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Hightower Lowdown
"You can spend your time agonizing or organizing." -- Dorothy Day
January's Lowdown
Yes we can manage this country without the corporate priesthood--the cooperative movement shows us how
We're being told by today's High Priests of Conventional Wisdom that everyone and everything in our economic cosmos necessarily revolves around one dazzling star: the corporation. This heavenly institution, the HPCW explain, has such financial and political mass that it is the optimal force for organizing and directing our society's economic affairs, including the terms of employment and production.
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Dow above 1,000! doug down
The record high of the Dow is being hailed not only as a milestone for the rich, but for all of us, with the media reporting deadpan that "everybody" is in the stock market today
Time for a reality check: Six out of ten Americans own no stock at all not through a broker, a mutual fund, a pension . . . nothing. And of those who do own stock, the vast majority have a tidbit that gives them no sense of ownership in the Dow, much less a thrill that the thing is above 10,000. Here's the stock market number that matters: 90% of the value of all stocks is held by the richest 10% of American families.
So how about the Doug Jones Average—how's Doug and Darlene doing? Weekly wages for average workers today are 12% below the wages of workers in 1973. And when a corporation cuts jobs and cuts wages, the stock price of that corporation goes up . . . which raises the Dow Jones Average. So the misfortune of the workaday majority—Doug and Darlene—who are seeing their income go down, is a boost to the fortunes of those at the top.