-Caveat Lector-
William Hugh Tunstall wrote:
>
> -Caveat Lector-
>
> ---------- Forwarded message -----
> Citation: The Nation April 8 1996, v262, n14, p3(1)
> Title: Class act.(comments by Chairman and Chief Executive
> Officer Robert Eaton of Chrysler Corp.)(Editorial)
> ------------------------------------------------------------------------
> COPYRIGHT The Nation Company Inc. 1996
> Comes now Robert Eaton, chairman and C.E.O. of Chrysler, to decry the
> "demonization of corporate America" before an appreciative bevy of execs at
> the Detroit Economic Club. "Empty-headed, tub-thumping populism," complains
> Eaton, has declared "open season" on virtuous C.E.O.s. He is particularly
> aggrieved at stories on corporate downsizing in Newsweek, Business Week and
> The New York Times. His mother used to be proud that her son was a "big shot."
> Now she tells friends her son has a "front office job." "Demagogues," warned
> Eaton, are herding us "down the path to class warfare."
Class warfare is one of the few things the elites are truly afraid of.
CEO's
would like to believe that they have successfully brainrinsed the
public into
thinking that they, the public, could also get some privileges like
the wealthy
class does. This works on Libertarians, Objectivists, Yuppies, and the
desperately greedy. But alas, most people have grudgingly concluded
that they
will not achieve great wealth and power due to social, and personal
reasons. It
is the increase in the numbers of these people who are becoming
receptive to
the idea of class war.
The elites can not win a class war. They know history.
EAT THE RICH
Joshua2
========
> Really? For more than twenty years, the overclass that Eaton represents has
> waged unrelenting class war on working people. Workers, wages have fallen in
> recessions and in recoveries. Productivity has gone up, profits are at record
> heights, but wages continue to fall. Profitable companies continue to lay
> offworkers. Middle-aged workers are now twice as likely to be permanently
> separated from an employer than they were two decades ago. Too often, the
> result is not bruised feelings at the ski chalet, but dashed hopes, lost homes
> and broken families.
> Eaton made $6.2 million in 1994. Twenty years ago, C.E.O.s at large
> companies were paid about 35 times the pay of the average U.S. worker. Today,
> that ratio has exploded to 187 times as much. In Germany and Japan the
> comparable ratio is 21 and 16, respectively. No other industrialized nation
> has witnessed either the decline of wages suffered by America's working people
> or the soaring of its executives, pay. No other country suffers the extreme
> inequality now found in the United States. That, Mr. Eaton, is class warfare.
> Americans, Eaton allows, do have "rational fears about holding on to a good
> job if they have one, and getting one if they don,t," but don,t blame
> C.E.O.s-rapacious shareholders make us do it. Shareholding, Eaton notes, is
> increasingly dominated by institutional investors--mutual funds and pension
> funds that demand short-term returns. In this "equalitarian" securities
> market, Eaton reassured his audience, the new ownership of corporate America
> is "most of America," which should "burst the bluster of the
> redistribution-of-wealth crowd." Well, not exactly. Federal Reserve data show
> that in 1989 the top 10 percent of Americans controlled 80 percent of the
> financial assets of the country. Since then stocks have nearly doubled in
> value and made the top 10 percenters seriously rich.
> Eaton argues that the business of business is to make money. Profitable
> companies like Chrysler compete, hire and pay workers and serve their
> communities. But Chrysler survives today because the government--industrial
> policy]--bailed it out when it was facing bankruptcy. Reagan's quotas on
> Japanese auto imports--protectionism]--allowed the auto industry to revive.
> Chrysler's workers have decent pay, pensions, health care and profit-sharing
> plans not because of Eaton's benevolence but because they are represented by
> the United Auto Workers--unions]--which exacted these benefits. If the 89
> percent of the private work force that is not organized had similar union
> representation, then declining wages in the midst of rising productivity would
> be less of an issue. And that, Mr. Eaton, is class warfare.
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