So....it's all "for show" changes. Well, they caught flack for flying in on corporate jets, so they'll sell them. The CEOs will take salary cuts to $1. How about the rest of their compensation package of which salary comprises, what? 10? 20 percent? Sounds like a move to lessen their own tax burden. What a world when making less salary is actually advantageous to these schmucks. Otherwise, not a single substantive change to product line or manufacturing is proposed.
Congress, tell them to take a hike (and rot in hell).
From Marketwatch: Reaganomics (capitalism 2.0) vs. Obamanomics (3.0)
Yes, it will be a historic transition, Obama replacing Bush. But an even more monumental transition is the coming paradigm shift from a "Capitalism 2.0" that "devours nature, widens inequality and makes us unhappy" to a saner "Capitalism 3.0," as Peter Barnes calls it.What it really means, is a change from voodoo economics as George Bush Senior once called it, i.e. neoliberal or neoclassical economics to old school John Stuart Mill classical economic thinking. Of which the author of the article is citing the right guy: Herman Daly...Can't go wrong with a guy named Herman...unless his last name is Goering, I suppose.
In "A Steady-State Economy" Daly offered 10 principles which may well slowly filter into America's domestic economic policies in the years to come. We've edited them here, but clearly a new greener economy would be a paradigm shift in America's public policy in all these areas:
- Use cap-auction-trade systems for basic resources with the goal of controlling carbon emissions
- Amend tax policies to reinforce the pricing of resource depletion.
- Limiting income inequities at the margins
- Flexible employment options that support national and personal growth
- Re-regulation of commerce and finance
- New missions for the IMF, WB and WTO going beyond the old Capitalism 2.0 lending and trading policies that primarily favor developed nations
- Control global money supplies by maximizing bank reserve requirements
- Put scarce natural resources in public trusts
- Stabilize global population growth
- Reform national accounting by separating costs from benefits. Today's GDP adds the two and that's absurd, Daly says. "Compare them at the margin, stop growing when marginal costs equal marginal benefits."