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  1. June 11, 2010

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    The pity-the-pensioners argument is really just another way of valuing passive extraction of wealth by those with capital over the active creation of wealth by those who work. There are plenty of old people in the gulf who, instead of depending on shares of stock are still working on boats or supporting their kids who are. But under a corporatist scheme, the people who actually create value are much less valued than those who passively extract it from them.
    In a healthier, more justly designed economy, pensioners would be investing the excess wealth of their working years into local businesses, their kids’ businesses, or other productive assets instead of the retail stock of long-distance, environmentally irresponsible multinationals. The fact that the latter strategy is failing one is no justification for working people to bail out the investment capital community time and time again.

    — Douglas Rushkoff » Too Big to Fail? The BP Bailout as Corporatism

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