230 comments on For all practical purposes the markets are closed right now
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230 comments on For all practical purposes the markets are closed right now
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GAIA Host Collective
Jerome,
One of the largest problems I see is the accounting that allows corporations to book profit on future streams of income. This caused the Enron collapse IMHO, and looks to me as though it has fueled the Hedge Fund proliferation.
I suggest we need to make the officers of corporations and the boards of trustees financially liable for their mistakes doing these types of transactions. It may only partially recompense the pension holders and the shareowners, but it will make any board members in the future a lot more wary. They profit exhorbitantly by machinations to increase the price of stocks, but don't suffer any consequences
Bob Ebersole
Hey folks, this post is, as I write, #55 on reddit. I just wanted to let you know in case you were inclined to go vote it up.
(and no, I don't know if that means we're back at reddit or not...)
Simply put, it means that "corporate personhood" must, by necessity, be redefined or, more accurately, more properly defined. The notion that a fictional entity may demand all of the rights and freedoms of a flesh and blood human being has been a one-sided concept since its inception in 1889.
"Juristic persons", as corporations are sometimes called, have been free to demand and enjoy these rights without shouldering any of the responsibilities.
Time and time again we are admonished that "freedom isn't free", or that "with freedom and liberty goes an awesome amount of responsibility", as if we the citizens have somehow been lackadaisical in our shirking of such dues.
I don't know if it will take a generation of "Schoolhouse Rock" television skits to teach the idea of giant multi-story "persons" weighing in the hundreds of thousands of tons, moving about the city, crushing anyone who gets in their way, feeding at the trough and littering the landscape with their economic waste and frivolity.
I'd like to think that the grownups can grasp the concept a little better, but so far all we hear are the howls of outrage as "fictional persons" scream about how their rights are being infringed whenever the people demand they show a little responsibility.
Apparently all that responsibility, and the economic burdens associated with it, are "for the little people".
It's time to start treating these entities as the objects that they truly are, or else force them to shoulder the same discipline and responsibilities that we the little people, are forced to carry.
Couldn't agree more with your comments. Personally, I'd like to see the practice of corporations as legal entities abolished. And in it's place REAL people who are held accountable and responsible... same for government.