Today I learned the real meaning of "market based" as libertarians and Republicans use the term. Although I have never taken an economics course, I got a good education, and reading many Jerome, bonddad, and Stirling Newbury diaries has made me feel better about my knowledge of the economy.
Today it all cam together . . .
It happened with an innocuous story about Boston based Boston Scientific's bid to acquire Guidant, a large medical devices manufacturer. Below is the language from today's
Worcester Telegram and Gazette that blew my mind (The online text is restricted to subscribers).
In afternoon trading, [Boston Scientific's] shares were down 3 cents, at $23.87, on the New York Stock Exchange.
"It's a reflection of the fact the market is concerned by Boston Scientific's relatively high bid," said Allen Michel, a Boston University professor and expert in mergers and acquisitions.
THE MARKET: NYSE Not the system of supply and demand that I grew up with. I understand that basic economic principles are totally shifted by wealthy interests. But here is a univeristy professor blankly stating that whenever I hear "market" I might as well forget about the purchasing power of US citizens, about university investment in math and sciences. I now know it is openly a term for Wall Street investors and what it is in their interest.
I wish there was a way to share this information with every poor sap (like myself) that is facing a struggle day to day. I work in the non-profit sector, campaigning for investment in energy technology, low-income services and government funding for poverty programs, and general community engagement with our national priorities.
This realization makes it hard. It seems more and more it actually matters less if our communities stand up for what they believe, if we don't first escape the rule of Wall St. investors. Sure, King George is a nasty icon, but I'd like to rid myself of Supreme Emperor NYSE. If you got ideas on how to do this that DO NOT INVOLVE CRASHING AIRPLANES (see Georgie, I'm no terr'ist), please share them