[lbo-talk] Compassionate Capitalism

[michael perelman]

One must admire the extent of compassion expressed by the captains of 
capitalism. Some people unfairly snickered when George Bush declared 
himself a compassionate conservative, but is a passionate advocate of 
business his description may have been accurate.

Despite all the talk about greed being the fuel that drives capitalism, 
profits are virtually irrelevant.  As an act of philanthropy, 
corporations scatter much of their profits in less developed areas, such 
as the Grand Cayman Islands and Bermuda.

As further evidence, I read today that the Bank of America is reluctant 
to lower the value of its own loans out of compassion for the people who 
stayed up-to-date with their payments. After all, one of the motives for 
subprime loans was to meet the desires for people who wanted enjoy 
homeownership.

Similarly, business opposes minimum wages of compassion for workers who 
might lose their jobs. For the same reason, business reluctantly accepts 
tax breaks only because it allows them to help unfortunate workers who 
might find themselves without a boss. The same motives explain why 
business fights so heroically against regulation.

more at

http://michaelperelman.wordpress.com/wp-admin/post.php?post=1915&action=edit&message=6

-- 
Michael Perelman
Economics Department
California State University
Chico, CA
95929

mperelman at csuchico.edu

530 898 5321
fax 530 898 5901
http://michaelperelman.wordpress.com