Quote:
Originally Posted by einbert
Some people will say "well that's just meritocracy" but the truth is it's really choking up our economy. The middle class is falling apart and the working class is living on debt, and that means people don't have money to spend at local businesses even though the unemployment rate is 4.9%, which is a VERY good unemployment rate. And is it really a meritocracy when most of these CEOs went to the same Ivy League schools that the vast majority of people, more and more, could never afford to go to?
I just want to add that it's nothing like a meritocracy. The explosive rise of executive pay is largely about management conspiring against the broad interests of stockholders. Large corporations are plutocracies themselves where a minority holds most of the power and uses it boost their own compensation and play the stock market. It's what happens when the finance industry takes over the country. It's people who fundamentally are not about cars or energy or steel or w/e, but about business in the abstract. It's the same in government where people who are just generally smart and interested generally in government are presumed to be the best people to run any program in any department.
Obama was only half bad at this though. He did do things like put a physicist in charge of the DoE unlike say Bill C. who put three different politicians/lawyers in charge of it. And it's not that lawyers aren't necessary as laws are involved, but laws are involved in business as well and I think most people think it's better if a car guy runs a car company and consults a lawyer rather than a lawyer running it and consulting a car guy.