Pyramid Construction, A Year Later
Last years collapse of Pyramid Construction is a tragic story on numerous levels, fortunes lost, promises broken, etc. Last month came the worst news out of this continuing story.
A former employee, who was suddenly out of work when Pyramid folded, committed suicide. He and his widow had both worked at Pyramid and had not found new employment as the economy worsened. My heart goes out to her, their family and friends.
It was one year ago today that I broke the news that Pyramid was ceasing operations (see post). I was still in the hospital at the time, about four hours from St. Louis. My post indicated the news of the collapse was a “rumor.” I knew, based on my source, that it was true.
The fallout continues. Lenders have taken back preoperties. A few projects, like the senior housing center on South Grand, have been completed. Most remain no further than they were a year ago.
I can think of one project that is still moving forward.
Yes, but that one Pyramid project despite moving forward (continuing through the developer & the T’s firm) has caused others to lose their positions as well.
The failure of capitalism and America should be evident. There is no safety net except for the wealthy. Like old bulls and cows, humans are left to be eaten by the greed of society.
Protecting the welfare of the people should be as paramount as defending its liberty. But it is not. Abortion is protested vigorously, but after birth, life doesn’t matter, neither does universal health care, nor are any basic life concerns supported. Should this be so in a moral society? Or is money the only reason to act?
Labels are so misleading but a Libertarian, Socialist mix is possible, a truncated government that supplies basic services including defense.
Will that promote lazy behavior? Up to now it seems only the wealthy escape the ramifications of capitalism in America and in fact buy the best government possible to insure their success. They hang out in their offices all day, their souls consumed by greed, and they call that work.
I am sorry to hear about this happening. This death points to deeper structural problems in America, far beyond the current economic problems. There is a humanism lacking. Unless America makes major changes, it will become a failed empire.
i don’t see the leap from mental illness to the failure of capitalism. sorry. my heart goes out as well.
Sorry, didn’t mean to be so flippant. It has been a serious problem for the entire St. Louis region and especially those in the development/design/construction industry. And to hear that it may somehow be connected to such an awful tragedy is indeed heartbreaking.
But on to Pyramid or more directly, the criticism of capitalism. I think it is indicative (or maybe just allegoric) of a larger problem not so much with capitalism, but the regulation of. Now before TimE or whoever it is screams ‘No more regulation!!’ I agree that we can’t fix this by adding on more regulation. The regulation we have serves to consolidate power and wealth, eliminate competition, and centralize, nationalize, even globalize, and industrialize the production and distribution of all goods and services. We are left with a system that is in many ways highly efficient but with no resilience.
Pyramid was controlling a tremendous amount of downtown real estate and their failure has left many others in dire straits. The majority of our consumer goods come from oversees and are sold in big-box retail outlets. Imagine what would happen if our relationship with China were to deteriorate. Where would we get our stuff? Our food is shipped across the country and even around the world. What would a supply shortage of gasoline mean for our food supply? Or what about the potential for crop failures for the contemporary farmer who grows corn and soybeans almost exclusively? We way too many of our eggs in way too few baskets.
What I don’t know, though, is if this is inevitable. Can regulation be structured to promote resilience or is it inevitable that winners will craft/influence regulation to their own gain? I don’t know.
@GMichaud: LOL! That’s funny!
Steve has indicated in his post that the suicide was related to this persons loss of his job and inability to find another one. This same scenario has been documented elsewhere in recent months.
The failure of capitalism is that on one hand that free markets allowed greed and personal gain to corrupt the overall capitalistic system, causing the crisis in housing and in the economy. Free market capitalism failed in that instance. In addition capitalism failed again by not providing a job base for the unemployed to replace the missing work.
Thus vigorous capitalism has proven itself to be impotent on many fronts. In fact the failure of capitalism is probably complete once you get beyond the small scale and enter the major, large corporate/governmental scale.
And to L.Frank Baum, I’m not sure I understand what is so damn funny about this mans suicide nor the rape of a corrupt corporate elite who are stealing wealth and creating chaos, hate, and difficulties in mainstream America with their crimes. No matter that it is legalized thievery, sanctioned by their friends in government, it is still immoral, unethical and corrupt as hell. Is that what you support Mr. Baum?
Which former employee killed himself? I ask not out of morbid curiosity, but because I knew a lot of people at Pyramid and did not hear about this elsewhere.
He was a maintenance supervisor. Someone people in development circles probably didn’t know but everyone with whom he worked respected him and just thought he was the nicest guy around.
horrible, horrible situation, all around. another indicator, one that affects us all: two columns of Pyramid-owned properties in yesterday’s paper, being sold for taxes.
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Judge recommends dismissing fraud charge against John Steffen
ARTICLE: The judge says the government has failed to show an intent to defraud.
Oct 27, 2010 | 1:05 pm | No Comments Posted