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
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