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Not to be outdone, Michael Cembalest, the chief investment officer of JPMorgan Chase, wrote in July of this year (in a clients-only newsletter obtained by Washington Post columnist Harold Meyerson) that “profit margins have reached levels not seen in decades,” and “reductions in wages and benefits explain the majority of the net improvement.” (Cembalest printed the latter quote in boldfaced lettering.) “US labor compensation,” he explained, “is now at a 50-year low relative to both company sales and US GDP.”
...
So, when there's no one left in the company who can afford to work there, what are they gonna do about the bottom line then? The big takeaway:
... Henry Ford famously boosted his workers’ pay to $5 a day so they could buy the Model Ts they were assembling ...
Think about it.
1 comment:
It's soooooo much easier to make money by shoving other people's money around and just grabbing a little bit every time it comes by than it is to actually make a product to sell. All those (shudder) employees and rules and factories etc. are just impediments on the road to wealth.
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