Sunday, Feb 18, 2007
Education, Education, Education = Greed, Greed, Greed
Telegraph: Blair's wealth gap: voters want City bonus curb
73% polled say city bonuese are excessive. Alan Simpson (Labour MP) said, "Financial services and the money markets are engaged in a greed-fest - and Treasury rules are actually making this possible. Many of these huge bonuses are actually rewards for failure."
Posted by nearly30 @ 09:33 AM (151 views) Add Comment
15 Comments
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1. nearly30 said...
Seems like there may be a new media interest in this angle - blame the Uber-Rich!!!
The Guardian ran the article - London’s über-rich call the shots: Waves of foreign buyers have opened a gap between the super-rich and the merely wealthy in the capital.
http://property.timesonline.co.uk/tol/life_and_style/property/buying_and_selling/article1291732.ece
“If you are a successful UK resident with a couple of million to spend, you might be considered wealthy in Surrey or even Wimbledon. But in Belgravia and, increasingly, Chelsea, forget it. You are competing with the über-wealthy, who will pay anything to stay in the best addresses.”
It may not be ended very soon either:
“The large number of registrations in Haart’s branches by City workers will be translated into sales in the new year, as Christmas bonuses are invested in buy-to-let hot spots in Canary Wharf and the Olympic Village, and in prestigious family homes in Chiswick and Fulham,” says Paul Smith, Haart’s chief executive.
2. harold said...
And this wealth 're-distribution' all happened under a Labour government. What a total joke. Have we really moved forward since the 19C? What sort of society do we want to live in: one in which the City system allows a 20-something barrow-boy (in a suit) to be rewarded more than a highly-trained doctor? And rewarded for what? - What are these City spivs actually doing apart from placing bets that our crimial central bank will pump yet more money into the system (thereby you of your savings) and bubble-up stocks? When will someone kick these guys into the long grass where they belong? (rant over)
3. harold said...
oops, please insert the word "robbing" in between "thereby" and "you", as in "thereby robbing you".
4. denzil said...
My brother-in-law is one of the 4200 whose annual bonus will exceed one million £. What bothers me is not the bonus but the fact that this government have orchestrated the event and created an economy built on sand not on solid foundations. I've never voted labour and most certainly would not vote for old smiler Blair and I'd sooner hack off one of my testicles with a rusty hacksaw blade than vote for the disgusting creature Brown but one thing that stands out about this Labour government is the "have" and "have not" society is more distinct than it has been for many years.
This Labour party quite simply disgust me. The whole loans for peerages thing is painful but the fact that Labour have to borrow the money but still find the cash to spend more on advertising per year than M&S and Tesco's combined is simply bewildering.
5. magnifico said...
<>
I've said this many times before on this forum.
These people are the ones managing pension and endowment funds both of which are creating misery by underperforming.
Why let's give them something to reward their incompetence!
... and to think Labour were going to be the Party that would have brought about the end of the 'Old Boy's network.
6. enuii said...
The whole country is slowly being dragged back in time to that moment in the early 1950's when the welfare state was invented! Prior to this glorious date most people worked until they either dropped dead or were icapable of carrying on, healthcare other than in a cottage hospital was available to those who paid for it and a holiday was a train journey away. NuLabour are dragging the majority of the UK's citizens back to this point and as the gap between London's finest and the rest of the country increases so does its increasing polarisation.
7. magnifico said...
Sorry the quote above should read 'Many of these huge bonuses are actually rewards for failure.'
8. lvmreader said...
It would be a grave mistake to go interfering with the Free Market system.
What needs to happen is Joe Public needs to pull his whining head out of his arse and learn how the economy works and he will find that there is way to distribute wealth fairly. It is called not being a whininh hamster/sheep.
Start with this video:
http://video.google.com/videoplay?docid=5232639329002339531
9. sovietuk said...
"It would be a grave mistake to go interfering with the Free Market system."
This is exactly what labour have done by disproportionately taxing the middle classes with many different types of tax (e.g inheritance tax, tuition fees, destroying private pensions) and also over regulating business. What you will be left with is 3% super rich (politicians included in this) and 97% poor (controlled by the state through debt and an oppressive laws). Intentionally designed by the people who rule to increase their standard of living at the expense of the bottom 97%. Finding a party to vote for that can fix all this looks increasingly more depressing by the day. No wonder the Heathrow departure lounges are so busy.
10. harold said...
lvmreader, please spare us the “Oh, you really can’t go meddling with the sacrosanct ‘free’ market” approach. Do you really think the Central Bank money supply system and City is a "Free Market system"? It's not a free market, but a corrupt one that siphons off your wealth creation and gives it to those who do not necessarily have your best interest at heart (to put it mildly). Yes, we've all seen the video - yours is the third posting of it on this site in as many weeks.
11. lvmreader said...
Thank you Harold. I am the original poster of the Video on Fiat empire.
12. lvmreader said...
"Cronyism" is the problem here. Not capitalism or the free market.
Anyone who applies themselves can get to work in the city. I know of people from poor backrgounds in Sheffield who have gone on to get their PhDs in Aeronautical Engineerig then work in an Investment Bank. Why begrudge them their take? After all, you could get there.
We must never return to the days of fixed prices and government interference in the markets.
---------------------------------------------------------------------------------------------------------------------------------------------------------
Ludwig Von Mises Institute -www.mises.org:
The Ludwig von Mises Institute is the research and educational center of classical liberalism and the Austrian School of economics.
http://www.mises.org/
13. Davros said...
Who cares if a few earn megabucks? They certainly arn't the reason the average man can't afford the average house. We'd be better off finding a way to sort out this ridiculous expansion of buy to let, if we wanted to sort out the housing shortage for 99% of people in this country.
14. japanese uncle said...
80% tax rate for those megaquids earners, may nicely make up for the reduction of income tax rate applicable to savings interest income.
Buy to let is certainly not commendable, but given 40% tax rate for you term depost interests, while pensions are totally unreliable, whether, state, private, or company. People are really forced to invest in property.
In Japan for example, regardless of your salary, your savings interest income is taxed at 20% flat.
15. dohousescrashinthewoods said...
lvmreader, thanks for posting the video. Very interesting.