Social and financial responsibility knows no boundary by decade. Time has shown over thousands of years, how the rules work. Things are no different now. The 1870's, 1920's and 2000's in the US all fit the same pattern. It takes the same solutions to crawl out of the ditch. Krugman is right. FDR was too.
Young bucks love to blame gray hairs and believe that the rules are different for their younger generation but guess what, they are still the same.
The merger mania, vulture capitalism, incessant tax cuts, spending cuts and pension cuts began right after a certain US presidential election in 1980. The trend has lead directly to our current situation.
The pension problem started by corporations seeking permission to underfund the pensions. Each year they went back and asked for lower and lower limits until they got so deep they flat did not want to pay the money back. They claim duress, then bankruptcy, to eliminate their responsibility and "emerge a fresh, revitalized company".
Kodak is just following the recipe laid out by United Airlines, General Motors and hundreds of others. In the end they will sell off the rights and equipment and it will be up to the buyers to determine if we still get to buy film. Perez and his minions will retire to the Hampton s with the spoils.
Sounds about right to me, Bill. I came in late on this thread (@about #160), so I'm not sure if I'm off-subject or not .... As well, haven't even dropped-in regularly to APUG for quite awhile, so sorry if this post ends up opening a can of worms and becoming an unintentionally cowardly hit-and-run act.. because I might not be back here for awhile to defend my point of view.
You see, to me, the retirement and health care fund "vanishing acts" which have been re-occurring in the U.S. recently (due largely as Bill Lynch rightly, IMHO, point out to economic policies implemented by a "certain US president of the 1980s" whom I'll call Bonzo, the Banker's Buddy or BoBaBu, for short) smacks of what the French call,
"pompier-pyromane" tactics (pyromaniac
AND fireman). Bobabu created the problem in the first place, and now the new generation of bobabu boys are benefitting from the solutions!
I live in France, where the retirement and medical system is largely government controlled (and you can buy supplementary coverage from private companies, of course). The system is certainly not perfect and employers have to pay heavily into it, but you know what? From my point of view (I'm not retired but I do benefit from medical and dental coverage) it's not only "not so bad", but it's damned
good: top quality care; reimbursement for medicines; 100% coverage for major illnesses (cancer, etc.). The only big downsides to me are the
"c'est la vie" attitude of some doctors here (but that's a manageable problem), and the standard issue of long waits, but that's not always. Employers benefit from it, too, from the standpoint that their employees tend to stay quite loyal (similar to EK employee motivation while they mistakenly imagined that their golden year health care benefits would follow them to the end of the trail). Anyway, I'm no expert on the subject, but one thing's for
sure about the French system: nobody's retirement payments or health coverage here are going to end just because their past employer went bust!
The point is, these bobabu boys whose ilk have pulled the rug out from under swell guys like Ron Mowrey at EK and also
royally screwed folks at Enron are the same ones who are yelling and screaming today about the "evils" of the universal health care plan which they have gleefully put in peril at the moment. To me, they have
some nerve. Seems they want their cake, eat it too .. get extra icing and ice cream ...and then have their mouth and elsewhere wiped. After which, they want to be paid so that they can begin anew. Bobabu boys... basta!
Can of worms duly opened.
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