What happens when vulture capitalism ruins a great American company?
The vultures blame the workers.
The vultures blame the union.
And vapid media outlets report the lie as “news.”
That’s what’s happening with the meltdown of Hostess Brands Inc.
Americans are being told that they won’t get their Twinkies, Ding Dongs and Ho Hos because the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union ran the company into the ground.
But the union and the 5,600 Hostess workers represented by the union did not create the crisis that led the company’s incompetent managers to announce plans to shutter it.
The BCTGM workers did not ask for more pay.
The BCTGM workers did not ask for more benefits.
The BCTGM workers did not ask for better pensions.
The union and its members had a long history of working with the company to try to keep it viable. They had made…
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An article published last month on Remapping Debate points out what may become a trend among American employers:
Beginning next month, Sears and Darden — the latter of which owns several restaurant chains, including Olive Garden and Red Lobster — will cease to offer defined benefits in which the employer, as part of its compensation package, provides employees with a set of health insurance benefits and continues to offer those benefits even when the employer’s costs for insurance rises. Instead, they will implement a defined contribution model, in which the companies will offer employees a fixed annual sum — like a voucher — that they can use to buy insurance for themselves and their families.
A voucher? Sound familiar?
Along with this monumental change comes what the writers of the article term a “large-scale marketing campaign,” designed, of course, to sell a very undesirable modification of “the multi-generational compact between management and…
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Five years after Wall Street crashed the economy by irresponsibly securitizing and peddling mortgage debt, the financial industry is coming under growing scrutiny for its shady involvement in student loan debt.
For a host of reasons, including a major decline in public dollars for higher education, going to college today means borrowing—and all that borrowing has resulted in a growing and heavy hand for Wall Street in the lending, packaging, buying, servicing, and collection of student loans. Now, with $1 trillion of student loans currently outstanding, it’s becoming increasingly clear that many of the same problems found in the subprime mortgage market—rapacious and predatory lending practices, sloppy and inefficient customer service and aggressive debt collection practices—are also cropping up in the student loan industrial complex.
This similarity is especially striking in the market for private student loans—which currently make up $150 billion of the $1 trillion of existing student loans.
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America’s political landscape is infested with many zombie ideas — beliefs about policy that have been repeatedly refuted with evidence and analysis but refuse to die. The most prominent zombie is the insistence that low taxes on rich people are the key to prosperity. But there are others.
And right now the most dangerous zombie is probably the claim that rising life expectancy justifies a rise in both the Social Security retirement age and the age of eligibility for Medicare. Even some Democrats — including, according to reports, the president — have seemed susceptible to this argument. But it’s a cruel, foolish idea — cruel in the case of Social Security, foolish in the case of Medicare — and we shouldn’t let it eat our brains.
First of all, you need to understand that while life expectancy at birth has gone up a lot, that’s not relevant to this issue…
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Dean Henderson is the author of four books: Big Oil & Their Bankers in the Persian Gulf: Four Horsemen, Eight Families & Their Global Intelligence, Narcotics & Terror Network, The Grateful Unrich: Revolution in 50 Countries, Das Kartell der Federal Reserve & Stickin’ it to the Matrix. You can subscribe free to his weekly Left Hook column @ www.deanhenderson.wordpress.com
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This blog is a combination of the ideas I obsess over -- no wait contemplate, yeah, that's it -- contemplate on a daily basis and how I experience life past and present. I'll try to keep it interesting and timely, but I may get bogged down on a topic on occasion. I hope you can find something in the myriad subjects I dwell on of interest and if not, try again another day. I have no shortage of topics to cover.
One thing I won't do is change from a Progressive Liberal Democrat to anything that resembles a conservative. That said, I do find merit in some things that conservatives say and do and recognize that no person is totally on one side of an issue or another--just like no one is all good or all bad, no one is 100% liberal or conservative. But I hope I'm close to 95%!!
I'm often depressed, sometimes a bit manic, and usually scatterbrained. And I'm in the MidWest so as they say around here--If you don't like the climate, just wait a few minutes and the weather will change. So if my ideas don't make a comfortable climate for you one day, come back again. Like a hot, humid, sunny Illinois day in July can turn into a freezing hail storm, my mind can go from one thing to another just about as fast.
Musings from a tortured soul and other information.