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So to more directly answer your question, the only reason they still have their jobs and making money is government welfare.
Actually they made money shorting the market. If the government had let it crash they would have made more money. The few individuals who made the billions did so in just a few transactions.
I'm not a fan of bankers. They are somewhere between pond scum and lawyers in my ranking. But nobody forces you to borrow money. Except politicians.
And you still haven't addressed the salaries and perks of the big union bosses. The fact that a few hedge managers made billions doesn't mean Union bosses don't make hefty salaries. That was the original context of my post.
Actually they made money shorting the market. If the government had let it crash they would have made more money. The few individuals who made the billions did so in just a few transactions.
I'm not a fan of bankers. They are somewhere between pond scum and lawyers in my ranking. But nobody forces you to borrow money. Except politicians.
And you still haven't addressed the salaries and perks of the big union bosses. The fact that a few hedge managers made billions doesn't mean Union bosses don't make hefty salaries. That was the original context of my post.
In 2012:
The Top 100 union executives made $52M TOTAL in 2012, or $500K on avg.
The average salary + bonus for a fortune 500 CEO was $3.5M.
Globalization folks. We're going to end up with a 2 class system..the "middle class" and the rich.
And I use "middle class" in quotes because that term is propaganda to make you feel good about your financial standing..that you've made it in America.
You realize that people on welfare are also middle class. They are the "struggling middle class".
The Top 100 union executives made $52M TOTAL in 2012, or $500K on avg.
The average salary + bonus for a fortune 500 CEO was $3.5M.
What's the distribution and standard deviation? The heads of the big unions make hefty salaries. The heads of the big F500 do also. Regardless, you are ok with union bosses making millions?
Actually they made money shorting the market. If the government had let it crash they would have made more money. The few individuals who made the billions did so in just a few transactions.
I'm not a fan of bankers. They are somewhere between pond scum and lawyers in my ranking. But nobody forces you to borrow money. Except politicians.
The big problem wasn't borrowing money. The borrowing mess was simply a necessary evil to the banks.
Quote:
And you still haven't addressed the salaries and perks of the big union bosses. The fact that a few hedge managers made billions doesn't mean Union bosses don't make hefty salaries. That was the original context of my post.
What's the distribution and standard deviation? The heads of the big unions make hefty salaries. The heads of the big F500 do also. Regardless, you are ok with union bosses making millions?
The only ones making millions are the execs at the hollywood & pro athlete unions, so yes, I'm fine with those guys making millions since the people they look out for have the chance to make much more that.
And for the amount of work that union bosses do, the size of their organizations, and the alternative of what workers would get w/o a unionized force -- yes I'm okay with what they get paid.
Actually they made money shorting the market. If the government had let it crash they would have made more money. The few individuals who made the billions did so in just a few transactions.
I'm not a fan of bankers. They are somewhere between pond scum and lawyers in my ranking. But nobody forces you to borrow money. Except politicians.
Politicians do not DO ANYTHING unless there is something in it for them.
It goes something like this:
Politician Joe from ACME Corp talks to a Lobbyist Bob from ACME Corp
How can I help you Bob?
I have this legislation I would like you to pass that we have written up.
Here is 2 million dollars for the trouble
No problem Bob, I'll fight to get it passed among other politicians and keep the seat warm for me at ACME Corp
ContrarianEcon"They got our jobs they should get our pay too."
The "our" before jobs would be "employer's". Employers own the jobs; employees simply fill them during their tenure, but when they leave for any reason, the job continues..as it is the employer's job.
A lot more money and that would translate into a lot more consumption and that is what the world needs.
You don't get it. Those $1 a day workers aren't buying what we are making. But they are making what we are buying. You want to be able to start and maintain a business? Then that needs to be fixed.
It isn't the minimum wage driving up the cost of good it is regulations as you showed. The middles income isn't keeping up because of the over supply of labor. Labor is over supplied because it is under paid. Pay the workers more and they use more stuff.
Only they have protectionist regimes who wouldn't allow for a parity of goods to flow in. You'd also increase the cost of a simple product several times over (assuming production cost is 50% labor that would make a $1 item cost $5.50) which would be more then a market could probably bear for a simple $1 widget, thus dis-empowering the poorest to own said widget.
Middle income is hedged out when the people who are making low-wage in low-jobs suddenly get a fiscal boon that affects only them. Upper wage tiers are set already, but true middle income families who actually need to budget are going to be dragged down. As I told people at work, would you stay in your job in Health Care if you made a few dollars less an hour but had 1/100th the responsibility and no crummy hours while getting $15/hr flipping burgers and subsidized insurance? I'd leave the job and head home to spend time with my kid knowing that I can get a cushy job being a janitor and being home every weekend and when my daughter comes home instead of being gone 14 hour days. As an added bonus I don't need to keep up with CE credits, no maintaining license, no dues, and no liability insurance.
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