At 08:03 PM 3/9/2011 -0800, you wrote:
>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
>___________________________________
>http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk