From this article, I shall piss into the wind since it seems like half my extended family works in the parasitical finance industry anyways. Posted here since even the quote was a bit too long for the meth-fueled megaphone-wielding-10-year-old-girl twitter machine.
GM’s failure after 101 years is an indictment of American management in general. It highlights the damage to our economy that results when finance becomes the tail that wags the economic dog.
Guess what Toyota and Honda do? No, not finance; they actually make cars! Cars that the whole world wants to buy, instead of creating demand out of whole cloth for suburbanites to use 10 mpg trucks to hit the grocery store; demand that evaporates outside of the US and even inside the US as soon as gas gets expensive. Yeah, for a while you didn’t have to worry about competing against those two; but they found their way into the SUV market eventually, and in the meantime you got out of the market segments the rest of the world actually buys.
Not just GM; but our entire economy fell prey to the stupid idea that if you could sucker somebody into paying you to do something for a while, it had to be valuable work. Rebuttal: Ponzi schemes work for a while too.
At my current jorb in the military-industrial complex, I’m already more removed from making useful things than I like to be; but compared to most jobs in our ‘economy’, I’m practically still a farmer.