Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts
Friday, March 20, 2009
Don't Trust Anyone Making $250,000 or more...
Think Progress found this little gem on CNBC. It seems to this particular anchor that this AIG problem cannot be solved by those making less than $250,000. I know a lot of smart, experienced people who have been laid off who would love to be making $100-150k a year right now. Many are settling for jobs that make 12 bucks an hour, so I am sure AIG and these ruined companies can get help. It seems to me and a lot of folks that it was people making more than $250,000 that got us into this mess in the first place. It is clear from the past year, we cannot trust these people who make more than $250,000 with our public dollars. They have to earn back our trust.
We, taxpayers, sacrificed and gave them bailout money to fix the problem they created and they turned around and gave 218 Million dollars in bonuses (and gave Paulson's ex-employer Goldman Sachs $12.6 billion). The money can go to salaries for people to work through the problem, but times of high salaries and bonuses are over. The time for slipping billions to your friends are over. When the government owns 80% of you, it is time to get paid like a government worker. To say no one would take these jobs is false.
It is time to make an ultimatum to those who still work at these corporate welfare queens that they work for the taxpayer now. If they do not want their jobs, then there are plenty of people who will take their places. We can hire a lot of smart people for the price of one, overpriced and over hyped executive with entitlement issues. Maybe it is time for them to stand in the unemployment line and feel the pain that their choices inflicted upon the world, and let the rest of us take their places.
People have been accusing Obama as wanting to redistribute wealth while we have been witnessing the greatest redistribution of wealth to financial, energy, and military contractors in the past 8 years. It is time to redistribute it the other way for the best interest of our country.
Wednesday, March 18, 2009
What They Deserve
The Hill article, "AIG staff: We deserve this money," quoted a source saying,
"“Quants,” the people who put together the computer-programmed algorithms behind the complicated hedges and trades that brought down the company, pushed back hard against any notion they should sacrifice their bonuses"
These people who have made enough money never to work again, do not deserve anything. They may want those bonuses, but they surely do not deserve them and certainly did not earn them. The whole notion of being deserving or feeling entitled has gotten us in this mess in the first place. Feeling entitled or deserving leads to a dangerous hubris that gives us permission to make bad deals, loans, trades that put our economy in peril. They had emerged from biz school believing the hype about themselves as golden children who were the brains behind wealth generation, when it is really the fact that it was the everyday worker who creates and buys real products and services that run an economy.
These Quants and their ilk kill jobs, wreck local economies, drain public coffers, and then try to tell us how indespensible they are in fixing the mess so we should pay them millions to stay on.
The MBAs who only bring companies their complex schemes to skim wealth via bonuses for the short term leaving the company weak or non-existent in the long term have nothing to offer our economy but ruin. They are the ones who layoff workers, lose money for shareholders, and basically mismanage the company without a notion of consequences because they know that they will always get a golden parachute. Bonuses used to be used to reward behavior that made the company stronger. Bonuses were for when a company was doing well and was a gesture to recognize the employee's contribution toward that end.
All the economic failures that have come to pass were very, very predictable and was predicted long before it happened but was drowned out by the mainstream media, Wall Street, and all the "experts" in bed with this broken system. If they had any sense at all everyone who brought this about knew very well this economic collapse would happen, but didn't care because they knew they would emerge from the dust wealthy. They do not care about our country nor do they understand our sacrifice as tax payers in bailing them out.
I want names released of these people who feel that in the face of their overwhelming failure that they deserve anything. What they do deserve and completely earn is a public shaming as crooked failures. They failed and continue to fail our country. They are not golden children who create wealth but drain it. The Quants and those like them need to be publically paraded in dunce caps and sandwich signs with their economic sins scrawled on them and which they would have to recite before angry crowds. They deserve to be poster children for the failure of all the crap that has been taught in business schools the past twenty years or so.
Our culture needs to stop worshipping unrestrained capitalists who transfer wealth upwards, leaving the rest of us to pick up the tab for their adventures.
As 80% owner of AIG I believe that these people owe AIG all of their bonuses, and if they are allowed to work to fix the problem they do so working off all the ill-got funds they recieved. If not, there are plenty of intelligent and hardworking people who have lost their jobs because of these people who can step in and fix it.
"“Quants,” the people who put together the computer-programmed algorithms behind the complicated hedges and trades that brought down the company, pushed back hard against any notion they should sacrifice their bonuses"
These people who have made enough money never to work again, do not deserve anything. They may want those bonuses, but they surely do not deserve them and certainly did not earn them. The whole notion of being deserving or feeling entitled has gotten us in this mess in the first place. Feeling entitled or deserving leads to a dangerous hubris that gives us permission to make bad deals, loans, trades that put our economy in peril. They had emerged from biz school believing the hype about themselves as golden children who were the brains behind wealth generation, when it is really the fact that it was the everyday worker who creates and buys real products and services that run an economy.
These Quants and their ilk kill jobs, wreck local economies, drain public coffers, and then try to tell us how indespensible they are in fixing the mess so we should pay them millions to stay on.
The MBAs who only bring companies their complex schemes to skim wealth via bonuses for the short term leaving the company weak or non-existent in the long term have nothing to offer our economy but ruin. They are the ones who layoff workers, lose money for shareholders, and basically mismanage the company without a notion of consequences because they know that they will always get a golden parachute. Bonuses used to be used to reward behavior that made the company stronger. Bonuses were for when a company was doing well and was a gesture to recognize the employee's contribution toward that end.
All the economic failures that have come to pass were very, very predictable and was predicted long before it happened but was drowned out by the mainstream media, Wall Street, and all the "experts" in bed with this broken system. If they had any sense at all everyone who brought this about knew very well this economic collapse would happen, but didn't care because they knew they would emerge from the dust wealthy. They do not care about our country nor do they understand our sacrifice as tax payers in bailing them out.
I want names released of these people who feel that in the face of their overwhelming failure that they deserve anything. What they do deserve and completely earn is a public shaming as crooked failures. They failed and continue to fail our country. They are not golden children who create wealth but drain it. The Quants and those like them need to be publically paraded in dunce caps and sandwich signs with their economic sins scrawled on them and which they would have to recite before angry crowds. They deserve to be poster children for the failure of all the crap that has been taught in business schools the past twenty years or so.
Our culture needs to stop worshipping unrestrained capitalists who transfer wealth upwards, leaving the rest of us to pick up the tab for their adventures.
As 80% owner of AIG I believe that these people owe AIG all of their bonuses, and if they are allowed to work to fix the problem they do so working off all the ill-got funds they recieved. If not, there are plenty of intelligent and hardworking people who have lost their jobs because of these people who can step in and fix it.
Friday, November 16, 2007
C-Notes, Euros, and Liberty Dollars!
Back in the Summer of 84, life was wonderful traveling Europe with a strong dollar. WTF happened? You have serious whack-job goofballs printing their own inflation-proof currency. The rest of the world is wondering if the world belongs to European currency. Even rap stars are dissing our once illustrious currency. C-Notes and P-Notes: Wonkette reports that a group of Ron Paul supporters were raided because they were creating illegal currency, Liberty Dollars, featuring Paul. How are liberty dollars any different than Camel Cash? Save up enough liberty dollars and you can get Ron Paul lighters, shot glasses, ash trays, and a Ron Paul Members Only Jacket.
When surfing the net about camel cash, there was an old article from Bob from Accounting that our Dollar has been collapsing against the old C-note. A fact noted in an April 1997 Onion issue.
Show me the Euros: Jay-Z in his video, Blue Magic, flashes Euros as the new bling-bling bankroll. The International Herald Tribune reports:
"Shortly after Angola and Iraq announced they may consider shifting their currency reserves away from the dollar and into the euro and other currencies, Nigeria's Finance Minister Shamsuddeen Usman said he was considering the same thing."
In related news, there was an OPEC oops today. OPEC accidentally broadcast Saudi Arabia rebuffing efforts of Iran and Venezuela to price oil in other currencies other than the US dollar. Saudi Arabia rejected the proposal because it didn't want to collapse the Dollar. It turns out that some oil producing countries will de-peg and diversify away from the US Dollar.
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