Late Stage Capitalism

Today’s capitalist dystopia spun as a positive wholesome story: I abandoned my kids for financial greed and you can too!

Imagine working your whole life, generating more than your fair share of value and 𝔠𝔞𝔭𝔦𝔱𝔞𝔩 to societ
Also, it's complete bullshit that a company can go bankrupt and all their former workers lose their pension.

>These new layoffs in the tech industry are a continuation of major cuts over the last year. According to the tech-job tracker, there have been more than 200,000 tech jobs eliminated since the start of 2022. They include 18,000 layoffs at Amazon in recent months and 11,000 at Facebook parent company Meta in November. > >To add insult to injury, many of the Google workers only discovered they were terminated when their key fobs didn’t work after they arrived at work. Google notified the workers through an email, rather than through personal contact. Meanwhile, corporate spokespeople and human resources representatives of the tech giants can be heard condescendingly telling laid-off workers to “build their resumes.” With mass layoffs at such a high rate, it is difficult for the displaced workers to be optimistic about future job opportunities.

look all that progress!!

Wages and social spending scapegoated for CPI increases 🤡
Michael Hudson back on tour with another great breakdown of the current macroeconomic environment and its largely unchallenged narrative.


1,000 Blind People See For The First Time
So this video has been the subject of online discourse. It was trending on Twitter and even Hasan talked about it which resulted in even more eyes on the topic. His fans don't have the best takes, to be honest, but a few did. People are obviously split on this, with leftists getting the most heat for being critical of Mr. Beast and the system that curates the "need" for people like him, relying on charity to solve systemic issues. On the opposing side there are people saying that Mr. Beast isn't the problem and he doesn't owe anyone anything. Beast is doing a nice thing and is not the person to attack or criticize. He doesn't need to use his platform and influence to educate people on systemic issues. My perspective is that criticizing Mr. Beast brings light to systemic issues. He's clearly a very large creator and has many eyes on him, using his content as a stepping stone to introducing the general public to these problems. Sure, he's not the main contributor to homelessness and unaffordable healthcare, but his videos are clear examples as to how the system is an abject failure. Mr. Beast's name and image garners a lot more clicks than many of the other bourgeoisie that we criticize. The left can use his videos and connect it to other contributors to hyper-capitalism. On the other hand, this can clearly backfire if not handled carefully. If one criticizes Mr. Beast himself too much it can brew more enemies rather than allies. Anyway, just thought I'd share since it seems relevant.

when you see that "Russia has the third highest teen suicide rate in the world, behind Belarus and Kazakhstan" you know the damage that capitalism did to russia

>A federal appeals court rejected Johnson & Johnson‘s plan to use a legal strategy to push about 38,000 talc lawsuits into bankruptcy court, hampering the controversial tactic the company and a handful of other profitable businesses have used to move mass personal-injury cases to chapter 11.   >The Third U.S. Circuit Court of Appeals on Monday dismissed the chapter 11 case of J&J subsidiary LTL Management LLC, which the consumer-health-goods giant created in 2021 to move to bankruptcy court the mass lawsuits alleging its talc-based baby powder products caused cancer.   >The unanimous ruling was a rebuke to an emerging corporate restructuring strategy in which companies facing mass tort litigation invoke a Texas law to create a new subsidiary with minimal business operations and make it responsible for tort liabilities before putting that subsidiary in bankruptcy.   >A J&J representative didn’t immediately respond to a request for comment Monday. The company has denied that its talc products are unsafe and said resolving the tort claims in a chapter 11 plan was more efficient and fair for injury claimants than litigating or settling each claim one by one.

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Do you have any far-right family members/friends?
I went out to dinner the other night with a family friend, and he spent the entire dinner talking about some right wing conspiracies. I feel like my brain is rotting oml. Does anyone else have to sit through conversations like this?

firms of all types and sizes are giving workers phony managerial titles in order to avoid paying them overtime
cross-posted from: > A new study shows that firms of all types are giving workers phony managerial titles in order to avoid paying them overtime a new study shows that firms of all types and sizes are giving workers phony managerial titles in order to avoid paying them overtime in what researchers see as an exploitation of federal labor laws. “If you are a manager and you're paid over a certain amount, in fact, that lifts the burden of firms having to pay you overtime,” said Lauren Cohen, a professor at Harvard Business School and one of the paper’s authors. > > The logic at the time of the law’s creation was that managers are a special class of employee with a particular stake in the company’s future success. But today, many such workers are managers in name only, and the national threshold is only $455 a week, or under $24,000 a year. Cohen and his fellow researchers scoured job listings in the 2010s and discovered that right above that weekly $455 threshold, there was a 485 percent increase in the number of salaried positions with fancy-sounding managerial titles. Companies, it seemed, were often doling out fancy-sounding titles to salaried employees and then paying them just enough to legally shirk overtime rules. “We find widespread evidence of firms appearing to avoid paying overtime wages by exploiting a federal law,” the researchers state in their paper, which was recently published as a working paper by the National Bureau of Economic Research. On average, the strategy appears to save companies significant amounts of money (and costs workers just as much). The researchers estimate that firms pocket 13.5 percent in overtime payments for each bullshit manager title they hand out. > > The overtime-evasion trick held across industries and around the country, according to the data, but was most obvious within industries and states where workers had fewer rights and less bargaining power, as well as in low-wage industries that are more often dinged for overtime violations, like retail and food and drink services.

Danny Haiphong and Radhika Desai discuss the state of the world economy, the history of neoliberal capitalism and more.

Nice try, Elon would never do something like that! The person who pioneered DRM on electric vehicle chargers being pro corporate monopoly? Noooo.

Great interview and great book What's great about the proposed solutions here, is that they don't require us to teardown capitalism, we just need to make a few very practical reforms

Late Stage Capitalism
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