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Wells Fargo & Company Message Board

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  • mrmeercat mrmeercat Jul 11, 2009 1:02 AM Flag

    Who's country is this anyway?

    The article makes several massive mistakes of reasoning.

    "Business is an activity that supposedly involves risk. Employment is not. Neither is unknowingly buying a defective product. Workers and consumers do not extend credit to the companies they work for or buy products from. They are not in any normal sense of the word “creditors.”"

    This is absolutely incorrect. Employment is indeed an activity that involves risk. As an employee, you pick your company based on whether they are trustworthy and have a viable business. The whole situation involves risk for both parties, and for it to be fair and minimize damage to society it had better involve risk for both parties so that both sides are motivated to bargain intelligently and in good faith.

    Buying a product is also an activity that involves risk. There is risk in picking the product that is right for your needs. There is risk that the manufacturing process produced an item with a breakage rate low enough to give the purchase a reasonable return on the investment.

    Workers extend credit in the sense that they work first, then get paid.

    The article write benefits his cause by mistating facts and misunderstanding economics on purpose. It is not just a matter of opinion; the article is based on false statements.

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