Comments by "L.W. Paradis" (@l.w.paradis2108) on "Ask Prof Wolff: Criticizing Critics of Marx's Labor Theory of Value" video.

Employers don't even take a personal risk at all. They are covered by the corporation. The corporation will take legal reponsibility for whatever goes wrong, not the employer himself. He has no liability. Example: at BP, who took the risk? Not Tony Hayward.
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@garrettgutierrez2677 Why would they use their HOME as collateral? That has got to be one of the stupidest things I've ever heard. I have yet to meet anyone who has done that, and even bankruptcies did not place their home at risk. The corporate form is designed to shield you from liability and to prevent your own property from being at risk in case of corporate insolvency -- and that includes no clawback on your salary. If you are going to start your own business, spend the money you need to spend for competent consulting.
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@juhanleemet The law of incorporation treats all principals and agents the same. People incorporate in order to have this liability shield. As for entrepreneurs, if their creditors agree that they merit a large salary, and no clawback, of course, in the event of insolvency, then that's exactly what they keep.
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@juhanleemet I hope a certain corporation allows my response.
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@juhanleemet Maybe you just don't know what's really going on? Hm. Could be.
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@juniorgod321 Try borrowing to start a business and not paying it back? Well, it depends on how your business was structured. You may have no liability in the event of a corporate bankruptcy, and of course no clawback of salary previously vested and paid. The bank also assumed the risk in writing the loan. This isn't like a mortgage.
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@abrahamparker3065 You clearly don't understand corporate law or bankruptcy law.
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@brianbelgard5988 You're talking about a very small business and exceptional circumstances. Also, I have never heard of a small business owner taking close to no salary for more than a few years, nevermind a decade. That means he paid hardly anything into Social Security for a decade, in addition to all the other troubles he had. Did anything stop him from closing shop and getting a job? Some businesses won't hire a person who had their own business, and others love to have them as employees. Once you are past your 20s, your experience will be valued differently by different employers, a problem we all face if born before the mid-90s.
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@jtlachappelle I have no idea what Wolff did, and neither do you. A lot of people in his generation did light factory over the summer, or dropped out for a year and worked. The legendary attorney Michael Ratner did that, and he graduated number 1 in his class at Columbia.
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@garrettgutierrez2677 This is extremely unwise, and any honest lender will tell you that that is the last thing you should consider doing. It could not be more obvious. The whole point of incorporating is to shield your major assets from being seized in the event of insolvency. Paying off a mortgage as soon as possible is an obvious goal, not impairing your title to the roof over your head. I have known many people with small businesses, and many did go bankrupt, usually due to nonpayment by someone else in the chain, but not one had used their home to secure a loan. If that's the only way to get a loan, maybe consider that to be a message? If you don't understand that you are swimming with sharks . . . Entire countries lose their patrimony, much less a small business. What message did you get from 2008? My best friend was an accountant who had many small business clients. I'm going to have to ask her about this.
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@garrettgutierrez2677 Well, looks like YT did its usual snip snip. I guess it wants you to have the last word, however ••••• it may be.
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@garrettgutierrez2677 nonsensical
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