Mitchell Feierstein has always come across as a bit of a libertarian to me, but here he says that in real capitalism some worker's rights and protection, and a social safety net are necessary. I still think I prefer the Scandinavian model, none the less.
All those free market entrepreneurs who shouted that private was best - neoliberalism - and now running to the government begging for bail-outs. Now they want benefits and welfare to help them out during the hard times, and yet they always avoided paying their fair share taxes. We don't have a nice word for poor people who do things like that.
Multi-billionaire Richard Branson owns the majority of shares in Virgin Atlantic airlines, an airline which will likely seek a £7.5 billion government bailout. Had Branson deployed capital to strengthen Virgin Atlantic’s balance sheet rather than using leverage to purchase Flybe, which has since gone bankrupt, perhaps a bailout of Virgin Atlantic would not be necessary. Why shouldn’t Branson use the excessive compensation he took from his company to bail out his company?
$6 Trillion ‘rescue package,’ unaffordable bailouts and buybacks: Bend over, here it comes again!
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