Capitalism, The Best Solution to Poverty

[pErvinalia]

Capitalism

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[Sean Hayden]

She should ink her taint and sit on paper --the more exotic the better.


I'm an ideas guy...

[JimC]

That's a cunt of an idea, Sean...

[rainbow]

Where ever did I say "free market capitalism". Mixed economies with strong oversight against abuse work fine expecially in Scandanavian nations which maintain a high GINI index.

CEO stock options are the "old boys club" in action voted in by boards of directors and are often not even in the best interest of the company.

Free Market Capitalism is a contradiction of terms.

[macdoc]

Sort of ....free market is an oxymoron.

[rainbow]

Sort of ....free market is an oxymoron.

If labour can freely engage with employers, then perhaps a free market might exist. The power relations do not make it so within Capitalism.

[Tero]

Poor in Africa? Just sign up to mine emeralds!

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[Sean Hayden]

nah-man-night-shift-isnt-too-bad-you-just-have-to-get-used-to-it-michael-age-24-cB1zj.jpg

[rainbow]

Poor in Africa? Just sign up to mine emeralds!

Chortle.

All the green traffic lights in Lusaka disappeared.

...turns out the glass was broken up and sold as emeralds to the tourists.

Free Market Capitalism at its best!

[L'Emmerdeur]

Solving poverty on an inspiring scale.

'Report Details "Abusive" Eviction Tactics by Corporate Landlords During Height of Pandemic'

Four large corporate landlords filed nearly 15,000 eviction actions in the first 16 months of the pandemic, with some executives and property managers engaging in harassment and deception of their tenants and deliberately inflicting cruelty on people who had been unable to pay their rent.

The U.S. House Select Subcommittee on the Coronavirus Crisis released a new report Thursday following a yearlong investigation into the eviction practices of Pretium Partners, Invitation Homes, Ventron Management, and the Siegel Group, all of which were thriving financially when the committee began examining its practices.

Pretium was investing in a major expansion when the committee, led by Chair James Clyburn (D-S.C.), launched its investigation in July 2021, while Invitation was reporting record profits and both Siegel and Ventron had received more than $2 million in Paycheck Protection Program funds, which they were not required to pay back.

...

"As countless Americans acted admirably to support their communities during the coronavirus crisis, the four landlord companies investigated by the select subcommittee evicted aggressively to pad their profits," said Clyburn as the panel revealed that the true number of evictions by the companies was three times higher than previously known.

"While the abusive eviction practices documented in this report would be condemnable under any circumstances, they are unconscionable during a once-in-a-century economic and public health crisis," Clyburn added. "Rather than working with cost-burdened tenants, abiding by applicable eviction moratoriums, and accepting federal rental assistance, these companies—with properties across 28 states—expedited evictions above all else."

The report detailed numerous abusive practices by the companies as they sought to force tenants out of their homes during the public health crisis, which sent the unemployment rate skyrocketing in March 2020 and left millions of people struggling to afford rent and other necessities.

[Brian Peacock]

I was surprised nobody popped up with the 'no true capitalist' canard after that one.

[L'Emmerdeur]

It's a gnarly one. The standard 'Don't paint with a broad brush--this is a singular case' gambit isn't available--at least four separate corporations were determined to play the villainous landlord in this sordid melodrama. Extrapolating from the US House of Representatives report--14,744 eviction actions initiated altogether by the four corporations. The 'success rate' of one of the corporations in getting the tenant out of the housing was between 27% and 29%. That gives us approximately 4,000 households ejected from their housing. Not to discount the 10,000 or so households that were treated to the traumatic effect of being served with an eviction notice during a pandemic.

One might surmise that these four corporations weren't the only ones who proceeded with evictions in unrelenting pursuit of profit. That would be uncharitable though.

[rainbow]

It's a gnarly one. The standard 'Don't paint with a broad brush--this is a singular case' gambit isn't available--at least four separate corporations were determined to play the villainous landlord in this sordid melodrama. Extrapolating from the US House of Representatives report--14,744 eviction actions initiated altogether by the four corporations. The 'success rate' of one of the corporations in getting the tenant out of the housing was between 27% and 29%. That gives us approximately 4,000 households ejected from their housing. Not to discount the 10,000 or so households that were treated to the traumatic effect of being served with an eviction notice during a pandemic.

One might surmise that these four corporations weren't the only ones who proceeded with evictions in unrelenting pursuit of profit. That would be uncharitable though.

Apparently, just being served with an eviction notice can disqualify one from getting a rental lease at a later point.

[Tero]

Our young people are not able collect much savings, compared to the start of the study.
NYT

A study by William Gale of the Brookings Institution and three other researchers concluded, “As for the millennial generation, their median wealth in 2016 was lower than the wealth of any similarly aged cohort between 1989 and 2007.”

[macdoc]

Corporations are not tasked with " solving poverty" ...abuses of corporate power are the governments to legislate and either tax to death or flat out forbid right down to the city level.
Ontario may have gone overboard on protecting abusive tenants but the housing affordability points to deeper social problems.
Finns offer a "right to shelter"
SIngapore owns 88% of the housing.
France and the Swiss tax the hell out of property speculation by clawing back up to 90% of profits in the first year declining to zero after 10 years.
https://www.brookings.edu/essay/france- ... g-markets/
snip

French rental markets have three distinct features that make rental housing stable and affordable for households of varying ages, incomes, and family structures. First, the rental sector is about equally divided between public housing providers and individual landlords, with a limited institutional unsubsidized sector. Second, universal rental assistance is available for low- and moderate-income households, and there are tax advantages to invest in unsubsidized rental housing. Third, extensive regulations ensure stable leases.

Cities are mandating a mix of long and short term rentals and getting really stiff with AirBnB regulations.
There is a lack of political will to stamp out the abusive actions of corporations and a distinct lack of oversight by the boards of publically traded corporations.

Pooling of capital is a problem of many countries with a few entities having an outsized power ( Black Rock for instance )
https://www.vox.com/22524829/wall-stree ... ock-bubble

Australia is trying to level the field by empowering coops.
https://thefifthestate.com.au/housing-2 ... ternative/

Red tape of Augean proportions also prevents iniatives like tiny homes from becoming wide spread....NIMBYism, archiac bylaws, overbearing bureaucracy...even such a apparently simple idea of rooming houses is rule bound to death.

Even organized crime has it's paw in the pool...

Organised crims use drug money to buy Aussie homes
Criminal syndicates are using dirty money to launder through property purchases, adding to the overheated Australian housing market.

https://www.dailytelegraph.com.au/subsc ... our=append

Men tied to Italian mob case snap up South Florida real estatehttps://www.miamiherald.com › news › article255762051
25 Jan 2022 — In March 2013, Italian real estate developer Antonio Velardo was charged in two separate real estate money-laundering probes connected to organized crime in ...

humans behaving badly ...what else is new?

It's always a choice by management

Ikea builds housing for Icelandic staff
By News from Elsewhere...
...as found by BBC Monitoring

https://www.bbc.com/news/blogs-news-fro ... e-39553261

One of our big ski resorts did the same in the Vancouver area - staff can buy the house and build equity but they cannot speculate on it and they sell it back to the resort for what they paid when they leave but keep the equity they've built.
https://www.newswire.ca/news-releases/v ... 94072.html

Govs need to decide to be serious about providing affordable solutions in the general population instead of enabling boom and bust real estate bubbles.

They do it for student housing .....people need affordable shelter....period, full stop.