Remember the securitization food chain that led many banks to collapse?It followed the law that deregulated safety controls set in place to save the nation from another Depression of 1929. In 1982 Reagan opened the way for banks to make private profits over public losses so what happens but subprime mortgage crisis? Anyone could own million dollar house and only when the housing market bubble burst the nation realized the citizens were short-changed while many made their billions. After the 2008 Global economic crisis one would think the government would get its act together. No the current news makes it clear.
SAN FRANCISCO (AP) — A clerical error landed Kathleen Casey on the streets.
Out of work two years, her unemployment benefits exhausted, in danger of losing her apartment, Casey applied for a job in the pharmacy of a Boston drugstore. She was offered $11 an hour. All she had to do was pass a background check.
It turned up a 14-count criminal indictment. Kathleen Casey had been charged with larceny in a scam against an elderly man and woman that involved forged checks and fake credit cards.
There was one technicality: The company that ran the background check, First Advantage, had the wrong woman. The rap sheet belonged to Kathleen A. Casey, who lived in another town nearby and was 18 years younger.
Kathleen Ann Casey, would-be pharmacy technician, was clean.
“It knocked my legs out from under me,” she says.
The business of background checks is booming. Employers spend at least $2 billion a year to look into the pasts of their prospective employees. They want to make sure they’re not hiring a thief, or worse.
But it is a system weakened by the conversion to digital files and compromised by the welter of private companies that profit by amassing public records and selling them to employers. These flaws have devastating consequences.
It is a system in which the most sensitive information from people’s pasts is bought and sold as a commodity.
A system in which computers scrape the public files of court systems around the country to retrieve personal data. But a system in which what they retrieve isn’t checked for errors that would be obvious to human eyes.
Integration principle denote the manner how an evil practice could run into different layers affecting the society and affect at the level of individuals.
Social changes are possible because of this principle.( Ack: AP News/20 Dec.11)
Bottom line is: where else private information sensitive and sacred in any society made out to be free and enlightened, should be treated as commodity and sold for profit? Where else but under capitalism?
Capitalism practiced in America can only be dismissed as crapitalism. No other word can explain it.