All eyes are on Wall Street as Facebook filed an Initial Public Offering with the Securities and Exchange Commission. The social networking giant is trying to raise $5 billion – and estimates are the company is worth between $75 and $100 billion. It’s the largest IPO since Google went public in 2004. The Wall Street Journal speculates the IPO could create 1,000 millionaires overnight – as if that’s what our nation REALLY needs right now – more millionaires.
The nation’s focus shouldn’t be on creating a handful of millionaires – it should be on creating a million strong middle class by bringing back manufacturing jobs to the United States – by ending tax breaks for transnational corporations that ship American jobs overseas – and putting back in place protections for domestic industries.
Comments
....as if that’s what our nation REALLY needs right now – more millionaires.
Yes Thom, our nation REALLY needs more millionaires right now! It is a good thing when people see an increase in their wealth.
You constantly complain that people in the USA don't have enough money, and now you are complaining that the US is creating millionaires too fast?
Calperson, be careful or we will not be able to believe that you are an honest inquirer. The creation of more billionaires does nothing positive for the average person and makes the problem of disparity worse. The Billionaires do not create jobs or invest in the common good, so this is a symptom of pathology, not of health. What trickles down creates "pee-ons."
Try to wrap your brain around this so you can avoid being taken for a troll or unrepentant stupid ideologue. It is ok not to know if you really want to learn.
the IPO is anything but an IPO. Those engaging in the "IPO" of facebook are latecomers to funding facebook.
Facebook will continue with its development, will not suddenly go on a hiring binge or spending binge. The IPO fund will go to paying those who were at the party early on. The funds and fund manager who have been funding Facebook. A serious investor is looking at this IPO as a big farce. I'm not touching it.
It could end up like Microsoft, Apple. But it could end up like Crispy Creme. Facebook is much too big and came too late for an IPO. They should have done so when they were much smaller. Facebook in my view has saturated the market. So where is the growth going to come from?
As for creating 1000's of millionaire. Wishful thinking. Much of it has to pay for the early investors...