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Old 07-29-2008, 12:35 AM
 
Location: Houston, TX
17,031 posts, read 27,561,032 times
Reputation: 16212

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Good. Next they should work on over compensated company executives.
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Old 07-30-2008, 11:15 AM
 
Location: Tampa Bay Area
169 posts, read 1,005,394 times
Reputation: 172
Value is a complex concept.

If all things/people are equal, the best that you can achieve/be is average - a uniquely un-American concept.

Whether or not these fund managers deserve to be paid this money is determined by a secondary market - whether you agree with it or not is irrelevant, you're probably not contributing to their salaries/bonuses anyway (but you probably are lining the pockets of some other revenue magnetizing enterprise like the sports industry - contributing millions to some other person who's value is high). Again, the value set for the services provided is established elsewhere.

But that market (new york finance) is clearly hurting and the point of the article is that it's going to be felt all over in the lack of trickle-down of these dollars. It will affect high and low valued workers and ripple through the micro-economy much as the other industries adversely affected by the current situation.

Creating growth is not easy and it will be interesting to see how the various groups collaborate to reignite the economy and what efforts ultimately bare fruit. I look forward to a day in the future when things are better and we can look back on this and it's errors from a better place for all.

This is a remarkable window of opportunity for some who have prepared for such windows - to take advantage of some superior growth. Those poised to make value purchases of debts and equities will prove to be the life blood of regeneration for the greater good. Be kind to the checkbook.
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Old 07-30-2008, 11:32 AM
 
69,360 posts, read 57,147,172 times
Reputation: 9371
Quote:
Originally Posted by tallrick View Post
The less money that goes to Wall Street, the better the economy will be. I hope it is the start of the end of the finance-based economy.
Where in gods earth did you learn that the less money that goes to wall street, the better the economy is? This is $18,000,000,000 NOT GOING TO BE SPENT.. How in gods earth do you think that people spending $18 BILLION less = a good economy..
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Old 07-30-2008, 11:47 AM
 
69,360 posts, read 57,147,172 times
Reputation: 9371
Quote:
Originally Posted by Nor'Eastah View Post
I don't know about you, but I don't get up in the morning expecting to do less than my "best" at work! Folks all over this country get up every morning and go to work to do their "best".
Yes, but is there any doubt that some individuals "best", just isnt good enough?
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Old 07-30-2008, 12:35 PM
 
2,541 posts, read 10,527,256 times
Reputation: 968
Entry level I-Bankers are making something like 80K plus bonuses, now granted they do work very long hours (i no some work 9-12), and then are expected to put in hours on the weekends too

but there has to be literally thousands of kids who graduate with a degree in finance and most not from an ivy league

Is there really that big of a discrepancy between a Wharton Finance major and an FSU finance major?

Are they really that worth it?

Every other industry is trying to save money by not paying their employees lots of money

I admit, I am a little jealous, but more so curious
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Old 07-30-2008, 03:00 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,168,385 times
Reputation: 6374
Paterson Warns of Economic Crisis - City Room - Metro - New York Times Blog

New York's budget will have a 6.4 billion dollar shortfall.

Mr. Paterson offered another example of the rapid deterioration in the state’s finances. In June 2007, he said, the 16 banks that pay the most on their business profits remitted $173 million to the state treasury. “This June, just a month ago, they sent us $5 million — a 97 percent decrease,” he said.
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