The idea is going around, pushed by the New Economics Foundation, Half Sigma, and others, that bankers are worth less than janitors to economic growth.
While janitors have a wealth creation – to -pay ratio of 10:1, speculators are net drains on the world economy
Rather than being wealth creators bankers are being handsomely rewarded for bringing the global financial system to the brink of collapse
Paid between Â£500,000 and Â£80m a year, leading bankers destroy Â£7 of value for every pound they generate.
There is no question that our economic crisis is a direct result of the Oligarchs (a) betting money they did not have, and (b) illegally colluding with the Treasury Department to bail them out for those bad bets.
If the US Government had been serious about protecting a ‘free market’ system of the national security crisis they created, it would have destroyed the wealth of the Oligarchs companies, and drafted the needed bankers until such time as the wealth they had destroyed had been restored. However, the US Government is not concerned with reestablishing a free market system. The Treasury Department has been captured by the Oligarchs.
Apparently, Joseph Stack flew his plane into an IRS building, out of concern that the Treasury Department was stealing from the middle class.
If Mr. Stack thought the right bomb, in the right place, at the right time could change the policies of the Treasury Department, why didn’t he fly that bomb into Mr. Geithner’s office?
Perhaps he hoped enough paperwork would be destroyed by attacking the bureaucracy that others would be sympathetic to future attacks on the Treasury Department?
Certainly a small-scale attack on the IRS bureaucracy will not lead to any change in policies in the way a successful attack against the Treasury Secretary would. However, it would be interesting if CNN or other news outlets follows up on this in one year, and reports the number of businesses that were not audited because of this act of terror.
Geithner’s friends can’t bail themselves out. (They can’t even avoid bankruptcy without Geithner’s generosity with your money.)
Fortunately for them, and unfortunately for America, the lights are on in the Treasury Department, as large banks are protected from ever, every going bankrupt.
I told you so:
When I first called Chase in October, a representative named Sarah said I didnâ€™t qualify for a loan modification because I wasnâ€™t yet 90 days past due. The only â€œloan modificationâ€ she could offer me was a â€œrepayment planâ€ under which I paid $400 more per month for six months until I was current again.
â€œIt sounds as if I would be better off waiting to fall 90 days behind,â€ I said. â€œI think Iâ€™ll wait for that.â€
Only fools pay their mortgages. Wise men, whether their business is trucking or insurance, have spent their time nursing connections at the Treasury Department.