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MSNBC’s Ali Velshi’s guest on inflation: Capitalists will be capitalists. Here’s my take. [1]
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Date: 2022-12-11
MSNBC’s Ali Velshi continues highlighting a side of our economy with the depth other journalists fail to deliver. It may be time, however, to be less deferential to corporations and the damage they affect on average Americans.
Ali Velshi covers inflation in the proper context.
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I was really interested in this segment on the corporatocracy’s complicity in the fairly high inflation rate. As I have mentioned before, much more than half of it must be blamed on corporate executive shortsightedness, lack of vision, ineptitude, and greed. They are the ones that are in charge of a large part of the economy, and they have failed to support a balance that provides all equal access to success. We have never been a meritocracy. Instead, people are ultimately chosen to be a part of the fold. And those invited do not necessarily have the best interests of most Americans at hand. And it shows.
Congresswoman Katie Porter (D-CA) blew up the myth that inflation was not corporate-greed-driven. Corporate profits are responsible for over 50% of inflation. And a large percentage of the rest is from corporate incompetence and shortsightedness with offshoring and just-in-time inventory that trades consistency for a faux-efficiency.
Ali Velshi points out upfront that a sizeable percentage of inflation is likely caused by corporate greed. He points out that profits are way up. More importantly, he showed the intentionality of corporate fleecing Americans with statements from corporate executives of corporations like Kroger, AutoZone, and Proctor & Gamble.
Velshi's guest, Sheelah Kolhatkar, a staff writer for the New Yorker, a former hedge fund analyst, and author of "Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street." Kolhatkar pointed out much of what Velshi has been saying in the segment and beyond. Corporations have pricing power because they control much of our mythical market. In effect, they are functional monopolies.
The last statement by Velshi’s guest was disconcerting.
“There are things that the government could do to try to address some of this, including trying to address some of the monopoly problems,” Sheelah Kolhatkar said.” “Ultimately, there is not a whole lot that could be done to force these companies to stop behaving this way. Capitalists will do what capitalists will do.”
REALLY? Are you saying that they-the-corporation has more power than we-the-people, Ms. Kolhatkar? I beg to differ. It is that mentality that is taught and why so many of us have ceded the power of the many to the power of the few. We have got to stop that now before it is too late. This is not the capitalists’ economy. It belongs to us all. Let’s act on that.
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