"Lawmakers were wrong to repeal the Depression-era Glass- Steagall Act in 1999, Reed said. At the time, he supported overturn of the law, which required the separation of institutions that engaged in traditional customer banking services from those involved in capital markets. “We learn from our mistakes,” said Reed, who wrote an Oct. 21 letter to the editor of the New York Times endorsing a division of banking activities. “When you’re running a company, you do what you think is right for the stockholders. Right now I’m looking at this as a citizen."
—
Reed Says ‘I’m Sorry’ for Role in Creating Citigroup - Bloomberg.com
This is the exact problem with Western capitalism and something I suspect I’ll harp about for the rest of my life. Our form of capitalism requires it’s companies to constantly be making more profit than before. Simply making as much of a profit as the previous quarter is considered a failure. It’s not possible for their to be endless growth in a world with fixed resources, capital and labor. It can be achieved temporarily, but never permanently. This principle destroys companies, economies and society with it.
(via tedr)
Rafer sez:
@tedr I think the solution lies in something easier than changing capitalism. The issue is that those increasing profits translate into increasing political power. Campaign finance reform would lead us to a much better place.