In a recent essay for the London Review of Books, John Lanchester argued that for all its rhetoric about connecting the world, the company is ultimately built to extract data from users to sell to advertisers. This may be true, but Facebook’s business model tells us only so much about how the network shapes the world.
While I think that tens of millions of people are on Facebook and not thinking about Facebook’s business, but that does not change the fact that Facebook would not exist unless it was a business.
It was funded from the very beginning by wealthy folks before its IPO as a business, a cleverly disguised advertising business masquerading as a social media platform. And it continues to grow in influence and power as it makes more money and sucks more people into its orbit.
Zucky is legally obligated to his shareholders to deliver maximum financial results.
He’s only obligated to his users to keep them around.
Who do you think dictates what happens at Facebook? Shareholders or Facebook users?
It’s not even debatable.
Trump Says Republicans’ Tax Plan Won’t Help the Rich
I will eat a fucking old leather shoe if rich folks’ taxes don’t get cut and if corporate taxes aren’t slashed. Or at least attempted.
This is no time to start believing the Trumpy now!
From CNBC here:
Blackstone co-founder Steve Schwarzman said Tuesday he was accused of being a Nazi in emails he received following President Donald Trump’s comments that appeared to support white supremacists in Charlottesville, Virginia.
Schwarzman, who is Jewish, described the time as one of “astonishing pressure” on a group of corporate CEOs like himself who had been part of a White House policy forum advising the president.
“You should have seen some of the emails I got,” Schwarzman said at the Delivering Alpha conference in New York. “I was accused of being a Nazi.”
Poor baby, can’t take a little heat!
You lie down with white supremacist politicians and you’re gonna get Nazi fleas you bitch!
I guess we got a billionaire snowflake on our hands here.
From Ian Welsh here:
Instead they made sure that companies and people who had caused the financial collapse, in most cases deliberately, were made whole and prevented from losing everything, while pushing the losses down onto homeowners who were minor participants compared to Wall Street and large banks.
This has played out as stagnation. It is exacerbated by a host of other issues, like monopolization, corruption and the declining era of oil, but at heart it is a simple refusal to let large, politically powerful actors take their losses and lose the economic power they misused.
So when I read these articles about fantastic Jamie Dimon walking the corridors of power in Washington because he’s such a patriotic American my stomach turns.
He’s walking those halls because he purchased access, he’s never been held accountable for the foul actions of his bank, and at his core he’s a smug, white collar criminal.
Obama let him get away with those crimes and Trump said he was going to come down hard on Wall Street.
What a joke!
…don’t do business with them.
It’s not like their the only outfit in town slinging shit.
From Slate here:
When you operate in a market, you have to keep raising your price until someone is willing to accept your bid. But for the last several years, American employers have steadfastly refused to raise wages. And now their stinginess is catching up with them. In many instances, employers simply aren’t offering sufficient incentives for people to apply for their jobs, show up to interviews, accept their offers, or show up to work. Some number of people would prefer the low level of income they have, or no income at all, to doing the work on offer at the wages listed. As Minneapolis Fed President Neel Kashkari told a group of businesspeople earlier this week, “If you’re not raising wages, then it just sounds like whining.”
I guess the laws of supply and demand don’t apply to wages. What a shock especially when large American corporate executives get paid out the ass.
Pay as I want not as I get paid!