“I’m all for capitalism,” he said. “I’m a capitalist myself. But there is such a thing as too much.”
This is Jack Bogle , founder of the Vanguard Group, speaking at an event sponsored by the Council on Foreign Relations in New York on November 28th. He called the tax cut proposals a “moral abomination” because they favor corporations at the expense of their employees. He went on to say:
“Just think about this: Corporate profits after taxes last year were the highest they’ve ever been in the history of GDP going back to 1929, and we are thinking of giving relief to the corporations at the highest levels ever. Individual wages are at the lowest level in about 15 years as a percent of GDP. So we are helping people who are doing very well and doing nothing for the people doing very badly. One of the flaws is that corporations are putting their shareholders ahead of the people that built the corporation, the people who put their heart and soul” in the company.
“It’s just the unfairness.”
Well, duh…. So it seems that you don’t have to be mean to be a capitalist.