Capital reinvestment...

[Ace42X]

However, despite these healthy profits, the firm’s chairman, Sir Howard Stringer, is still on a cost-cutting mission. Sony’s ‘revival plan’ which Mr Stringer announced last year means that the group will aim to shed 10,000 jobs (7% of its global workforce) by March 2008, with 4,500 of these going by the end of this fiscal year.

SPOnG was under the wrong impression that when companies made loads of money, they pumped that money into creating jobs and developing innovative products. Sony has turned this model completely on its head.

http://news.spong.com/article/9587

More people under the blissful misapprehension that capitalism would allow itself to be painted warts and all.

[Schmeltz]

Wait a minute. You mean the point of capitalism isn't to create a productive, stable, affluent society in which people can lead secure lives making the most of their initiative and ambition? The point is just to exploit people for their labour value? Well damn.