No, they are not. This statement equals a myth. Banks and corporations are necessary in maintaining a percolating economy in a (once) free society such as The United States.
It isn't enough to say that. Back up your assertion with evidence.
They are not detrimental and they have been working just fine as evidenced by our powerful economy. You say the economy isn't powerful? Compare it with India. You say the unemployment rate is high? Compare it with India.
On line info:
"By the turn of the 21st century, India had progressed towards a free-market economy, with a substantial reduction in state control of the economy and increased financial liberalisation. This has been accompanied by increases in life expectancy, literacy rates and food security, although urban residents have benefited more than agricultural residents."
So what about the global crash in 2008 caused by the banks?
What about all the jobs exported to other countries by the corporations?
What powerful economy?
In 2008 the policies of lending were liberalized. Rules in place designed to to prevent what happened were broken.
The economy is powerful and you know it.
Great, at least the liberals aren't blaming George Bush for the collapse now. The banks caused the collapse. . .
I suppose you would argue that it was the left that caused the collapse!
The left leaning liberals (Barney Frank, Harry Reid et al) insisted the banks loan to people who would never be able to pay mortgages/loans. When houses keep selling the prices sky rocket. The states got in on it, based on the increase of property taxes revenue.
Other forces involved loopholes and moving money, rather than actual goods and unsupervised dealings between Washington and Wall Street which encouraged the detrimental behavior of the large banks. The problem is with the banking system, not the institution.
The problem was with the *irresponsible deregulation* which lead to the quest for short term gain and an addiction to greed and power.
These problems really need to be worked out. Here is a list of individuals who contributed to the pillage of the people:
Ben Bernanke, Timothy Geithner, Hank Paulson, Ken Lewis of Bank of America in conjunction with John Thane of Merrill lynch.
Now India, there is a powerful economy. Unemployment - India 3.8, USA 6.70.
What are you comparing is a totally dissociative and misleading number. Is the banking and corporate advances in India comparative to the US? Is the growth rate comparable? Perhaps a global scaling is in order for a comparison as to our standard of living is to theirs.
Consumer Prices in United States are 190.50% higher than in India
Consumer Prices Including Rent in United States are 237.15% higher than in India
Rent Prices in United States are 426.92% higher than in India
Restaurant Prices in United States are 319.97% higher than in India
Groceries Prices in United States are 185.75% higher than in India
Local Purchasing Power in United States is 114.88% higher than in India
Maybe we could ease the restrictions with banking and corporate gluttony to even out that standard of living that is so unbalanced to ours. The race is on! Where you might say? To the bottom of course.
Maybe we need to become more free market... like India.
Equal opportunity I would say. India loves us. We love India!
We have a 7 Up relationship with India.
I should say they love us. The 1970 census recorded 51,000 foreign born from India in the United States. By 2006, the number of Indian immigrants had grown nearly 30-fold to 1.5 million, making them the fourth largest immigrant group in the United States after the Mexican, Filipino, and Chinese foreign born.
You have to wonder why they are busting their butts to escape that utopian model over there.
...you mean that *reality* model. They have a lot of problems over there. Like a lack of electricity and other modern necessities and conveniences. There is a lack of justice as well. Many things are not resolved in India. They are breaking free of many culturally induced detriments having to do with religious beliefs and customs. East and West truly benefit from each other. All their advancements are due to the country's democratic system of government. The economy has picked up due to the freedom they have. freedom ( when promoted within the laws of justice) gives people ambition and drive. This *drive* is what has been increasing in the country's recent history.
The dissimilar standards of living go far beyond services and modern conveniences. The infant death rate is at 400,00 within the first 24 hours in India while the US rate is at 11,300 within the first 24 hours. A higher standard of living comes at a price. We are steadily eroding that with the selling out of our work force and equalizing in the bankers and corporations holy grail to globalize. The government is in cahoots with the whole scheme as well. They should be as the public elected official scumbags are paid very well for their cooperation. Don't get me wrong I don't think the bankers and corporate moguls get up everyday dreaming of how they can marginalize another whole segment of society. They are guided by profits and that alone. There is no morality even considered. Why would they sellout the very people they need to consume their products? Because short term profits are the goal. No rocket science here.
Being socially irresponsible is detrimental. It just so happens that many banks and corporations are socially irresponsible.
Fine, as long as banks and corporations are required to operate within rules insuring that they do legal and ethical business, they are just fine with me.
None of us live on an island and must recognize that it is impractical to allow anyone to do whatever they want without being held accountable for that activity.
"Maybe we could ease the restrictions with banking and corporate gluttony to even out that standard of living that is so unbalanced to ours." rhamson
Banks need to follow the rules already in place.
What are the rules and restrictions? What are they based on.
2008 and the collapse of the worlds economy.
How are corporations detrimental? Corporations found it cheaper to go elsewhere due to government over-regulation.
What, like insisting that the corporations actually paid people?
They do pay people. Those who work for corporations are benefiting somehow or they wouldn't be there.
But too many are working in another country.
...to survive. or to make the money they wish to make. uh oh… damn ambition.
If you are happy with a ten-year-old working full time for half a dollar a day to enable you to wear Nike's then I'm sorry for you.
Who allowed the child to work? The parent. How dare the PARENT! Or was the child an orphan? How dare the GOVERNMENT! Where are the laws of justice!
Certainly not amongst the corporate giants of the USA.
Do a little research and find out why parents have to let their ten-year-old children work. Hint - it is often their only source of income, the parents being too expensive to employ.
-oh, brother. This is beyond comprehension. The love of a parent for their child should be greater than that. Again, you instead blame the corporation. It is STILL the Parent's fault. Not buying it, John.
So the love of a parent should allow the whole family to starve to death!
That is beyond comprehension.
The parent could offer to work at the child's pay rate, then.
And I say to all women who find themselves drawn to a man who does not intend to support any of their children... "Step away from the sperm!" (I have heard that in some locations in India, women are expected by their husbands to earn their keep by holding jobs.)
I agree with everything you say but both parents are usually working trying to scratch out some sort of living and the children are unfortunately needed in many situations to work. Does it make it right? No, by a long shot. But through "our" "need" for cheaper products and corporates greed the formula is there for abuse. This is our competition. Culturally we are miles apart from India but financially we are becoming joined at the hip. Is this what we want to compete with? As the divide between the wealthy and poor grows ever wider, we shall see some of our poor have to succumb to sacrificing a standard of living most in this country enjoy to one we see in India.
Say it ain't so Kathryn! You would want their government to step in and .........uh..........regulate it? How would that help their growth towards a free society and economy? The truth is that in their struggle in their society they have to sell their children's talents and future just to survive. We exploit this situation and corporate makes billions in the process. By the way we lose our job in the same situation as they are exploited. Profits have no time for orphans issues.
Laws of justice must be enacted and followed. There is noting wrong with freedom as long as boundaries are in place.
Corporations should not be outlawed. Injustice should be outlawed.
Does this not make perfect sense?
"In historical legal systems, an outlaw is declared as outside the protection of the law. In pre-modern societies, the criminal is withdrawn all legal protection, so that anyone is legally empowered to persecute or kill them. Outlawry was thus one of the harshest penalties in the legal system. In early Germanic law, the death penalty is conspicuously absent, and outlawing is the most extreme punishment, presumably amounting to a death sentence in practice."
Many of today's corporations consider themselves to be outside the law.
And this is where the problem lies! This is the isolation of the difficulty! Thank you for this astute conclusion, John! The corporation, as an institution in and of itself, is NOT detrimental. Their breaking of laws, however, IS detrimental!
*A corporation provides goods, services and jobs.
In so doing, it provides economic benefit.*
All is well with a corporation as LONG AS LAWS OF JUSTICE ARE IN PLACE AND FOLLOWED.
Would you not agree?
The boundaries are blown apart with NAFTA and other free trade agreements over the years where corporations and banks scoff at the laws and morality for ever increasing profits. Free enterprise gone wild if you will. How did congress ever agree to such a miscarriage of justice? In the donation box is how and they have tied up a tidy little fortune in the process. So legislatively you will see little progress and morality as elections are what drives the need for money and money corrupts the whole effort to quell some of the shenanigans they call governing.
Term limits, publicly financed campaigns and lobby reform is our only hope to see any change.
Didn't you know? Everyone is forced to work at big companies. Somebody standing over them with a whip, I think.
"France’s unemployment rate is stubbornly high, just below 11%, and economic growth is persistently weak.
The French economy is still slightly smaller than it was at the beginning of 2008, just before the downturn set off by the global financial crisis.
Six years on, while some economies including the US, UK and Germany, have managed some relatively strong growth, France is still looking weak.
The most recent data, for the third quarter of last year, show the French economy shrinking again.
What does France need to do to inject some economic vigour into its veins?
Critics of French economic policy call for a smaller state, and a reduction in the burden faced by business from tax and regulation, especially in the labour market. It could also do with getting the government’s debts down."
http://www.spyghana.com/frances-unemplo … rnly-high/
Liberty created the corporation. You can't get rid of liberty in order to kill the corporation. You just can't. Laws of Justice must be in place and MUST be followed.
Freedom within Boundaries.
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