The Article: The View From The 1 Percent by Tom Ehrich in the Washington Post.
The Text: Now that the financial industry and major corporations have successfully lobbied Congress to make more people poor and to keep them that way, they are discovering the downside of unbridled greed: people are too broke to buy their products.
Heavy discounts were necessary to stimulate sales on Black Friday — a stimulus that lost steam as the big shopping weekend proceeded. Now further discounts will be required. That bodes ill for retailers, as well as for their suppliers.
It’s one thing to own Congress, but it’s something else when consumers refuse to buy. They’re staying home, maybe shopping online; they’re not investing, not saving, not selling their houses, not feeling confident about their own jobs.
In a freer free-market economy, competitors would emerge to resolve these problems. But corporate giants do everything possible to stifle competition. Consider Verizon’s bid to buy $3.6 billion of unused wireless spectrum to prevent anyone else from having it.
Thus we see the demise of modern capitalism, brought down not by socialists or fringe elements, but by the capitalists themselves.
Their self-defeating behavior — like that of any addict — has led them into the delusional belief that they can have it all. They can kill prosperity, stifle competition, rig capital creation into an insider game, undermine countervailing forces — and yet somehow the great market will continue to shower wealth on them.