>From: Sabri Oncu <[EMAIL PROTECTED]> > >Don't forget that this is not just a temporal/historical but also >a spatial/geographical system. Even at times of capitalist booms, >although the boom lifts some boats in certain locations, other >boats sink in certain other locations. I would say whether you >appreciate or hate the fact that capitalism often produces >"greats booms" depends on your location.
[Location, sure, and let's not forget class! From today's NY Times:] For Executives, Nest Egg Is Wrapped in a Security Blanket By DAVID LEONHARDT General Electric allows its top executives to contribute money to a retirement fund on which the company recently guaranteed an annual return of at least 10 percent, far better than a typical G.E. worker saving money in the company's 401(k) plan can expect. Tenneco Automotive, which makes shock absorbers, permits its executives to receive a full pension at age 55, seven years before the company's other employees can. When Louis V. Gerstner retired as I.B.M.'s chief executive last week, he became eligible for an annual pension of at least $1.1 million, precisely what the company promised in his contract when he joined eight years ago. As part of a 1999 cost-cutting program, however, many I.B.M. employees are set to receive smaller pensions and retirement health insurance benefits than they were promised when they were hired. Such contrasts have become the norm over the last two decades, as the United States has increasingly developed a two-tier pension system. Companies seeking to increase profits have cut retirement benefits, leaving many members of the baby boom generation unprepared for life after age 65 despite the long bull market, economists say. [http://www.nytimes.com/2002/03/05/business/05PENS.html] Carl _________________________________________________________________ MSN Photos is the easiest way to share and print your photos: http://photos.msn.com/support/worldwide.aspx
