Sunday, Oct 18, 2009

“Wall Street is mocking us”

Cape Cod Times: Fats cats gain as Main Street struggles

The infuriating news that the same inept financial barons who wrecked the economy a year ago are poised yet again to pocket exorbitant paychecks already has Main Street Americans fuming.

Posted by devo @ 08:12 PM (857 views)
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10 Comments

1. bystander said...

...and yet the pacifying rhetoric is already being pushed by politicians in the pocket of the banksters who really run the economy for their own personal gain. Politicians really do believe that if the financial sector is OK, at whatever moral/ future economic cosr, then everything will be OK. This is very dangerous for one paarticular reason - these 'fat cats'now know they will never be allowed to fail and never be brought to justice. They will continue to create booms and busts, with the complicit backing of governmnets worldwide. Just look at the former CEO of BoA, Ken Lewis, who recently was told he wouldn't receive his $1.5 million pay check for last year, but will be allowed to keep his $124million pension pot. What the f*ck has actually been learnt from this crisis. More than ever we now know, or main street should know that all our lives are a manipulation to fill the pockets of the financial and political elites. B*st*rds!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Sunday, October 18, 2009 09:37PM Report Comment
 

2. shipbuilder said...

But what will they do about it? You get the system you vote for - would curbing fat cat's pay not be 'socialism'?

Sunday, October 18, 2009 09:39PM Report Comment
 

3. crunchy said...

2. shipbuilder

Better than fascism! You do not get a true choice in the system you would like to vote for.

Monday, October 19, 2009 12:45AM Report Comment
 

4. crunchy said...

Curbing fat cat's pay when they still have massive debts would be capitalism.

Imagine if you were trying to do the same to a bank. There goes your overdraft.

Monday, October 19, 2009 12:48AM Report Comment
 

5. cat and canary said...

broadly agree with Crunchy,

...curbing the pay of entreprenurial Fat Cats, who created created and nutured a successful company, created jobs and solved a few of humanity's problems through good innovation would be socialism

curbing the pay of incompetent Fat Cats who got the job because his/her daddy got them the job, or because they are a member of the right Alumni network, or because they are in-power and so think they deserve a £10M bonus when in fact all they do is rip-off the shareholders and/or trash the company to make a quick-profit would be capitalism

Monday, October 19, 2009 09:49AM Report Comment
 

6. nickb said...

>curbing the pay of incompetent Fat Cats who got the job because his/her daddy got them the job, or because they are a >member of the right Alumni network, or because they are in-power and so think they deserve a £10M bonus when in fact all they >do is rip-off the shareholders and/or trash the company to make a quick-profit would be capitalism

er... then why do we nowhere observe this in Capitalism?

Monday, October 19, 2009 10:46AM Report Comment
 

7. crunchy said...

Nepotism is another matter.

Niche Socialism. lol

Monday, October 19, 2009 11:06AM Report Comment
 

8. cat and canary said...

@6 nickb, we do see it, but nowhere near enough IMO

e.g. "Bank of America's chief executive Kenneth Lewis, who is due to retire at the end of the year,
will receive no salary or bonus for 2009." http://news.bbc.co.uk/1/hi/business/8310035.stm

of course that decision was made by the US Treasury. The jury is out on the ability/will of the FSA to do
such a thing in the UK with RBS etc.

Monday, October 19, 2009 11:13AM Report Comment
 

9. nickb said...

@cat
then I rephrase: why do we nowhere observe it nearly enough in Capitalism?
We primarily observe a world of revolving doors, super injunctions, regulatory capture, the race to the bottom and so on.
Fact is free market capitalism is set up to produce these kinds of outcome.

Monday, October 19, 2009 02:12PM Report Comment
 

10. cat and canary said...

nickb,

Huge questions and difficult questions. I don't claim to have the answers in any meaningful way, but I will throw in my pennies-worth for discussion's sake.....

"Fact is free market capitalism is set up to produce these kinds of outcome." ... i don't agree. This implies capitalism is somehow deliberately engineered to bring benefit to the few. But I do agree that with so much reward to be made in this new 'global era,' many/most who become 'financially successful' tend to be those who will step on anyone to get it.

I don't believe the failure is capitalism, the failure is the lack of regulation and morality in capitalism. Capitalism is a mechanism whereby an individual can act freely in self-interest..but it should be provided that the individual doesn't severely hurt/disable others in some way. Its the last clause that is lacking and we seem to be incapable of translating this into any type of effective law or regulation.

Capitalism creates the incentive for progress but it has the disadvantage of being compatible with slavery.

Capitalism needs a counter balance.

Capitalism so desperately needs un-biased regulation of those in power who abuse power/people, and to be able to strip them of their power.

But who is going to sit and judge them? Politicians? The FSA? Ha! Don't have a practical answer to this one.

My argument all sounds a bit utopian, in reality there will always be abuses of power, especially lately!

Monday, October 19, 2009 04:17PM Report Comment
 

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