the style of losses

“I tasted a beer and tried a cigarette once, as a wayward teenager, and never did it again.” —Mitt Romney

Whole sectors of the economy are dying.

Why is this happening?

Christensen retells the story of how Dell progressively lopped off low-value segments of its PC operation to the Taiwan-based firm ASUSTek —the motherboard, the assembly of the computer, the management of the supply chain and finally the design of the computer.

In each case Dell accepted the proposal because in each case its profitability improved: its costs declined and its revenues stayed the same. At the end of the process, however, Dell was little more than a brand, while ASUSTeK can—and does—now offer a cheaper, better computer to Best Buy at lower cost.

…the impact of foreign outsourcing on many other companies, including the steel companies, the automakers, the oil companies, the pharmaceuticals, and now even software development.

…steadily becoming primarily marketing agencies and brands: they are lopping off the expertise that is needed to make anything anymore.

George Monbiot on socialism for the rich:

For corporate welfare queens and their crystal baths, there is no benefit cap.

Limited liability, offshore secrecy regimes and state handouts ensure those at the top bear none of the costs they inflict on us.

the mess left behind