Corporate Betryal Of America And The Public

There is a sad and sorry story being played out in our current economic meltdown and unfortunately the average American is paying the price.  Loss of jobs, benefits and reduction in pay, higher unemployment, reduction in buying power, increase in poverty, loss in savings and retirement accounts and the list goes on and on.

 

And I hope the people and elected officials notice the businesses the tax payers money is bailing out and the businesses that are asking to be bailed out are all mega companies and large conglomerates who merged with or bought out other competitors over the years.  Some have ventured into businesses where there was no prior experience.

 

Every time these companies buy out competitors they increase their own wealth and reduce competition resulting in monopoly and higher consumer prices.  When they take over another company they issue talking points that go something like this:  The acquisition will make for a better and more responsive company to cut cost, give better service, products and prices for the consumer.  But it never happens.  What the CEO's do with the additional revenue and profits is line their own pockets with huge bonuses, stock options and other rewards at the expense of their workers.  It should also be remembered that all these mergers and buy outs of other companies result in a loss of jobs.

 

Corporate America also has a history of lying to congress and the people.  The mega banks were supposed to advance the quality of ones financial life and are now looking for a hand out.  The major oil companies who bought out many of the independents said it would allow them to increase drilling and production but drilling and production has been going down for years.

 

A priority of Congress should be to put a hold on any mergers or buy outs until further notice.  Corporate America has proved it can not be trusted.  They have not earned the respect of the people and during this crisis they have not displayed any leadership to accept responsibility and act with wisdom.  We know and are experiencing the havoc that greed has forced on the people and the country.

 

The time has come for our new President and congress to ask this basic question in their planning and future actions and decisions.  "Will the decisions be of benefit to the people and the country?"  The answer must be yes for true change.