Monday, September 23, 2019

I Must Fund Your Holiday?

Thomas Cook travel agency steadily collapsed these last years, even while top management sucked out £20m in bonuses. Now the British government spends public funds to alleviate disruption. TEPCO's Fukushima scandal was much worse, and more costly. Should the rich enjoy good-time profits, but then be allowed irresponsibly to run away when conditions turn bad?

Remember TARP in the USA. Bush & buddies sucked the economy dry, and US politicians pumped public funds to private businesses with the Emergency Economic Stabilization Act of 2008. Democrat & Republican corporate flunkies in Congress helped big capital & rich friends w/ public money (and few requirements). They basically stole from mid-level workers (who'd take-over with slimmer corporations) and smaller businesses (who'd salvage from the corporate carcass). Bailouts alter industrial ecology.

155,000 UK travelers and 500,000 from elsewhere are in trouble. Thomas Cook has not paid for most services provided to them over the summer, damaging small businesses worldwide. 

😞 UK reputation drops. A British government "shadow airline" will repatriate 155,000 UK tourists:
https://www.bbc.com/news/business-49796827

Governments around the world are now using public funds to fly home holidaymakers stranded in exotic locations. If passengers had each paid an extra $500, they'd have private insurance, or maybe the UK travel firm might not have collapsed. The public should NOT pay for such private mistakes.



No comments:

Post a Comment

Comment?