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Ha. I think since members of Congress do not think pensions/retirement or healthcare should be paid out by employers, they should not receive it either. Just think how much that would save this Country.What gets me is how they can hate Unions and union benefits, but they have their hands out to receive those same benefits, which, btw, are so much higher than any union pension. They're just a bunch of hypocrites if you ask me.
Okay, Mike...I read'em. It does seem Pelosi didn't spend as much on booze as was reported. I guess we have to decide which story to believe now. It's sorta like a man with a watch knows what the time is. A man with two watches is never sure.
You are right about one thing, though. I don't like Nancy Pelosi.
I did a Google search on presideial succession. I'm number two-hundred-forty-eight-million-seven-hundred-sixty-nine-thouand-eight hundred-eleven on the list, but I'm movin' up as people older than I die. Can I ride in a T-37? Seriously, Mike, I believe you, along with Bush are barking up the wrong tree when y'all defend flying the Speaker on AF planes because of "security." If she was on an airliner over Kansas and something happened that took out the president and the VEEP, I kinda think the plane would land and they'd put her butt in the back of a T-38 and get her back to someplace where the disaster wasn't. I rather doubt the other passengers would be upset at their travel plans being interrupted for a national emergency like that. This is a vastly unnecessary perk and she milks it for everything she can.
Mike...You're right. I didn't read the sources you posted. I did try, but the security system on the computers here at work -- I was at lunch at the time -- blocked them. I promise you that I will see them when I get home and can use my computer when my wife gets off it.
let's be truthful; this is all about your hatred for Nancy Pelosi, president Obama et al.... I would bet $100, I won't hear word from you when speaker Boehner takes military aircraft to a golf outing. It will probably be in the paper but to most posters(myself included) we will file under the" who cares?" section. I bet you didn't check the sources I left, because it would weaken your case...There's a lot bigger fish to fry.... This your pet peeve understand that... You went on a similar rant when the president took his wife to New York in a military helicopter.
Are you suggesting that she is somehow more important than, oh I don't know...ME? :)... That's a loaded question.
As we know, the speaker is filthy rich and used to flying in luxurious jets... Her spokesman said she doesn't like the restriction she has, having to fly to California in a military aircraft.... After all, the speaker the house is third in line for the presidency, they must always be able to take over if needed....#1 We don't wanna have another situation where Alexander Haig stepped up to a podium and said" I'm in charge", the day President Reagan was shot...#2. Military aircraft have the necessary equipment(faxes,secured phones,protection, etc) and the ability to turn around without an inconvenience to civilians.... #3....The economy doesn't have anything to do with it.
I can already see the response from the right wingers;OMG Pelosi in charge!!!!!!
It's time the Speaker begins to fly commercial again. There was no "obviious" security problem with the Speaker -- reagardless of the party -- that required military airplanes to be used. There wasn't a big stink made at the time because the economy wasn't in the shape it's in now. There is no way to defend using the USAF as her personal, on demand, transportation service. She can buy a ticket on the new United and be as safe as any other citizen flying on commercial airliners in the United States. Are you suggesting that she is somehow more important than, oh I don't know...ME? :)
If her highness were to fly commercial again, maybe there would be some changes in the miserable conditions travelers have to put up with. I bet SHE wouldn't like to have to show up two hours early for a flight and then go through the TSA dog and pony show before boarding. I'd buy a ticket to see her reaction to being hand searched after going through the scanner/metal detector. But, then part of the ruling class attitude is that the rules that apply to the ordinary citizens don't apply to congress critters.
If Pelosi isn't doing the drinking on the plane, she's traveling with serious boozers on the taxpayer's dime.
"Mike...Self-styled ruling class? Yeah, try this story on for size." You are indicting 534 members of Congress for an incident you have not thoroughly researched for revelance. Is that the best you can do?
It's been known for years that the speaker does not drink alcohol.
This is not news to me it's, it's been out there for quite sometime but was brought to light by in wing nut Michelle Bachmann and now your article from the Washington Examiner.
For more context:
Politifact advises going to Factcheck.org for more details.
Requiring the speaker the house to use military aircraft was started in the Bush administration for obvious security reasons.
Mike...Self-styled ruling class? Yeah, try this story on for size.
New documents uncovered by Judicial Watch show Pelosi took 85 trips on military aircraft By: Mark TapscottEditorial Page Editor10/14/10 11:34 AM EDT Speaker of the House Nancy Pelosi and members of her family and staff took 85 tax-paid trips on military aircraft between March 2, 2009, and June 7, 2010, according to new documents uncovered by Judicial Watch.
Pelosi's daughter, son-in-law and two grandsons were on the June 20, 2009, flight from Andrews AFB to San Francisco where Pelosi resides, according to the documents. On July 2, 2010, Pelosi took a grandson on a flight from Andrews to Travis AFB, north of San Francisco.
Judicial Watch obtained the documents as a result of a January 25, 2009, Freedom of Information Act (FOIA) request.
Previous documents received by the non-profit watchdog group revealed that Pelosi's travel "cost the United States Air Force $2,100,744.59 over a two-year period — $101,429.14 of which was for in-flight expenses, including food and alcohol," according to Judicial Watch.
"For example, purchases for one Pelosi-led congressional delegation traveling from Washington, DC, through Tel Aviv, Israel to Baghdad, Iraq May 15-20, 2008 included: Johnny Walker Red scotch, Grey Goose vodka, E&J brandy, Bailey’s Irish Crème, Maker’s Mark whiskey, Courvoisier cognac, Bacardi Light rum, Jim Beam whiskey, Beefeater gin, Dewar’s scotch, Bombay Sapphire gin, Jack Daniels whiskey, Corona beer and several bottles of wine."
Not only is Pelosi a self-styled royal wannabe, it seems she's something of a boozer as well.
Mike...I never said you support corruption. I may not always agree with you, but I do believe you're honest. I never heard of a lobbyist petitioning a congressman without money being used to grease the conversation. There might have been some, but I don't know of them. I was just trying to point out that there is a vast difference between lobbying for your position -- trying to convince a congress critter that your position is in the best interests of the country -- and exchanging money (campaign contributions, wink, wink) for their vote for your position because it's in the best interests of your client who's the souce of all that money. The second is immoral and it's legal only because the money is going to a congress critter who doesn't live by the same rules as you and I. Remember, most lobbyists (and I believe most congress people are lawyers) and lawers, generally speaking are those who will get into bed with whomever pays them the most money. Have YOU ever heard of a lawyer or congressman say no to money because the money is tied to a bill to which the congressman is opposed on principle? I haven't either.
Federal mandates for city street signs. Where is the authority for the feds to mandate such? Even Victoria could get slapped with this. We have many street signs in all upper case letters. As an aside, do YOU believe the study's conclusions? I sure as hell don't and I'm old. This is just some bureaucrats spouting bureaucrap and splattering the city.
Those California and Virginia congressmen you hypothicized about. I don't believe either would have an opinion about either clean and green energy or coal until they heard from their bankers -- uhh, I mean the lobbyists -- to tell them what they should think, say, and how to vote. In exchange for money, of course. You think congress can reinvent itself. I don't. Why would they? They're getting rich from the way the system works now. The only way to change the congress is for them to pass laws that would affect THEIR OWN BANK ACCOUNTS. Ain't gonna happen. I have doubts about how many will be fired by the voters next month. A few, maybe, but not nearly enough.
Under normal conditions, I would have let your post stand as is but you said "Mike.Back to you and others.The problem is this. NO one on this forum besides me offer any solutions."
You presented a "WISH LIST" not solutions.... It is obvious to me that you didn't put much thought or research into it. For instance, we do audit the Fed and we will never end it.
1. Oil is at ~ $82 a barrel, so it is not a major problem right now..It's all about Jobs2. Yeah, people want to open trade with Cuba but that will not make or break us right now.3. We are in a global economy whether you like it are not and we're not going upset our neighbors by repealing NAFTA,CAFTA, and the WTO... We might renegotiate but that's a two way proposition..... We're not gonna become a protectionist nation.4. You do know that tariffs work both way,don't you?.... They can leave our goods on the shelves by making their goods a lot cheaper.5. I don't know anything about the Paul C Fisher Tax System but I imagine it's like any other untested dream.6. I think you need to read the constitution, where it say is that lobbyist have a constitutional right to petition the government... Congress could make it where representatives could not lobby for a insurance company for a period of five years if that person had a seat on the finance committee. For example, why couldn't a former congressman lobby for defense firm if he had been on the agriculture committee?.... You have to use some common sense.
I have have seen a lot reasonable proposals offered by other posters, so when you put yourself out,as the person being above all the rest; I object to that and I have called you on it.
Consumers are not spending..Got a solution?...It's not always about government.
I always enjoy reading conservative columnist David Brooks of the New York Times because he is not an ideologue... I don't always agree but he's always presents a good case..IMO
For the record, unions only represent 12.3% of the work force, so I really didn't pay attention when the right wing would always use them as a bogeyman... They get that from Glenn Beck..etc.
Mr. Brooks convinced me that some public sector union pension contracts need to be renegotiated to reflect today's times. I know he cherry picked his examples but he makes a compelling case. He used NYC as one of his examples, where the cities is in a strain to finances schools but they support 10,000 former cops who retired at age 50. He went on to say that California cannot afford new water projects but their state police receive 90% of their salaries when they retire at age 50. States are struggling to finance unfunded pension obligations that are estimated at two trillion dollars. He went out to point out that on average, Federal State and local workers earn about $14.00 more per hour in wages and benefits than their private sector counterparts. I would really have to get to the details of that survey before accepting it, on face value. I'm sure in some regions that is true.
David Brooks brought a very good point that I was not aware of(I might have been blinded by my partisanship) when he explained how private sector unions have to compete in the marketplace, so both entities have to be reasonable... Not so much in the public sector because it's nearly impossible to bargain collectively with the government because of political power.
He makes a good case for those regions but if you talk to some Texas county, state, and local employees ; I think they will say he's full of it....
You said"Where we part company is when that lobbying consists of envelopes of $100 bills -- or, more likely these days -- wire transfers of large sums of money to off-shore accounts. THAT'S not petitioning.... Can you point to a statement where I approved of corruption?
I will you give you a little example: the representative from California would likely be for clean green energy and the representative from West Virginia would be for coal.... A lobbyist for clean energy supporting (large cash donations) a candidate from West Virginia would draw my suspicion... Another example: According to Opensecrets.com candidate Obama receive the most funds from Goldman Sachs. Today, Wall Street will not support most democrats because of the recent reform legislation. Then again, today contributors can remain anonymous, so it will be impossible to know who is participating in the “quid pro quo."
Elitist? Back in the fifties, bubba was an elitist.... It's interesting that you get upset over a 2003 Federal mandate that gave the states 15 years to update their traffic signs because their studies revealed that old people have a hard time reading a sign that is in "all caps." That might be a suspect study and a good case of Federal overreach but it doesn't stand out for me.... I always hear stories of Ronald Reagan Airport being crowded during the holidays because legislators are getting out of town... I really don't know to what extent military aircraft usage is being abused.
Once again, Jon Stewart reminded me of how hypocritical we have become.... Ronald Reagan would not be welcomed in today's Republican Party... Last night, He interviewed house minority whip, Eric Cantor... In that interview he asked him how he can expect people to believe his party is for smaller government when he voted for" No Child Left Behind, Real ID, a $7trillion Medicare part D (not paid for) and the Patriot Act.... Mr. Cantor said he would repeal all those votes if given a chance... It doesn't work that way.
This is going to be a two part post because I want you to understand my position because obviously you're taking my words out of context.
rollinstone, I agree.
When Obama was talking about change we can believe in, he and his backers had something in mind that was pretty opposite what many Americans thought he meant. Just how many people, we are going to find out in a few weeks.
What we have now is big government - how is that working out for you and the poor. This economic crisis was caused by our big government.
Fed monetary policy created easy credit that fueled a housing bubble.
The Federally back GSE's F&F made housing affordable by accepting mortgages from anyone and bundling them into securities - some they kept others they sold to some unfortunate souls.
The government failed to enforce existing lending standards and standards for the rating agencies who assigned risk to these questionable securities.
These are the root causes of our trouble. The bad subprime mortgages crippled the banks and other financial institutions and they still are.
The dot com bubble collapse produced a short, shallow recession - why? It's because this collapse did not effect banking or finance very much. By the government promoting "affordable housing" and lax lending standards they drove a stack into the heart of banking.
Did Wall Street behave badly? Absolutely they created a bunch of exotic financial crap based on bad mortgages. These Wall Street investment firm CEO's - about three dozen - are about to feast on 144 billion dollars in bonuses and other compensation.
This is bad, but how to stop it? Some say we need to increase the size of government and unions - become socialists. I don't know what the answer is but I hope like hell it isn't that.
Mike...you said you are against restricting lobbyist access to congress critters because they have a Constitutional right to petition for their cause. I agree with you completely. Where we part company is when that lobbying consists of envelopes of $100 bills -- or, more likely these days -- wire transfers of large sums of money to off-shore accounts. THAT'S not petitioning.
You said you think I'm exaggerating when I say I believe Congress has turned itself into a ruling class. Well, let's see. They think they are too good to travel on commercial airliners; they insist on using Air Force planes as personal, on demand transportation. That seems sorta eliteist to me. They pass laws that affect every citizen in the country. Uhhh, that is EXCEPT themselves. They exempt themselves from those laws they might not like to live under; little inconsequential things like retirement plans and health care. Sounds like a bunch of Dukes of Earl to me. But, perhaps I'm remiss in not mentioning the self-styled royalty in the executive branch. I didn't see this story in the Advocate, but the Department of Transportation has mandated that New York City -- which is basically broke like most large cities -- must cough up more than twenty million dollars to CHANGE THE STREET SIGNS in the city. The DOT doesn't like all caps and require the city to change to upper case for the first letter and lower case for the rest. The city's not allowed to change the signs as they come up for replacement in the normal course of wear. It has to be done immediately. I'm guessing that other cities and towns around the country are looking at this with great interest. No debate about it, just do it. The executive branch can get pretty royal themselves.
You're right, CEO compensation is up to the stockholders. But, as long as their stock price keeps going up, they're not gonna complain. Don't forget the officers and board members control enormous amounts of stock they vote in their own interest.
I'll grant you one thing...I don't trust government; or rather, I don't trust most of the people who are members of the government. Remember, "I'm from the government. I'm here to help you" is one of the three Great Lies along with "The check's in the mail" and that other one that can't be mentioned on this forum.
My comment was towards Waywardwind and the usual whiny victim hood seeking conservatives on this forum. Second Walter Williams is nothing more than a tool for Big business , the extreme right wing, and those who want the “got mine, get yours” world. Thus making him a Uncle Tom. Third, the trust of government is down because of the deaths of MLK and the Kennedy brothers, Watergate, Iran Contra, and the breakdown of real and honest reporting.
WWW. Using the internet doesn’t work. I had tried that. It is better to use snail mail to get better results from our officials.
Back to you and others. The problem is this. NO one on this forum besides me offer any solutions. By the way, I am not a shill for the Republican candidate for county judge or his “crazy” fans. I am against the country clubs types like Geanie Morrison and Will Armstrong.
1) Use “Petro dollars” to curl and to pay down the National Debt. Uncap the oil reserves in Montana and the Dakotas. 2) Open trade with Cuba. 3) De-globalize the economy by ending NAFTA, CAFTA, and remove membership from the WTO. 4) Audit, Amend, or end the Federal Reserve. 5) Amend the Tax code and adopt some tax idea from the Paul C Fisher Tax System.6) Place tariffs on unfavorable nations. 7) A bailout for every American on debt. 8) For ten years, prohibit Unions and Corporations contributions in Federal election campaigns. 9) For ten years. Prohibit lobbying in Congress. 10) A Constitutional Amendment for a Presidential Line Item Veto, and/or peacetime quadrennial Balance Budget.
Walter Williams is a shill....uh.....I mean a shameless big business shill along with Ronald Reagan, Ron Paul, Paul Ryan, The Tea Party, Newt Gingrich….ah hell….just about everyone that hates socialism and even communism.
What we need is more shameless shills for big government and unions, shills like George “I’m Really A God” Soros and his “Open Society” aka a socialist utopia, not to mention big union shills like B. H. Obama, Nancy Pelosi, Andy Stern, Richard Trumka, Harry Reid, ad nauseam.
Come on, give Walter Williams a break, he is frustrated and afraid about what is happening to his people, because they are being led down the path of dependency and despair. Listen to what he says about this.
Writein said "WWW.Let me add this on. The person on this forum I have some respect above all is Matt Ocker despite my politcal disagreement with him and my personal problems with him. They is because he is doing something instead of whining, complaining, and chestbeating.
What da? What does your opinion of a former poster have to do with jobs, the economy, our national politics? Why does it matter,Who you vote for ?... It reeks of shameless shilling... You left out BSspotter's favorite line ..."go to MattOcker.com."...lol
BTW You don't have the slightest idea of what a poster does when he/she signs off the forum... It's all speculation....
You may not be a republican but you are a libertarian which accounts for your mistrust in government.... I read where in the era of JFK, trust in government was about 80%, today it's about 10%.... Of course you have to factor in the 24 hour news cycle, partisan networks, talk radio and one sided blogs.... As I said in my last blog, in a couple years the unemployment numbers will come down to about 7 or 8% and the anxiety will die down. I believe you're exaggerating a little bit when you say Congress has turned itself into a ruling class.... Anger, paranoia, and a lot of misinformation is out there... That's why I said in the chief executive of the United States should have been the chief explainer.... Things were worse for Ronald Reagan but he was able to pull off a " morning in America" to calm the fears... Then again it was President Reagan that said " government is not the solution... It's the problem." that started all the mistrust in government.
Ron Paul it just another politician and MSNBC's Lawrence
O'Donnell proved that last night.
Because of limitations I was not able to include this reference on Walter Williams.
He said, "I praise lassez-faire capitalism as being the most moral and most productive system man has ever devised. Capitalism is relatively new in human history. Prior to capitalism, the way people amassed great wealth was by looting, plundering and enslaving their fellow man. Capitalism made it possible to become wealthy by serving your fellow man."He has gone on record as advocating the Free State Project in at least two columns and once on television. The Williams endorsement correlated with the largest single membership jump in the first 5000 phase of the project, a jump even higher than the results of the project being Slashdotted. He also believes in the right of U.S. states to secede from the union as several states attempted to do during the Civil War. Williams has supported or been sympathetic toward various secessionist ideas in his writings.
We've been on opposite sides for about four years in this forum, so I don't think there's any need for you to sugarcoat anything...:-)
Except for the cartoon and a slight reference to President Reagan, I tried to keep this blog apolitical.But it's the second day so I will follow your lead.
First, Walter Williams is just a shameless shill for big business.... He is a secessionist and a lassez-faire fundamentalist; no credibility in my book. Yes, corporations operate on a profit margin but there are several variables(not just taxes) that will make them raise prices. They still have to remain competitive. The middle class still has to be able to afford to buy the products.i.e. Caterpillar Industries received a tax abatement, do you think they will lower their prices, accordingly? Companies get business tax credits and incentives all the time. It's that calculator without the minus key, mentality.
Outsourcing and became a viable option in the 1980s but not without the help of congress. That's another blog. This past Sunday CNN's host of GPS,Fareed Zarkia, interviewed presidents Obama Point man in the auto bailout,Steve Rattner.....Mr.Rattner said the heads of GMC and Chrysler had no idea how much trouble they were in. They thought $15 billion would suffice but it took over $125 billion. He said Mexico pays its workers $7.00 an hour, China $4.50 and India pays $1.25, so we will never be able to compete with that, but labor is only 7% of the stick price. The answer, build a car that the world wants.... He gave an example of a Delphi company executive in the automobile industry that came up to him, pleading for help. He asks the executive " how many employees the you have?" They executive said" 135,000" then Mr.Rattner asked " how many are employed in the United States?" The executive replied" about 50,000."... Therein lies the problem.
"You said no one ever talks about lobbyists and CEO compensation".... That's not exactly what I meant...... I meant when big business and those that shill for them ,never mention, how much a company spends on lobbyist and CEO compensation when they are making their plea for less taxation and regulation.....BP, the pharmaceuticals and the insurance companies come to mind.... I would be against restricting lobbyist access because it's their constitutional right to petition the government but that doesn't mean that Congress cannot reform itself. As for CEO compensation, that's a stockholder decision. I'm just saying don't expect any sympathy from me.
Because of limitations.... I will continue in another post.
Sigh...Yes, J, I do use my First Amendment rights and write. I'll admit that I don't use pen and paper -- I use the computer. I don't, however, expect it to do any good.
According to the Tax Foundation the "average" Adjusted Gross Income (AGI) of the bottom 50% in 2007 was $15,283. The "average" AGI of the top 1% was $1,423,104 giving a ratio of 93, not 525.
Let me add this on. The person on this forum I have some respect above all is Matt Ocker despite my politcal disagreement with him and my personal problems with him. They is because he is doing something instead of whining, complaining, and chestbeating.
You didn't answer the question. I asked why won't you do something positive, not to vote for this candidate or that. I didn't ask you to vote or not to vote for Ron Paul for the umpteenth time. I am asking you have you ever get out a pen and paper and actually use your first amendment to petition your government? Unlike must of yall on these forums I have.
J...There is only one congress critter for whom I can cast my vote for or against. I happen to believe that Ron Paul is one of only a very few incumbents who have the honor and integrity to deserve my vote and it will go to him. As much as I'd like to, I can't vote against Nancy Pelosi -- I don't live in her district. I do what I can afford to do financially, but I know that it's only a drop in the ocean compared to the vast sums of corporate cash the SCOTUS in it's infininte wisdom said is legal.
How about you do something positive instead of being ‘poppa oscared” ?
Mike. Ronald Reagan hadn't brought anyone together.
Mike...I agree with some of your points, although I do have a question or two. Mind you, I'm NOT trying to start a fight here, just askin'.
When you wrote, "I always get a laugh when I read a Walter Williams column. This past week, he recycled that old myth that taxing corporations is a tax on consumer" did you realy mean that you believe a corporation will not pass on taxes they pay to the consumer; that they will just pay the taxes out of what would have been profit and not increase prices to offset the taxes?
You mention that growth is overseas, which is kind of code for third world countries. Do you consider that just perhaps that growth is BECAUSE American companies are moving jobs US citizens once held to interesting places where the pay scale is about a buck a day?
You said no one ever talks about lobbyists and CEO compensation. You'll never get me to defend the over rated and overpaid executives running major American corporations. (Until 1985, I worked for Gulf Oil -- remember them? I still check the paper each morning to see if someone has put a bullet in Boone Pickens' head.) There is not a single thing that can be done about the lobbyists and CEO compensation. To do so would require Congress to pass legislation to change the rules. The CEOs who would be the targets of such legislation will pass large bundles of untraceable cash through their lobbyists to the congress critters who would be voting on the bills. Such legislation would probably never be filed, much less make it to the floor for debate and a vote. It is my firm belief that both the lobbyists who distribute the money AND the congress critters (in both houses) who pocket it are guilty of offering and accepting bribes and should spend about 10 years raking the sand traps at the golf courses of several Club Fed prisons. They should be disbarred and never regain their rights to vote. That won't happen either.
Mike, I'm not a republican, nor am I a tea partier, but I do understand the anger of the people. I'm poppa oscared that the congress has turned itself into the ruling class, much like those we revolted against over 200 years ago. Please understand this anger is directed at BOTH parties.
I'm glad I'm old and don't have kids. By the time the country has completely been destroyed by the policies of the government which is sworn to protect it, I'll be dead and won't care any longer. Until then, however, I care deeply about this country and am mad as hell at the direction in which it's headed.
So Mike you don't believe a taxed corporation won't pass those costs onto consumers? And also that taxing corporations won't cause them to outsource overseas? and downsize or close down all together. Who is in business to lose money? Walter Williams is the last person you should try and attack, I read his columns weekly and his common sense values are desperately needed in this world. And save your union speeches, been there and saw the waste, corruption, and lack of productivity. I hope you read the article today about how Obama's goons are going after Charles Koch!
I'm a bit of a hybrid, so I couldn't be any help.... I can support fiscal restraint and a balanced budget, smaller government but we must use these measures when we are in a position of strength... But I also believe that we can't get further behind in the renewable energy industry.
During the dot.com era (1990s), government moved out of the way(deregulation) and the economy prospered... We later found out that it was all a bubble; we did need some regulation.
I don't think we will ever succumb to Marxism or Communism but we will continue to be like other industrial nations that have elements of socialism..i.e. Social Security, Medicare,VA, public education and public libraries. The safety net is here to stay but the American people do not want to live in a state of dependency.
I thought I provided a link.
The American dream is just that.... As you well know, Canada did not have a banking crisis because they've maintained their leverage... Banks are going back to a 20% down payment, stable job, and X amount of dollars in savings before they will even consider a mortgage loan..That's great. ... I remember my step-dad used to always say" you have to prove you don't need the money before the banks will grant you a loan."
Thank you Mike, I enjoyed the blog. The 525 to 1 ratio is staggering, can you provide a link? I remember during my high school days of social justice, that a huge amount of land (upper 90%s) was owned by lower single digit percent of Americans. This disparity becomes a problem in the laizze-faire, what is also known as free market in the sense that government should stay out of the market completely. I think we often forget that the "American dream" sounds very nice, although it is very unattainable. It happens to some, but to most it is just that, a dream. I think that most people would be satisfied with a living family wage. With the breakdown of the economic world recently, I am glad to see people question assumptions of Keynesian economics and the Austrian school. I am also just as opposed to Marxism and Communism. So what is the answer? Where do I look? Maybe we can meet for a beer someone, I would be happy to buy the first round!
According to Nouriel Roubini, who wrote "Crisis Economics," “the combined income of the top twenty five hedge fund managers exceeded the compensation of the combined income of all the CEO’s in the S&P 500. He went on to add that in 2007 a survey found a “whopping” 58 percent of Harvard seniors were going to work in finance.”
He went on to add that, “the last time the United States saw comparable growth in the financial sector was in the years leading up to…..1929.”
One of the main benefactors of hedge fund statistical arbitrage was George Soros, Obama’s main benefactor, and a radical socialists - laissez-faire? Indeed. Soros made a lot of money hedging currencies and now gold – what a sleaze bag!
Hedge funds basically steal money from other traders, they contribute little to the overall well being of the country – they are considerably different from CEO’s that run manufacturing companies. People should be careful about grouping these CEO’s in with hedge fund managers.