DislikedYou pretend the government just decided to pull this off on their own...guess who bribed (sorry...I meant "lobby") those very government officials into letting this happen?
As for your wage example...that makes no sense whatsoever. According to your example, why not let everyone work for 1 cent an hour? After all, if people don't like it companies could simply move elsewhere? It's a great example of why capitalism needs regulations and restrictions to protect the citizens as a whole. American Samoa's situation is different because they rely...Ignored
And no- nobody is gonna work for ridiculous wages- they still have to live. Its a matter of competition: when the government tries to fix wages to high you get unemployment not higher wages. That's what the government monkeys cant seem to understand. The end product has to be affordable for consumers. If its not you fire people. Simple. Same reason is why low wages are not a problem: if everybody suddenly slashed wages to 1/100 of what it was they'd have to lower prices to the same level too to clear the market. Capitalism works best. Always. Price controls on anything including labor dont- ever. Thats hoe FDR created the great depression: the banks contracted the money supply so employers dropped wages. Then the cretin imposes minimum wages: instant unemployment. He takes that as a sign he needs to do some more: price controls and destroying "excess" food. Yeah- capitalism did it.
Banks bribing politicians ? Quite possibly if they needed any extra bribes to juice the economy to gain votes. Problem still lies with the moron citizens who allowed the government to guarantee loans and such. Only way to fix it is to get rid of democracy and only allow people with some skin in the game to vote like it used to be- you know when there was no income tax cause the poor couldnt vote themselves money and taxpayer guaranteed loans.