Jeffery Bezos may only be worth half as much as he was a few months back, but yesterday it was revealed that he bought not one, not two, but three high rise condos on Manhattan Island, New York, NY. As a matter of fact he liked the neighborhood, er, high rise so much that he bought the penthouse, and the space right under the penthouse, and the space right under the space right under the penthouse. The total space will be worked into a three story condo with a modest 12 bedrooms. The price was an Amazon Prime bargain at $80 million. Adjusting to the single life requires a few creature comforts.
As CEO of the largest retailer in the virtual world, capitalism has been comforting to Mr. Bezos. Though the stock is down a bit from it’s high, it’s valuation had crossed a trillion (with a “T”) dollars recently.
Capitalism has been good to the Sam Walton family as well. As beneficiaries to Sam’s fortune created by Sam’s Clubs and Walmarts, they live life as large as they wish as well. They just aren’t too flashy. Walmart, the largest retailer in the brick and mortar world is valued at a palty $350 billion dollars.
So enter one Bernie Sanders yesterday into this capitalism love fest. Walmart held its annual shareholders meeting. Bernie had a few thoughts that he wanted heard. Walmart said, “We have an open door, let’s hear them.”
In a three minute call to action Bernie stood up and asked that Walmart go from $11/hr as opening hourly pay for its employees up to $15/hr. He also told the board that “regular” employees should have a seat or three on their board.
“Walmart is the largest private employer in America and is owned by the Walton family, the wealthiest family in the United States,” said Sanders. “And yet, despite the incredible wealth of its owner, Walmart pays many of its employees starvation wages — wages that are so low that many of these employees are forced to rely on government programs like food stamps, Medicaid and public housing in order to survive.”
“Frankly,” Sanders continued, “the American people are sick and tired of subsidizing the greed of some of the largest and most profitable corporations in this country.”
He cited Amazon among others as companies that have raised their entry pay level to $15/hr and continued to do well. He is right. Amazon has done quite well.
Walmart rejected Sander’s proposal faster than they do a vendor’s proposed price increase. After all, shouldn’t market forces be the catalyst for wages? America is nearing zero unemployment. If you want more money isn’t it there if you qualify, say at Amazon, or Target or anywhere that the market forces force employers to pay up for help? Just asking.
Maybe Bernie isn’t so crazy after all. You see he’s chasing Joe Biden, who told America in his “I’m running for President” coming out speech in Pennsylvania that the middle class is getting left behind in the Trump years. Joe should check the stats on the Obama/Biden years, but we digress.
So Bernie took a swing for the class a bit lower than middle yesterday. The TV cameras loved it. It takes a lot of video to fill 24 hours you know. Bernie yells louder and longer for the little guy than most anyone else. And, he doesn’t spray his hair like The Donald. Therefore, outdoor rallies like he had after his appeal to Walmart seem to have much appeal to cameras near and far as his unkempt coif whirls like a dervish.
Jeffery Bezos, no doubt, was looking down on all of this, happy that he already has his minimums set at $15, and happy with his real estate purchase too. Soon, but not soon enough, he’ll be looking down from 35 stories up.
These fixer upper remodels take time you know.