In response to:

Profits! Hating Them When They’re High, And Panicking When They’re Low

johnm h Wrote: Apr 21, 2013 7:56 AM
The official attack on profits is PR. It is the exact same as race hucksterism, or gangster extortion. You threaten, pose, rant, then cut deals behind closed doors with the biggest and oldest corporations. You get kickbacks and campaign support in money and kind from their CEO's. The CEO' who run GE, et al don't own it. They don't care about profits as long as they are enough to keep the share price moving upward. They like high profits taxes because their salaries are deductible, as are their "charitable" contributions. The relationship is symbiotic and corrupt. The only fix is drastically simpler and more transparent taxes and regulations.

Breaking news: some of America’s largest corporations have begun to report declining profits. For those that are offended by highly profitable corporations, this should be really great news.

But nobody is celebrating. In fact, the sagging profits reports are thought to be such a bad thing that some believe they sent the Dow sliding downward last week, for fear that a global recession has arrived.

If profits are such a terrible thing, why aren’t we relieved by their decline?

For the record, I have no idea whether or not a recession is eminent. And to the extent that economic activity...