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View Diary: Biggest Detroit biz publication uses slave plantation imagery: "Maybe we need a permanent overseer" (42 comments)

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  •  Virtual T&R for pointing this out. (11+ / 0-)

    Chains of debt are no less chafing.

    •  There was a time when (3+ / 0-)
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      eru, nellgwen, chimpy

      lenders (those who profit from finance deals) shared the risk of making a bad loan, and there were usury laws that prohibited lending rates that we're not commensurate with risk. We've pretty much retreated from that discipline in the name of making loans more widely available, but in fact for greed. Meanwhile, we've tightened bankruptcy laws (no, you may not discharge a debt you cannot pay). So now we've come to a point where Crain et al. can opine in favor of overseers. Come back next week when they opine for work houses and debtors' prisons.

      Equally disturbing, and well pointed out here, is the mind-boggling racism of Crain's. But make no mistake: this is what the plutocracy has in store for all of us. Brown people are just the beginning.

      Did you ver notice how har it is totype accurately on an iPad?

      by RudiB on Mon Apr 21, 2014 at 08:07:54 AM PDT

      [ Parent ]

      •  once upon a time there was no lending (1+ / 0-)
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        A rich person who wanted his money to make its own money basically had to buy into an enterprise - usually a voyage to India or China to buy exotic goods that were always in high demand in Europe - as a [silent] partner.  Depending on the returns, he could get his capital back with profit, just get his capital back, or straight up lose money.  Unlike with banking, there was no debt, so none of the partners could demand repayment (never mind with interest).  A conservative (and sufficiently wealthy) investor would instead purchase insurance to protect himself against catastrophe: i.e. the ship sinking in a storm, getting raided by pirates, etc.

        Domestic politics is the continuation of civil war by other means.

        by Visceral on Mon Apr 21, 2014 at 12:15:02 PM PDT

        [ Parent ]

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