It's their own fault. They did it to themselves. I mean big business. The captains of industry. They got themselves into this economic crisis by their own greed. They made their bed and now they have to lay in it.
It only makes sense when you think about it. The very wealthy were manufacturing goods in North America and Europe and then selling them in North America and Europe. It was a good arrangement. They provided good paying jobs to the working class, and then the working class bought their products. It was a win/win scenario. The rich got richer, and everyone else had a good job. (Well, just about everyone else.)
But then they got greedy. They realized that if they manufacture these goods in third world countries where poverty is rampant they can pay people peanuts, and the rest is pure profit. They could build in the poor countries and sell in the rich countries and make a killing. Oh, it didn't start with all of them. Just a few at first, but then gradually the rest had to follow suit to stay competitive. And as they did this, they moved more and more jobs out of North America and Europe. It was a sweet deal.
Then things started to go wrong. They found that there was less and less sales of their cheaply built and expensively sold products. Sales started to slow down. Fewer and fewer people in North America and Europe could afford $30,000 Buick Allures. You see, they didn't have a job anymore. Their employers had closed down the factories and moved them to Mexico, or the Philippines, or Asia. As big business moved more of their jobs out of the developed countries, the average income in those lands just got lower and lower.
The short term result of this policy was pure profit, but the long term result was that they killed their own market place. They took the jobs away from the people who they counted on to buy their products. Now they can't sell their luxury cars in the developed countries anymore, because too many of the consumers lost their jobs, and they can't sell them in the third world counties where they moved their factories to because they only pay those people 2 or 3 dollars an hour. They screwed themselves.
And so the captains of industry will fly in their private jets to Washington, Ottawa, London, Paris, etc, to ask for a bail out of the mess that they got themselves into, and the respective governments will take billions of taxpayers dollars to help them. After all, it's big business that finances political parties, and the politicians aren't about to bite the hand that feeds them.
The really lousy part of it is that it's the working class the will pay the heaviest price. The rich will still be rich, and the Joe Blow tax payers will be the ones who go without. Some things just never change.
