Independent of the merits, or not, of the law (such as the logical result that, regardless of the merit of the various consumer protections, lending will undoubtedly decrease as a result of this law), Kagen says something remarkable:
“Our message to Wall Street is clear: People are more important than profits.”
This is a statement worthy only of religious institutions and socialists. (Think that sounds harsh? I could have called Kagen a Communist, seeing as how the Communist Party USA claims that “A better world is possible — a world where people come before profits. That’s socialism. That’s our vision.”)
Karl Marx famously defined socialism as “From each according to his ability, to each according to his needs!” Margaret Thatcher famously retorted, “The trouble with socialism is that eventually you run out of other people’s money.”
I was of the impression that, as the founder of the Kagen Allergy Clinics, Kagen realized that no business or organization (except, apparently, the federal and state governments) will survive very long if it makes a habit of spending more than it takes in in revenues. When you have more revenues than expenses, the balance is called “profit,” something that may be secondary to Kagen, but is of primary importance to a business. That is not to say that other things are not important, but nothing — hiring employees and paying their salaries, serving customers, or anything else the business owner feels is important — happens without profits.
Using Kagen’s “people are more important than profits” logic, we should expect that Kagen’s clinics gave their services to patients for free, since, he says, people are more important than profits. (Which may come as news to his top source of campaign contributions according to the Center for Responsive Politics: health professionals. I bet his number two campaign contributor, lawyers and law firms, don’t offer their services for free either.)
Kagen’s pejorative reference to “Wall Street” only applies to such businesses in the Eighth Congressional District as American Medical Security Group, Associated Banc–Corp, Badger Paper Mills, Baylake Corp., Integrys Energy, Oshkosh Corp., School Specialty Inc., and ShopKo Stores Inc. Such other “Wall Street” companies as Banta Corp., Harley–Davidson, The Manitowoc Co., Marshall & Ilsley Corp. (one of those TARP banks Kagen did not vote for, as is Associated) and Renaissance Learning Inc. (as well as, by the way, the company that publishes Marketplace) are other companies with either major employment or customer base within the state that Kagen supposedly represents in Congress.
In fact, as of 2008 (the last year for which a report was available), Kagen, then the 28th wealthiest member of Congress, held at least $1,000 in stock in such Wall Street companies as Cisco Systems, Dell Inc., General Motors (you know, Government Motors), Home Depot and Microsoft, companies that didn’t reach their level of success by giving away their products and services for free because people are more important than profits. (Source: MarketPlace)
Unless I’ve missed it I haven’t seen one of Kagen’s opponents in the GOP primary show a willingness to call his views socialist. Why is that? Aren’t any of them willing to take the gloves off?
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