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Devils Lake Journal - Devils Lake, ND
A blog 'for independent minds'
To invest or not to invest
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About this blog
Opinion page editor Rick Holmes and other writers blog about national politics and issues. Holmes & Co. is a Blog for Independent Minds, a place for a free-flowing discussion of policy, news and opinion. This blog is the online cousin of the Opinion ...
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Political Views
Opinion page editor Rick Holmes and other writers blog about national politics and issues. Holmes & Co. is a Blog for Independent Minds, a place for a free-flowing discussion of policy, news and opinion. This blog is the online cousin of the Opinion section of the MetroWest Daily News in Framingham, Mass. As such, our focus starts there and spreads to include Massachusetts, the nation and the world. Since successful blogs create communities of readers and writers, we hope the \x34& Co.\x34 will also come to include you.
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Nov. 18, 2012 12:01 a.m.

Mark T. Bertolini Chairman and CEO of Aetna, said, “future generations rely on us to spend our money wisely and invest for the future.”

Sherle R. Schwenninger director of the economic growth program at the New America Foundation writes in the Nation magazine, “Over the past two decades the private sector has done a questionable job of allocating capital, over-investing in the technology sector by more that $3 trillion in the 1990’s and then recycling global surpluses into an even larger housing and mortgage bubble in the early 2000’s, all the while neglecting pressing infrastructure needs. Today, the banking and financial sector is sitting on more than $2 trillion, largely content to “arbitrage” the difference between near 0 percent short-term rates and somewhat higher longer-term rates rather than make new loans and investments in the real economy.”

Insurance companies are very much a part of the financial sector, the very same ones sitting on that capital.

Martin Leffler Professor of American history at the University of Virginia writes in the Nation magazine, “In 1959, “a congressional committee estimated that about 85 percent of electronics research was funded by the government, much of which went to major corporations like IBM, Burroughs, Control Data and Sperry. At this time, the government was paying for two-thirds of all computer-related research and development.” Government spending helped to create these mammoth corporations, banks and the financial industry who now refuse to allocate capital into investments which create jobs.

If the government can’t invest and the financial and banking industries refuse to invest, who’s left to invest in job creation?

CEO Mark Bertolini said companies like his aren’t creating jobs because they’re too concerned over the fiscal cliff. Or maybe uncertainty over Obamacare or tax rates will keep them from creating jobs.

In 1947 Kurt Vonnegut Jr. said, “there is simply not enough wealth to go around.” “If there is to be no ceiling on the amount of money a man can take out of our economy, then concomitantly there can be no firm foundation below which a human being cannot sink.”

They aren’t creating any jobs because they don’t want to, they like it just the way it is, taking wealth out of the economy and keeping it rather than investing it. We haven’t yet seen how low humans are willing to sink to maintain that control.

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