On Wed, Mar 9, 2011 at 11:03 PM, michael perelman < michael.perelman3 at gmail.com> 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
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-- Peter Fay http://theclearview.wordpress.com