this post was submitted on 21 Oct 2023
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Wall street is the psychotic, insatiable, dehumanizing tail that wags the dog, one petulant tantrum-a-minute to the next, and the next, and the next... perpetually.
God forbid anyone in a corporate position of power try and do anything that isn't indecent and corrosively myopic, else the stampeding Dow Jones zombies go on a goddamned short-selling rampage.
But then people have been saying this for ages now, and still here we are.
EDIT: added "insatiable"
I remember a story about a CEO who decided to pay ALL of his employees well. As I remember, all of his middle management left in a huff because they no longer had their higher earnings to hold over their subordinates and feel superior, all of his friends ostracized him and he essentially became a pariah.
Yeah, Dan Price, just went to look it up. Apparently, he had to resign after some allegations against him, which turned out to be false. Something smells off about a man paying employees fairly suddenly getting trumped-up charges that never got properly investigated before being referred to the prosecutor's office literally the day after he announces the pay stuff.
https://fortune.com/2023/04/19/gravity-payments-dan-price-assault-charges-are-dropped/
He resigned because someone that has part ownership in the company sued him.
The lawsuit was basically “you’re not acting in a way that is best for the shareholders”
Or in other words “you’re paying the employees more and me less, so I’m mad at you for treating them well”
Thanks for the clarification.
The stock market should be abolished entirely. The driving force behind big business and government decisions should be humanity, not money.
The idea of public ownership and profit sharing is not a bad thing. It's the closest thing we have to the democratization of our economy.
Private companies are way more dangerous and have virtually noone to answer to.
only problem is that ownership is not widely or fairly distributed.
Absolutely!
Reality. <> This Comment.
Interestingly enough, I just put forth the argument in another thread that dismantling the stock market would address a lot of systemic problems. I’m glad it’s not just my own thinking.