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 Post subject: The Superpower's Junk
PostPosted: Fri May 06, 2005 11:58 pm 

Joined: Thu Mar 24, 2005 1:48 am
Posts: 3610
The Superpower's Junk
May 5, 2005
New York Times [1]
S. & P. Cuts Debt Ratings for
G.M. and Ford to Junk Status
"Standard & Poor's cut its debt
ratings for the General Motors
Corporation and the Ford Motor
Company to junk bond status...,
saying the automakers continued
to [a] face sluggish sales and
declining market share in the
[b] face of growing competition."
"Wall Street was unnerved by S.
& P.'s action...."
Nearly six decades ago it was a
different story.
From: "The Great Delusion...Where
Marx Went Wrong." [2]
The then President of General
Motors, one of the Grand Poobahs
of The (newly-minted) Superpower,
"In a normal competitive market
the selling price of goods is
finally determined by competi-
"The only way a producer can make
a profit is to increase his effi-
ciency, thus reducing his cost,
to improve the quality of his
products, thus making them more
"But if this process produces a
more than adequate profit one or
more competitors will reduce
make their products still better
in order to obtain a larger share
of the business.
"Thus there is a continual pres-
sure to improve the quality of
products and reduce their cost,
and the people as a whole profit
"It is obvious that in a free
market there cannot long exist
that darling of the anti-business
propagandist, the 'exorbitant'
"Only under very unusual condi-
tions can profits be large for
any length of time."
The Grand Poobah neglected to
specify the very unusual condi-
tions prevailing in 1947 --
Europe, East and West, was flat
on its back; and Japan too was
flat on its back.
The (newly-minted) Superpower
was destined (it seemed) to
rule the world economically and
politically forever.
When "forever" frittered away,
Eichmann Street aka Wall Street,
while not abandoning $$$$-POWER,
turned increasingly to statism:
to The Military State (with cod-
piece elections) aka The Super-
POWER, which wrote in blood its
Naturally --it never fails-- the
folks at home are brought closer
and closer to The Abyss.
How's that? Well, for example--
The Times reports S & P "blamed
much of the companies' problems
on their huge financial commit-
ments to [their] retirees, both
in pensions and in medical bene-
Six decades that began "on a
blast of hot air" may well end
"on a [different kind of] blast
of hot air" --for the world will
not tolerate The Superpower's
` ... nted=print
"A talk by C. E. Wilson Presi-
dent of General Motors at meeting
of American Society of Mechanical
Engineers [at] Stevens Hotel,
Chicago, June 16, 1947" printed
up by General Motors and publi-
cized round the world by The
(newly-minted) Superpower.
The quotes are at pages 14 and
15 of the brochure.

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