I was thinking that Robert Reich would be the perfect person to come up with a demonstration animation to describe vulture capitalism. I went to his web site to make the suggestion, and came across the interesting post, Why Obama Should Be Attacking Casino Capitalism — Both Romney’s Bain and JPMorgan.
I wish President Obama would draw the obvious connection between Bain Capital and JPMorgan Chase.
That way his so-called “attack” on private equity is neither a personal attack on Mitt Romney nor a generalized attack on American business.
It’s an attack on a particular kind of capitalism that Romney and JPMorgan both practice: Using other peoples’ money to make big bets which, if they go wrong, can wreak havoc on the economy.
It’s the substitution of casino capitalism for real capitalism, the dominance of the betting parlor over the real business of America, financial innovation rather than product innovation.
It’s been terrible for the American economy and for our democracy.
It is nice to know that he is on the same wavelength that I am, or vice-versa. Independently, I have been writing furiously over the past few days on this very topic, trying to explain these very ideas.
There are hints on his blog that he might even have already made the animation, I seek. Well, off to check those out.