Of course, I do not believe that the politicians will really listen to these guys, or worse, to honor any pledge they would make — they won't do anything unless forced by the market. But it shows the growing debt aversion that grows with a negative social mood and creates a debt-deflationary cycle.
(Bloomberg) — Starbucks Chief Executive Officer Howard Schultz said more than 100 business leaders have joined his pledge to boycott U.S. political campaign donations.
AOL CEO Tim Armstrong, J.C. Penney Co. CEO Myron Ullman, Whole Foods Market Inc. Co-CEO Walter Robb and others have agreed to accelerate hiring and halt campaign giving to incumbents in Washington until Congress finds a solution to the nation’s growing debt, Starbucks said in an e-mailed statement.
Schultz is taking his campaign to the Internet and to Facebook today with the creation of Upward Spiral, “a platform for action inspired by the letter to America from Howard Schultz,” according to the website.
Last week, Schultz, 58, sent an e-mail to fellow CEOs and business leaders urging them to boycott donating to political campaigns. The Starbucks head has previously addressed issues including the high price of coffee, which he says is fueled by market speculation.It seems to me like after being so wrong for so long, Robert Prechter will be right in the end, with an amazing accuracy in the forecasts of the events as they unfold. He foresaw all this 10 years ago. Chapeau Bas!