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August 01, 2002

Dow 36000 Uber Alles

You've got to kind of admire raw apologia for hubris, as the propounders of the Dow 36000 explain in today's Wall Street Journal why they are still right. Despite their economic hand-waving in the face of the human tragedy suffered by those in or nearing retirement, they make it clear that their viewpoint is driven by rightwing ideology, not the real needs of people for stability for the future:

If Americans continue to embrace long-term stock investing, the role of the state as dispenser of retirement benefits will shrink or disappear. And the "war" between capital and labor will be over.
What the authors ignore is that workers have been investing in the stock market for years. It's called pension funds, where workers balance individual risk by investing collectively. But such collective worker action was made possible only in the face of corporate opposition. Glassman and Hassett don't really want the end of warfare; in the face of the Enrons and WorldComs of the world, they just despair that workes and their advocates don't unilaterally disarm.

Posted by Nathan at August 1, 2002 09:21 AM

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And owning a few stocks, especially through intermediators like pension funds does not make the workers own the means of production.

Posted by: Martin Wisse at August 2, 2002 04:27 PM

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