Wednesday, May 11, 2005

US "Capitalism"

In the wacky world of US "capitalism" profits are private but loses are socialized. In one of the great rip offs in a 30 year spat of colossal rip offs for working people in the United States (the Chrysler bail out-now owned by German capital, the Savings and Loan give away, privatization of the public utilities, the Medicare system, Enron, etc...) the courts have now said that it is OK for United Airlines to default on their pension promises EVEN THOUGH THEY ARE NOT OUT OF BUSINESS! The US government is so bought out these days and the sheeple so cowed that the Pension Benefit Guaranty Corporation (PBGC) is now part owner of United Airlines as a trade for their pension obligation WHICH THE COURT SAYS THEY DO NOT HAVE TO FULLY HONOR!

Imagine a country where the government rules for companies that have pensions, a declining group I might add, allow them to NOT FUND THE PENSIONS AND THEN CLAIM POVERTY AND DUMP THEM ON THE TAXPAYER? Hmmm, I wonder who wrote the rules for that system?

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