Two Guys SportsSpotlight Post: Three articles on the state of the U.S. Economy
September 21st 2008 07:42
Three articles on the state of the U.S. Economy
Jim Stillman wrote the following articles on PoliticalCertainty.com about the current state of the U.S. Economy.
Congratulations, you’re now in the banking, investment and mortgage business.
You and I are now in the mortgage business with a rather limited contract of employment. We pay the bills but do not reap any potential profits. Heck of a deal!
But that’s exactly what has happened with the government’s (i.e. the taxpayers, you and I) taking over Fannie and Freddie. We are also going into the banking business as we take over, outright, or guarantee the bad debts and decisions of leading banks and investment houses. Out of the goodness of our hearts, as each private business fails, workers’ pensions go down the tubes, loyal rank-and-file employees lose jobs and homes, we reward the most senior executives who made the bad decisions to take tens of millions of dollars and live very well indeed. One of the worrisome trends in corporate governance is the income and bonuses paid to corporate executives and this will be the subject of a future post.
Click here to see this post in its entirety.
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The gap between the extremely rich and the rest of us expands.
Over the past 25 years or so, the gap between corporate executive and regular worker-employee has widened to an obscene degree. One of the results of this separation has been crisis after crisis in the financial markets and the United States economy. Senator John McCain, certainly no advocate of government intervention or regulation, acknowledged this, noting that the economy was being threatened "because of the greed by some based in Wall Street and we have got to fix it."
The magnitude of the manifest unfairness is reflected in the numbers. In 1980, the average income of the chief operating officers of the largest American corporations was 42 times that of the average worker in the company; ten years later, in 1990, the ratio had increased to 107 to one; the latest figures reported in the Wall Street Journal reelected a ratio of 364 to one!
Click here to see this post in its entirety.
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A primer on the economic crisis
James Moore, a very bright guy, starts his latest article:
Don't let them tell you this economic meltdown is a complicated mess. It's not. Our national financial crisis is readily understood by anyone who has seen greed and hypocrisy. But we are now witnessing them on a profound, monumental scale.
Conservative Republicans always want the government to stay out of business and avoid regulation as long as they are making lots of money. When their greed, however, gets them into a fix, they are the first to cry out for rules and laws and taxpayer money to bail out their businesses.
Click here to see this post in its entirety.
Jim Stillman wrote the following articles on PoliticalCertainty.com about the current state of the U.S. Economy.
Congratulations, you’re now in the banking, investment and mortgage business.
You and I are now in the mortgage business with a rather limited contract of employment. We pay the bills but do not reap any potential profits. Heck of a deal!
But that’s exactly what has happened with the government’s (i.e. the taxpayers, you and I) taking over Fannie and Freddie. We are also going into the banking business as we take over, outright, or guarantee the bad debts and decisions of leading banks and investment houses. Out of the goodness of our hearts, as each private business fails, workers’ pensions go down the tubes, loyal rank-and-file employees lose jobs and homes, we reward the most senior executives who made the bad decisions to take tens of millions of dollars and live very well indeed. One of the worrisome trends in corporate governance is the income and bonuses paid to corporate executives and this will be the subject of a future post.
Click here to see this post in its entirety.
----------------------------- ----
The gap between the extremely rich and the rest of us expands.
Over the past 25 years or so, the gap between corporate executive and regular worker-employee has widened to an obscene degree. One of the results of this separation has been crisis after crisis in the financial markets and the United States economy. Senator John McCain, certainly no advocate of government intervention or regulation, acknowledged this, noting that the economy was being threatened "because of the greed by some based in Wall Street and we have got to fix it."
The magnitude of the manifest unfairness is reflected in the numbers. In 1980, the average income of the chief operating officers of the largest American corporations was 42 times that of the average worker in the company; ten years later, in 1990, the ratio had increased to 107 to one; the latest figures reported in the Wall Street Journal reelected a ratio of 364 to one!
Click here to see this post in its entirety.
----------------------------- ----
A primer on the economic crisis
James Moore, a very bright guy, starts his latest article:
Don't let them tell you this economic meltdown is a complicated mess. It's not. Our national financial crisis is readily understood by anyone who has seen greed and hypocrisy. But we are now witnessing them on a profound, monumental scale.
Conservative Republicans always want the government to stay out of business and avoid regulation as long as they are making lots of money. When their greed, however, gets them into a fix, they are the first to cry out for rules and laws and taxpayer money to bail out their businesses.
Click here to see this post in its entirety.
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