09 February 2014 · Comments Off · Categories: First Looks

Back when I was a road warrior, leaping on airplanes and trains to travel all over the country, I always enjoyed reading the local rag, wherever I happened to be. Nothing tells you more about a place than the letters to the editor in the local newspaper.

I particularly enjoyed the Boston Globe, the Chicago Sun-Times (before Rupert Murdoch), and the Los Angeles Times. When Murdoch destroyed the credibility of the Sun-Times by his very presence, I moved to the Chicago Tribune, which leaned conservative, but sane.

That was then.

I commend to your attention George Smith’s discussion of how Sam Zell destroyed the Chicago Trib and the L. A. Times. It is a text-book illustration of how extracting maximum return from a property by shafting persons who do honest work and expect an honest return for their labor conflicts with the legitimate capitalist notion of providing good value for a reasonable return.

There is a difference between an capitalist economy and a leech economy.

We do not have a capitalist economy.

We have a lamprey economy.

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