LC’s Commentary

Listen To The Voice of Reason

Investing in the future of America

P.W. Litchfield, past Chairman of the Board of the Goodyear Tire and Rubber Company often spoke about the relationship between the Consumer, Labor and Capital. As I look at what is taking place in America, I am reminded of what Litchfield had to say about American business. In his book titled, Autumn Leaves, he wrote the following; there are many things in American business which have been criticized, and justly. There always will be as long as business is conducted by men, human nature being what it is. Throughout history, government has had to step in to correct abuses, to act as umpire in quarrels, to punish those who tried to use our system of free exchange for selfish purposes of their own.

Somewhere, somehow, this approach to what is required to maintain a balance between Labor, Capital and the Consumer has eroded away in favor of outright abuse by many people. There is an unhealthy alliance between business and those in government who are suppose to regulate them. This alliance has allowed many in all facets of business to take advantage of the Consumers and Labor in more ways than one. Wages are depress, jobs outsourced and sent overseas. CEOS being paid enormous salaries despite the fact the businesses they are overseeing losing huge amounts of money.

Litchfield’s book, autumn leaves, was published in 1945. What he wrote rings true today. He wrote the following: With our wide distribution of industrial securities, Capital is not a few wealthy men, but hundreds of thousands of stockholders, people of small income.  Today’s Capital is largely the savings of labor. Litchfield felt this is as it should be, because for concentration of wealth in the hands of a few people is not in the interest of the kind of an industrial republic we seek in this country, and men who work with their hands should have every opportunity to have a stake in the success of business by investing their savings in it.

We now hear the constant complaint of only the affluent enjoying the fruits of this nation. The rich are getting richer, while the middle class shrinks and those at or below the poverty level grows in leaps and bounds. I chuckle when I hear Conservative talk radio hosts, Limbaugh, Hannity, Boortz, to name a few, constantly talking about what percentage of US taxes are paid by those they call top wage earners. I have yet to hear them justify why the so-called top wage earners have such a huge portion of this nation’s wealth. As Litchfield wrote; it is unhealthy for so few to have so much of this nation’s wealth.

As the Stock Market continues to fall, banks close and the housing market continues down the drain, I wonder what the people of Conservative Talk Radio are feeling.  Is there any remorse for getting on the air, daily and championing White House talking points?  Do they feel they Contributed in any way to the current state of our economy? After all, they are the ones that sold the public on Bush’s tax plan, reason for invading Iraq, Phantom job creations, balance budget date, etc. Conservative Talk Radio Has to share some of the blame. They have spent several thousand hours championing the direction Bush has led this country. Those who religiously listen to these talking heads are not blameless. Nothing says they have to take what these folks say as absolute truth. Nothing says they have to depend on them for all of their information. Many made the decision to support Bush based on what they heard on Talk Radio. Many will be influenced by what they hear on Talk Radio this election cycle.  At a time when the economy of this nation is in dire straits, and people are losing their homes and savings, Conservative Talk Radio hosts are trying to deflect attention from it and spending a lot of time discussing trivial matters, like lipstick on a pig.  

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September 17, 2008 - Posted by | Failed economic poicy, Politics, wealth redistribution

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