by Robert Reich

[elleng]

I was asked this morning by a reporter for the BBC whether capitalism is doomed. Thomas Piketty’s data has fueled the debate (notwithstanding recent nit-picks) but the major reason for the question is the system is no longer delivering for most people. Capitalism works when markets are competitive, but we’re in the midst of a giant consolidation similar to that of the late 19th century. Look at Walmart's dominance over retailing; Comcast’s proposed acquisition of Time-Warner and AT&T’s of DirecTV and other wireless; Amazon’s predatory behavior toward publishers; the strangle-hold over finance by Wall Street’s five largest banks; the control of agriculture exercised by the four largest food processors; and the power of the five major drug companies to keep patents long after they were supposed to expire, and you see the pattern.

Antitrust law was supposed to prevent this sort of concentration, but Obama’s antitrust authorities (and W.'s before them) have been asleep at the wheel. This isn't the only reason for capitalism’s current crisis, of course, but it’s not helping. What's your view?

[DJ13]

1. K&R

Link?

[elleng]

2. fb

https://www.facebook.com/RBReich?fref=nf

[DJ13]

3. Thank you

I love posting Reich on another website, it pisses off the conservative rubes.

[Enthusiast]

4. Asleep at the wheel will result in disaster.

The too big to fail banks should be cut in half at least.

[Warren Stupidity]

5. Piketty is pointing out the dynamics of low growth capitalism. The dynamics aren't good

if you aren't in the 0.1%, in fact they are pretty horrible. Nit picking aside, is his assumption that low growth will dominate this century accurate? I think it is, for several reasons, including demographics, which will level off population growth, peak resources of various sorts, and catastrophic climate change.

[elleng]

6. Don't know if it will,

but congressional repugs have been and continue to KILL us, with their refusals to allow us to improve infrastructure, etc etc etc.

[fasttense]

7. Allowing the already rich to accumulate larger stockpiles of wealth is destroying the world.

By taking away taxes that restricted the ever expanding wealth of the already wealthy, by not taxing the already wealthy as we tax the middle class and poor, by bailing out the already wealthy and giving them our tax dollars for just being rich, we have created monsters. These excessively wealth monsters are more destabilizing to an economy and a peaceful society than plagues, drought or famine. They should be taxed to death. They think they are gods and do any illegal, reckless, stupid, immoral or criminal thing that suits their fancy.

The uber rich were the ones who started WWI and they were the ones who funded Hitler and Mussolini. People like the Koch brothers and the bushes create hate and discontent and should be rid of their wealth and power.