<p>You could make the same argument and say that since the rich are taxed more, and pay the most in taxes, and probably do more per person for this country than people of lower income levels they are insured in case things go bad. People complain about these CEO’s and their companies getting bailed out but “big business” does immense good for this country, despite what many believe.</p>
<p>LaxAttack, private industry is the economic backbone of the country, no doubt. But why have the rewards of the growth of our economy been exclusively shunted to the wealthy since 1980? Before that, the “rising tide lifted all boats.” Over the past 30 years, however, none of the increase in national wealth has filtered down past the 75th percentile taxpayer, and the closer to the top a person is, the bigger the increase in wealth.</p>
<p>This gives rise to some simple, basic questions:</p>
<ol>
<li> Why did the change occur?</li>
<li> What are the long term consequences if the change continues?</li>
<li> Is the change in wealth distribution a good thing or a bad thing?</li>
<li> If a bad thing, how do we return things to the pre-1980 status quo?</li>
</ol>
<p>These are worthwhile questions to address, and to address honestly, whatever your pre-existing political orientation might be.</p>
<p>If you don’t think 99% of people have benefited from big business since 1980 you’re nuts. It’s not all about the dollar in your pocket.</p>
<p>“the top” isn’t some magical place either. It’s attainable for everybody through hard work.</p>
<p>Your reward is you have a job better than flipping burgers. Don’t like it, find a better one. The top 25% are also most of the better educated people in the society. Of course they are better suited to adapt to new situations. When all you can do well is install a dashboard you are likely to be replaced by either somebody who will do it for less or a machine.</p>
<p>A country without a class system isn’t one I want to live in either -_-</p>
<p>Pursuit of happiness, I believe that and the freedom to achieve it was the only guarantee giving to the American people by our forefathers. Beyond that how did our government get so side -tracked. Government should not be involved in solving every problem. Even the government should maintain limits in the involvement of its citizens lives.</p>
<p>What does D. B. stand for? </p>
<p>Hint: None, otherwise it would make it too easy. Use your head cheese.</p>
<p>more interesting news in the NY Times today
In other words, the boys on Wall Street have made their billions and left the system in shambles. Now you and I are on the hook to pay for the damage.</p>
<p>30% of Bear stock is held by Bear employees. Even with the better bid today they are taking huge losses in equity and their jobs are very much at risk. I suppose we could take them out and pie all of them to to enhance the humiliation but so far the market has done a pretty good job of that.</p>
<p>Very sad for those Bear employees. The high-producer brokers will be fine…but everyone else is at risk. My friend’s son had an internship with Bear last year and got an offer to start in the fall. Last I heard, the offer was gone (not a surprise). My s (a second year college student) said to me on the phone yesterday “Ma, I’m in the worst major to be in right now (finance)”. Oh, well, there’s always grad school.<br>
Regarding the bail-out, I believe they had to do it or we risked panic and more bank failures. Japan did nothing and experienced a downtown lasting almost a decade. Sometimes, you just HAVE to step in. Capitalism is far from a perfect system.</p>
<p>There are plenty of good finance jobs out there. They just won’t be in IB for awhile. And that’s a good thing.</p>
<p>
According to CBS News
barron’s further writes
Yeah, the market has sure shown them. Any way I can get that kind of humiliation?</p>
<p>As the former chief economist of the US Trade Commission and U of Maryland business professor Peter Morici is quoted as saying
</p>
<p>You are focused on a few people. There are thousands who will be getting no million $$ packages when the layoffs come. They will instantly lose all status and sense of self. Anyone who has lost a good job knows it’s a loss of more than the income.</p>