Category Archives: Income disparity

Wired’s Embarrassing Whitewash of Foxconn

Wired’s Joel Johnson has written a stunning bit of PR for Foxconn, now-controversial supplier to the consumer electronics industry, duly wrapped in credibility-enhancing guilt over Western materialism.

The article, “1 Million Workers. 90 Million iPhones. 17 Suicides. Who’s to Blame?” pretends to be about Foxconn’s factories. But Johnson admits he’s a tech toy writer who apparently has no knowledge of manufacturing. Yet he’s remarkably uninhibited in using his fantasies and abject ignorance as a basis for making sweeping generalizations about the Taiwanese powerhouse. For instance:

Doug Smith: Useful Idiot Watch – Matt Yglesias

By Douglas K. Smith, author of On Value and Values: Thinking Differently About We In An Age Of Me

Earlier this month, Matthew Yglesias of Slate tweeted “EXCLUSIVE: The activities of individual business executives have no relationship to the level of economy-wide employment.”

It’s hard to choose what is most ridiculous here…

Will the Mitt/Newt Slugfest Boost the Occupy Movement?

By Lynn Parramore. Cross posted from Alternet.

Representing the twin evils of ruthless capitalism and government corruption, the GOP candidates are bringing core Occupy issues to the fore.

Quelle Surprise! It’s Better to Run a Private Equity Fund than Invest in One

It’s perverse that it takes a Mitt Romney presidential bid to shed some long-overdue harsh light on the private equity industry.

It was not as hard as you might think to do well in the private equity business in the 1990s. Rising equity markets lift all boats, and PE is levered equity. A better test of the ability to deliver value is how they did in more difficult times.

The Financial Times reports on a wee study it commissioned to look into who reaped the fruits of private equity performance. Its findings:

New York Times Tells Us Only Chinese Near Slave Labor Could Handle Steve Jobs’ Demands

A New York Times story, “How U.S. Lost Out on iPhone Work,” uses an Obama dinner with Silicon Valley titans to frame its tale of why the US middle class should roll over and die. I am of course exaggerating for effect. But not by as much as you might think. The story by Charles Duhigg and Keith Bradsher does a very good job of explaining why Asia, and China in particular, has come to dominate consumer electronics manufacture, using the iPhone as focus.

The problem with using the microcosm to illustrate the macrocosm is you need to choose the right microcosm.

#Occupy Wall Street Returns to Zuccotti Park (#OWS)

I don’t know how many of you had been to lower Manhattan since the police cleared Zuccotti Park last fall, but it was about as open to the public as a demilitarized zone: barricades covering more than half the area, heavy police presence. It was so inhospitable that entering the park had the vibe of getting your name on an official Enemies of the State list, and apparently if you lingered at all, the police would shoo you away.

But we had thought the city’s efforts to change the rules for a privately owned but nevertheless public park were awfully heavy-handed, since these spaces were quid pro quos for zoning variances and are a long standing feature of New York. And the court agreed.

Philip Pilkington: Fear and Loathing in the Financial Markets – What Happens to the Economy When the Oil Bubble Bursts?

By Philip Pilkington, a journalist and writer living in Dublin, Ireland

In 2008 profits in the US economy crashed out. But they soon bounced back. This bounce was largely due to the profits being reaped in the financial sector – which sickened many given that 2008 was in large measure caused by the financial sector. This always struck me as odd – not to mention unsustainable. If the ‘real’ economy is in the doldrums you can be sure that, in the medium to long run, the business class will go down with it.

In what follows I will draw on Chris Cook’s post on this site the other day to argue that, if he is correct (and I think he may be), judgment day is just around the corner for the profiteers.

Tom Ferguson: The Devil and Rick Santorum – Dilemmas of a Holy Owned Subsidiary

By Thomas Ferguson, Professor of Political Science at the University of Massachusetts, Boston. He is the author of many books and articles, including Golden Rule: The Investment Theory of Party Competition and the Logic of Money-Driven Political Systems. Cross posted from Alternet

The father of the Investment Theory of Politics reveals what pundits miss in the GOP’s failure to lead its own electorate and its evangelical problem.