Treatment of workers by US corps: more treacherous than anyone realizes

[CurtEastPoint]

Bob Herbert, NYT, via Americablog: http://www.americablog.com/2010/08/bob-herbert-treatment-of-workers-by.html


The treatment of workers by American corporations has been worse — far more treacherous — than most of the population realizes. There was no need for so many men and women to be forced out of their jobs in the downturn known as the great recession.

Many of those workers were cashiered for no reason other than outright greed by corporate managers. . . . “I’ve never seen anything like this,” said Andrew Sum, an economics professor and director of the Center for Labor Market Studies at Northeastern University in Boston. “Not only did they throw all these people off the payrolls, they also cut back on the hours of the people who stayed on the job.” . . .

Having taken everything for themselves, the corporations are so awash in cash they don’t know what to do with it all. Citing a recent article from Bloomberg BusinessWeek, Professor Sum noted that in July cash at the nation’s nonfinancial corporations stood at $1.84 trillion, a 27 percent increase over early 2007. Moody’s has pointed out that as a percent of total company assets, cash has reached a level not seen in the past half-century.

[WorseBeforeBetter]

1. As someone who has been underemployed for two years, this sickens me. (n/t)

[scarletwoman]

2. Corps to workers: "All for me, none for you." (nt)

[alfredo]

3. Capitalism has become toxic. We should be the masters, but has become

Ours. Capitalism is amoral so don't expect it to act humanely.

[BeHereNow]

4. Just got this article today from Bugliosi's publicist...

She sends some really good articles-
I am wondering though, what has happened to Bugliosi's offer to help
prosecute GWB for murder?
http://www.prosecutionofbush.com/

BHN

[happy_liberal]

5. Bastards!

:grr:



Between this and NAFTA and Goldman gaming the market...the American people are being screwed every way possible.