On Sat, 16 Feb 2008 07:42:19 -0600, "Mark M." <markm@[EMAIL PROTECTED]
> wrote:
>
>Most of the activities of the financial sector do nothing to aid the
production of
>goods and services. Rather, these activities are about OWNING the
distribution of
>goods and services.
Read "The Battle for the Soul Of Capitalism". He notes that we have
moved from a farming society/economy, to a manufacturing economy, to a
services economy, till now we are a financially services economy in
the US. He notes the same problem that these give nothing consumable
or "good" to society, but they drain away huge amounts of resources
that could be making goods that improve our standard of living.
It's written by John Bogle, the CEO of the Venture Money Markets fund,
not some anti-captialist leftie. He also makes much that these
financial managers have abandoned their responsibility of oversight
and management of their assets and left the companies to be looted by
management, so that the management thinks they own the company and the
owners (stockholders) are pick pocketed.
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