The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

The bosses love their "merger mania"

Mar 1, 2004

The Solo Cup has just bought Sweetheart Cup, in a merger typical of the current business climate. Comcast, the cable provider, offered to pay over 50 billion dollars to buy Disney. The week before, Cingular proposed to buy AT&T Wireless for 41 billion dollars. And this year has seen the consolidation of the two most important banks in U.S. history – J.P. Morgan and Chase Manhattan – in a deal costing 58 billion dollars in stock.

Whether in cash, loans or stock, the bosses are smugly expressing confidence that their economy will continue to serve them. For them, there's no need to worry about discipline, or cutbacks, or lack of customers.

They need to have the rug pulled out from under their feet.