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Please, it's a market economy. Do you have a problem with the money professional athletes make? And by the way, we don't have NEARLY as much job security the doctors, firefighters and cops have. When the market is down, a huge percentage of us get thrown out on the street. But we're in the business, we expect that. We certainly don't picket when we don't get a raise we wanted.
With regards to athletes and movie stars, yes I think they are overpaid.
And trust me, we earn it. You would be shocked at the kind of hate that gets hurled at me day in day out. Yes, I'm definitely earning my bonus. Ask the businesses that I have saved what they think.
You don't think those people get hate spewed at them. Cry me a river. Tell someone they have cancer, give someone a traffic ticket. These execs take home AT LEAST 10 times what firefighters cops and docs make (esp when you take out the outrageous student loans docs have). No exposure to harsh chemicals, physical hazards, infectious diseases, violent crowds. A few harsh words seems like nothing. Let me know the next time the harsh words kill or injure you.
They take home hundreds of times what their employees make. 1 year of work for these execs and they could retire.
If it was a market economy, then next years contracts should be record lows because these execs screwed up the economy. No need to pay out so much right?? Wait shouldn't we have seen that in 2010? Shouldn't contracts have been lower after the kind of year 2009 was? Yet here we are.
You don't think those people get hate spewed at them. Cry me a river. Tell someone they have cancer, give someone a traffic ticket. These execs take home AT LEAST 10 times what firefighters cops and docs make (esp when you take out the outrageous student loans docs have). No exposure to harsh chemicals, physical hazards, infectious diseases, violent crowds. A few harsh words seems like nothing. Let me know the next time the harsh words kill or injure you.
They take home hundreds of times what their employees make. 1 year of work for these execs and they could retire.
If it was a market economy, then next years contracts should be record lows because these execs screwed up the economy. No need to pay out so much right?? Wait shouldn't we have seen that in 2010? Shouldn't contracts have been lower after the kind of year 2009 was? Yet here we are.
The execs aren't the only ones that get the bonuses. I'm a lowly employee, but my bonus is included in that figure too. And guess what? That bonus will keep my family afloat, it will keep my property from being foreclosed on, it will keep my kid from the free lunch program and 100 other public assistance programs.
You see the words "Wall Street Bonus" and your mind automatically leaps to the executives because that is how the media has trained you to think.
I'm not whining about the crap people give me, it's part of my job. But don't begrudge me my bonus.
If a financial institution participated in TARP and they paid back the $ with interest, the American taxpayer made a PROFIT from the transaction. Don't blame me if your liberal govt won't share that profit with you.
I was against TARP from the beginning, but you can't blame the banks for taking the money. That was the govt's fault for offering it. If they paid it back then they are no longer beholden to the public. If they DIDN'T pay it back, that's another story....
Wow! Some people make so much money that the 4.5% they save with Bush's tax cuts could literally rebuild the infrastructure of our country suppling all the jobs that would go with it.
What are these rich people doing with the money they save with Bush's tax cuts? Traveling and spending it in other countries?
Now they are investing in other countries and MAKING MORE MONEY. Emerging markets are HOT right now.
The execs aren't the only ones that get the bonuses. I'm a lowly employee, but my bonus is included in that figure too. And guess what? That bonus will keep my family afloat, it will keep my property from being foreclosed on, it will keep my kid from the free lunch program and 100 other public assistance programs.
You see the words "Wall Street Bonus" and your mind automatically leaps to the executives because that is how the media has trained you to think.
Maybe you should plan on not getting the bonus, its a BONUS not assumed. Budget without, drive a less expensive car, live in a cheaper house. Go without, like the rest of us.
I'm not whining about the crap people give me, it's part of my job. But don't begrudge me my bonus.
Don't complain about others getting raises to keep up with cost of living increases if you don't want people complaining about your bonus.
If a financial institution participated in TARP and they paid back the $ with interest, the American taxpayer made a PROFIT from the transaction. Don't blame me if your liberal govt won't share that profit with you.
Actually I believe, at last estimate the government will have a net loss of 29 billion. It probably helped you from being replaced by a cheaper counterpart in Asia. Just like everyone in this country, you are replaceable.
I was against TARP from the beginning, but you can't blame the banks for taking the money. That was the govt's fault for offering it. If they paid it back then they are no longer beholden to the public. If they DIDN'T pay it back, that's another story....
The taxpayers bailed out the banks, however with foreclosures at a record high, they may have with a fraction, but I still see tons of foreclosures on the markets. Guess Wall Street has some trouble reciprocating.
and for the record I too was against TARP. Did you quit the job at your company that took TARP money out of principle??
I don't understand what someone can do to earn that kind of money when doctors and firefighters and cops make so much less.
I guess that sitting in an office and not being exposed to any sort of physical risks and not being held financially accountable for your decisions is way more stressful and difficult than it seems.
It's simple they have access to an immense amount of capital even more so now with super low interest rates. If you invest or trade huge amounts of money and make average to above average returns. you end up making a lot of money.
Capitalism is inherently set up so the people who take the most finanicial risk get the biggest financial gains.
It's NOt hard to make a 10% return on an investment if you know what you are doing. If an investment fund or financial institution makes $5 billion in investments or trades and they get a 10% return thats $500 million dollars.
Which was it 700 billion or 60 billion? how much of this comp is going to companies that returned the money they were forced to take? What do you care what some one is paid? How would it affect your life if they were paid less?
I'm no right winger but I'm an active participant in the financial markets, it's where I make the majority of my income. If an investment banker, analyst or trader makes a six, or seven figure income in the financial services industry on some level he or she EARNED it. It is one of the few industries where pay is clearly based on PERFORMANCE.
If you make six figures in the financial service industry you probably did something that brought in seven or eight figures to the company.
If you make seven figures then you probably did something that brought eight or nine figures into the company.
If you make eight figures then you probably did something brought in about nine figures or more into the company.
Also as a general practice bonuses are not only given to investment bankers, analysts or traders they are also given to secretaries, programmers, accountants and other corporate personnel it is one of the few industries where employees can profit if the business profits.
I have no problem with people making big money. I do have a problem with corporaitons paying executives huge salaries, stock options and bonuses to exectuves and then treated non-executive salaried and hourly employees like ****. It's one reason I got out of the corporate rat race.
If you want to make more money then figure out a way to do it and GO FOR IT!
Quote:
Originally Posted by Book Lover 21
Please, it's a market economy. Do you have a problem with the money professional athletes make? And by the way, we don't have NEARLY as much job security the doctors, firefighters and cops have. When the market is down, a huge percentage of us get thrown out on the street. But we're in the business, we expect that. We certainly don't picket when we don't get a raise we wanted.
And trust me, we earn it. You would be shocked at the kind of hate that gets hurled at me day in day out. Yes, I'm definitely earning my bonus. Ask the businesses that I have saved what they think.
Quote:
Originally Posted by JazzyTallGuy
It's simple they have access to an immense amount of capital even more so now with super low interest rates. If you invest or trade huge amounts of money and make average to above average returns. you end up making a lot of money.
Capitalism is inherently set up so the people who take the most finanicial risk get the biggest financial gains.
It's NOt hard to make a 10% return on an investment if you know what you are doing. If an investment fund or financial institution makes $5 billion in investments or trades and they get a 10% return thats $500 million dollars.
well said guys.
Quote:
Originally Posted by plannine
It only takes 41 votes to block anything in congress from even coming to a vote. Guess who has blocked almost everything.
you are right, it only takes 41 votes to block things in the senate, BUT if the democrats were really against these "bonuses", then why did they NOT do something about them in 2009 when they had the needed 60 votes to end a filibuster, and when the public outrage was at it peak? the fact is that the democrats did not want to do anything about these bonuses, because they are the ones that get more money from the financial sector than republicans do. also remember that these bonuses are taxed at a higher rate than regular pay is, and the democrats are not going to turn down the added tax revenue, and neither are the republicans.
Quote:
Originally Posted by jojajn
Wow! Some people make so much money that the 4.5% they save with Bush's tax cuts could literally rebuild the infrastructure of our country suppling all the jobs that would go with it.
What are these rich people doing with the money they save with Bush's tax cuts? Traveling and spending it in other countries?
paying higher taxes on bonuses.
let me ask all those that are complaining about the bonuses that were paid out. what if instead of being called bonuses, they were, rightfully by the way, called commissions? would you have an objection to them then?
700 billion dollar bailout courtesy of the American tax payer is earned? Hmmm. What do I have to do to earn a bailout? Besides bribing, I mean lobbying congress and the White House? If these guys never received any tax payer money I could care less. I don't care if an actor or musician or athlete gets paid 70 million because that salary isn't from tax payers, it's from the fans who voluntarily pay their salaries. The moment they start receiving bailouts is the moment I'll criticize it.
Oh, the repugs will defend them to death, they Worship them as Their God The Wealthy...they will say they "earned" it....
And that's what America is all about...making the wealthiest wealthier and the middle class poorer....Welcome Third World Status....makes one proud to be an American!
Psst!
Democrats have controlled Congress since January of 2007 and the White House since January of 2009. Democrats wrote the bailout legislation, passed it and have administered it from day one.
Furthermore, hasn't almost all of that money been returned?
Didn't conservatives and the Tea Party movement oppose the bailouts in the first place?
Didn't Clinton cause this crisis by leaving derivatives unregulated because his financial advisors Robert Rubin and Larry Summers told him too?
Didn't Clinton sign the repeal Glass-Steigal?
Didn't the Clinton Administration compel the GSEs to buy up CRA loans?
If Clinton were never president, would the sub-prime melt-down have ever happened or been nearly as sever?
Didn't the Democrat Congress just pass financial reform that did not include reinstatement of Glass-Steigal?
Without that aren't we just setting ourselves up to have to bail out the same banks that were deemed "too big to fail" all over again?
Didn't banks like Goldman Sacks, Citigroup, Chase and BOA buy off Democrats like BO , Reid, Schumer and Dodd in 2008 so the bailout bills passed "accidentally" neglect to restrict executive bonuses and pay while operating on the people's dime?
Did you quit the job at your company that took TARP money out of principle??
This is the most ridiculous question I've ever heard. But to answer you, no, I would prefer to support my family.
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