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View Diary: The $70-Per-Hour Lie (353 comments)

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  •  You don't take that far enough (0+ / 0-)

    Anyone being paid to manage the pension fund at GM should be smart enough to know that the stock market is going to go up and down, and that there will be boom and bust times.

    Hell, even in my household budget, when times are good I sock the money away knowing that what goes up must come down.

    So during the dot com boom, when the pension funds made ridiculous amounts of money, the big companies used Republican-enabled laws to declare the pension surplus as income, creating lots of wealth for the stockholders, and huge executive bonuses.

    Essentially they ATE the profits, and now they want to cry about a crashing stock market, and blame retirees for bankrupting the companies.

    THIS is what happens when you turn your back on prudent management and begin to manage a company on a quarterly basis, which is how American companies work now.  No thought is given to long-range planning, it's all about how much profit can be sucked out a company every 12 weeks.

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