiate force or compulsion against any citizen, except a criminal. Those who have initiated force will be punished by force, and that is the only proper function of government. What we would not permit is the government to initiate force against people who have hurt no one, who have not forced anyone. We would not give the government, or the majority, or any minority, the right to take the life or the property of others. That was the original American system.

Mike Wallace: When you say, “take the property of others,” I imagine that you are talking now about taxes.

Ayn Rand: Yes I am.

Mike Wallace: And you believe there should be no right by the government to tax. You believe that there should be no such thing as welfare legislation, unemployment compensation, regulation during times of stress, certain kinds of rent controls, and things like that.

Ayn Rand: That's right. I'm opposed to all forms of control. I am for an absolute laissez-faire, free, unregulated economy. Let me put it briefly. I'm for the separation of state and economics. Just as we had separation of state and church, which led to peaceful co-existence among different religions, after a period of religious wars, so the same applies to economics. If you separate the government from economics, if you do not regulate production and trade, you will have peaceful cooperation, and harmony, and justice among men.

Mike Wallace: You are certainly enough of a political scientist to know that certain movements spring up in reaction to other movements. The labor movement for instance, certain social welfare legislation. This did not spring full blown from somebody's head. I mean, out of a vacuum. This was a reaction to certain abuses that were going on, isn't that true, Ayn?

Ayn Rand: Not always. It actually sprang up from the same source as the abuses. If by abuses you mean the legislation which, originally, had been established to help industrialists, which was already a breach of complete free enterprise. If then, in reaction, labor leaders get together to initiate legislation to help labor, that is only acting on the same principle. Namely, all parties agreeing that it is proper for the state to legislate in favor of one economic group or another. What I'm saying is that nobody should have the right, neither employers nor employees, to use state compulsion and force for their own interests.

Mike Wallace: When you advocate completely unregulated economic life in which every man works for his own profit, you are asking in a sense for a devil-take-the-hindmost, dog-eat-dog society, and one of the main reasons for the growth of government controls was to fight the robber barons, to fight laissez-faire, in which the very people whom you admire the most, Ayn, the hard-headed industrialists, the successful men, perverted the use of their power. Is that not true?

Ayn Rand: No, it isn't. This country was made not by robber barons, but by independent men, by industrialists, who succeeded on sheer ability. By ability, I mean without political force, help, or compulsion. But at the same time there were men, industrialists, who did use government power as a club to help them against competitors. They were the original collectivists. Today, the liberals believe that the same compulsion should be used against the industrialists for the sake of workers, but the basic principle there is, "Should there be any compulsion?" And the regulations are creating robber barons, they are creating capitalists with government help, which is the worst of all economic phenomenon.

Mike Wallace: Ayn, I think that you will agree with me when I say that you do not have a good deal of respect for the society in which you and I currently live. You think that we're going downhill fairly fast. Now I would like you to think about this question, and you'll have a minute intermission to ponder it and then come back and answer it, "Do you predict dictatorship and economic disaster for the United States if we continue on our present course? Do you?" And we'll get Ayn Rand's answer in just a moment.

Mike Wallace: And now back to our story. All right, Ayn Rand, what I'd like to know is this, since you describe it as happening in your novel Atlas Shrugged, do you actually predict dictatorship and economic disaster for the United States?

Ayn Rand: If the present collectivist trend continues, if the present anti-reason philosophy continues, yes, that is the way the country is going. But, I do not believe in historical determinism, and I do not believe that people have to go that way. Men have the free will to choose and to think. If they change their thinking we do not have to go into dictatorship.

Mike Wallace: Yes, but how can you expect to reverse this trend, when, as we've said, the country is run by majority rule, through ballot, and that majority seems to prefer to vote for this modified welfare state?

Ayn Rand: Oh, I don't believe that. You know as well as I do that the majority today has no choice. The majority has never been offered a choice between controls and freedom.

Mike Wallace: How do you account for the fact that an almost overwhelming majority of the people, who are regarded as our leading intellectuals, and our leading industrialists, the men whom you seem to admire the most, the men with the muscle and the money, favor the modified capitalism that we have today?

Ayn Rand: Ah...because it is an intellectual issue. Since they all believe in collectivism, they do favor it, but the majority of the people has never been given a choice. You know that both parties today are for socialism, in effect, for controls, and there is no party, there are no voices, to offer an actual, pro-capitalist, laissez-faire, economic freedom, and individualism. That is what this country needs today.

Mike Wallace: Isn't it possible that they all, we all, believe in it because we are all basically lonely people, and we all understand that we are basically our brother's keepers?

Ayn Rand: You couldn't say that you really understand it, because there is no way in which you could justify it. Nobody has ever given a reason why men should be their brother's keepers, and you've had every example, and you see the examples around you, of men perishing by the attempt to be their brother's keepers.

Mike Wallace: You have no faith in anything.

Ayn Rand: Faith....no.

Mike Wallace: Only in your mind.

Ayn Rand: That is not faith. That is a conviction. Yes..... I have no faith at all. I only hold convictions.

Mike Wallace: Who are you, Ayn Rand? When I say that, I would like to know just a little bit of your vital statistics. You have an accent, which is?

Ayn Rand: Russian.

Mike Wallace: You were born in Russia?

Ayn Rand: Yes.

Mike Wallace: Came here?

Ayn Rand: Oh, about 30 years ago.

Mike Wallace: And whence did this philosophy of yours come?

Ayn Rand: Out of my own mind, with the sole acknowledgement of a debt to Aristotle, who is the only philosopher that ever influenced me. I devised the rest of my philosophy myself.

Mike Wallace: Your parents; did they die in Russia, or did they come here to the United States?

Ayn Rand: No, I came here alone, and I don't know, I have no way of finding out, whether they died or not.

Mike Wallace: You are married?

Ayn Rand: Yes.

Mike Wallace: Your husband, is he an industrialist?

Ayn Rand: No. He's an artist. His name is Frank O'Conner. He paints. No, he's not a writer.

Mike Wallace: Does he live from his painting?

Ayn Rand: He's just beginning to study painting. He was a designer before.

Mike Wallace: Is he supported in his efforts by the state?

Ayn Rand: Most certainly not.

Mike Wallace: He's supported by you for the time being?

Ayn Rand: No, by his own work, actually, in the past. By me if necessary, but that isn't quite necessary.

Mike Wallace: There is no contradiction here, in that you help him?

Ayn Rand: No, because you see I am in love with him selfishly. It is to my own interest to help him if he ever needed it. I would not call that a sacrifice, because I take selfish pleasure in it.

Mike Wallace: Let me put one specific case to you. Suppose under your system of self-sufficiency, one single corporation were to get a stranglehold on a vital product, or a raw material, uranium for instance, which might be vital to the national defense, and then would refuse to sell it to the government. Then what?

Ayn Rand: Under a free system no one could acquire a monopoly on anything. If you look at economics, and economic history, you will discover that all monopolies have been established with government help, with the help of franchises, subsidies, or any kind of government privileges. In free competition no one could corner the market on a needed product. History will support me.

Mike Wallace: There is a deposit of uranium in Nevada, it's the only one in the United States, and it's our only access to that, and for self-defense we need this. Whereas, let's say in the Soviet Union, the state is able to command that. And if kind of a strange man, of strange beliefs, got a hold of this uranium, and said, "I will not sell this uranium to my government." He should not be able to be forced by the government (according to your philosophy) to sell that uranium?

Ayn Rand: But you realize that you are setting up an impossible fantasy. That is, if you are talking of any natural resource, that is vitally needed, it could not become vitally needed if it were that scarce. Not scarce to the point where one man could control all of it. So long as (I'm using your example) if a natural resource exists in more than one place in the world, no one man is going to control it.

Mike Wallace: All right, let's take another. How do we build roads, sanitation facilities, hospitals, schools? If you are not...If the government is not permitted to force, if you will, by vote, taxation, I'll use your word, we have to depend upon the trickle down theory, upon the noblesse oblige, the largess.

Ayn Rand: I will answer you by asking you a question. Who pays for all those things?

Mike Wallace: All of us pay for these things.

Ayn Rand: When you admit that you want to take money, by force, from someone and ask me how are we going to build hospitals, or roads, you admit that someone is producing the money, the wealth, that will make those roads possible. Now, you have no right to tell the man who produced the wealth, in what way you want him to spend it. If you need his money, you can obtain it only by his voluntary consent.

Mike Wallace: And you believe in the eventual goodwill of all human beings, or at least that top echelon of human beings, whom you believe will give willingly...

Ayn Rand: No goodwill is necessary, only self-interest. I believe in private roads, private post offices, private schools.

Mike Wallace: When industry breaks down momentarily, and there is unemployment, mass unemployment, we should not be permitted to get unemployment insurance, social security we do not need. We'll depend upon the self-interest of these enlightened industrialists whom you so admire, to take care of things when the economy needs a little lubrication and there are millions of people out of work.

Ayn Rand: Study economics; a free economy will not break down. All depressions are caused by government interference, and the cure is always offered, so far, to take more of the poisons that caused the disaster. Depressions are not a result of a free economy.

Mike Wallace: Ayn, one last question, we only have about a half a minute. How many Randists, you don't like the word, I beg your pardon.

Ayn Rand: Objectivists.

Mike Wallace: How many objectivsts would you say they are in the United States?

Ayn Rand: It's hard to estimate, but I can tell you some figures. My best intellectual heir, Nathaniel Brandon, a young psychologist, is giving a series of lectures on my philosophy in New York. He has received 600 letters of inquiry within the month of January. He is giving these lectures and attendance is growing in geometrical proportion.

Mike Wallace: Ayn, I'm sure that you have stimulated a good many people, more people than [you] already have, to read your book Atlas Shrugged, and The Fountainhead, and I'm equally sure they will be stimulated for the reading, indeed, if they do not agree.

Ayn Rand: Thank you.

Mike Wallace: Thank you very much.

Mike Wallace: I'll be back in a moment with my personal footnote to the story of Ayn Rand.


Mike Wallace: As we said at the outset, "If Ayn Rand's ideas were ever to take hold, they would revolutionize the world." And to those who would reject her philosophy, Miss Rand hurls this challenge. She has said, "For the past 2000 years the world has been dominated by other philosophies. Look around you, consider the results.” We thank Ayn Rand for adding her portrait to our gallery. One of the people other people are interested in. Mike Wallace...Good Bye
 

Perseus

(4,341 posts)
14. Libertarian are nothing but republicans with another name
Thu May 30, 2019, 06:27 AM
May 2019

I read the libertarian manifesto, or whatever its called a while ago, and every paragraph I read I kept thinking "this is republican mindset, nothing else". I mean, who do libertarian vote for? Don't they all vote republican?

I think they created the libertarian stuff to keep people who were dissatisfied with the republican party, but not enough to vote for Democrats. In my opinion, libertarian is just a farce.

AllaN01Bear

(18,150 posts)
9. seems i repeat it seems that "most " buissness operators are scoundrells.
Wed May 29, 2019, 11:06 PM
May 2019

but not all are . i dont have a big enough brush to use .

turbinetree

(24,695 posts)
21. Lets think about this for one minute anyone remember Carl Icahn and what he did to TWA
Thu May 30, 2019, 10:50 AM
May 2019
https://www.businessinsider.com/marc-andreessen-carl-icahn-killed-an-entire-airline-2014-3

Then we can bring up Frank Lorenzo and what he did to Continental and Eastern airlines with help

https://www.upi.com/Archives/1990/03/26/Unions-Feds-allowed-Texas-Air-looting-of-pension-funds/5601638427600/


I know that Sears is not protected under the Railroad Act which carriers are.........................but see the pattern..........................its all the same every time.......................a bankruptcy is filed, the pension funds are raided and then the company whines they don't have the money,., to support the pensions................you are not suppose to use pensions to fund a corporation to run on a day to day operation.................this asshole is trying get those funds to pad his pocket...........................just like Icahn, Lorenzo, Bain Capital, all of them ............................


The rules need to be changed.................................

Blue_Tires

(55,445 posts)
24. Yeah, Icahn is a real piece of shit...
Thu May 30, 2019, 11:38 AM
May 2019

I'll never understand how TWA lost a literally un-loseable federal case against him, which sealed their doom.

Bengus81

(6,931 posts)
26. Tens of millions will get him a new Gulfstream jet,then he'll brag about "boosting" the economy..
Thu May 30, 2019, 08:26 PM
May 2019

Truly...these clowns don't even try and hide it anymore.

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