The Truth About Socialism

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Who wanted to sell the newspaper to his employees?

Gene Bishop

The No. 2 man

The junior partner

The client (correct)

Who called in Crocker Bank to make a survey of the employees?

The client

Gene Bishop

The attorneys (correct)

The No. 2 man

What did the bank announce to the unions?

The employees can afford to pay the interest but not the principal (correct)

The employees cannot afford to pay the interest and principal

The employees can afford to pay the interest and principal

The employees can afford to pay the principal but not the interest

According to the text, what percentage of the people own the capital?

98 percent Signup and view all the answers

What percentage of federal taxes are levied on people who earn to give through transfer payments to people who need?

55 percent Signup and view all the answers

What is boondoggle according to the text?

Jobs that are federally subsidized Signup and view all the answers

What is the main advantage of an ESOP leveraged buy out according to the text?

It solves retirement security problems for all employees Signup and view all the answers

According to the text, what percentage of money churning through the stock market is pension money?

85 percent Signup and view all the answers

What does the author suggest people do with their power?

Acquire capital ownership in their employers Signup and view all the answers

According to the text, what is the yield on secondhand securities?

5 or 6 percent Signup and view all the answers

According to the text, what are the two forms of social power in the world?

Political power and economic power Signup and view all the answers

What is the dominant form of capital in early America, according to the text?

Nature Signup and view all the answers

What is the current economic system in the United States, according to the text?

Plutocracy Signup and view all the answers

What is the proposed solution to reverse the decline of economic democracy, according to the text?

ESOP financing for business corporations Signup and view all the answers

According to the text, what is the logic of capital acquisition?

To buy something that pays for itself Signup and view all the answers

According to the text, why do you have to be rich to buy capital assets?

Because there is a risk that the asset might not pay for itself Signup and view all the answers

What is the risk associated with capital acquisition according to the text?

Feasibility risk Signup and view all the answers

What is the worst possible kind of policy for insuring the feasibility risk according to the text?

Self-insurance Signup and view all the answers

According to the text, what is the difference between the $1 million investment and the loan?

$500,000 Signup and view all the answers

According to the text, who owns the majority of productive capital in the American economy?

The top two percent of wealth holders Signup and view all the answers

According to the text, what is the relationship between production and income?

Production and income are directly proportional Signup and view all the answers

According to the text, what percentage of goods and services in the American economy are produced by capital?

90% Signup and view all the answers

According to the text, what is the purpose of government?

To do for the people what they cannot do for themselves Signup and view all the answers

What is the author's opinion on the price of labor in the United States?

It is rigged by management and labor Signup and view all the answers

What did the author predict would happen if the United States continued to distribute the increase in income through labor?

Currency inflation, destruction of private property in capital, and loss of markets Signup and view all the answers

What does the author propose as a solution to putting capital ownership in fewer hands?

ESOP financing Signup and view all the answers