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What a great year for Wall Street: profits up, bonuses up and, best of all, criticism down, especially from Washington. Somehow Wall Street has much of America believing its lies and rationalizations.
Wall Street's 10 Biggest Lies of 2010—As told financial elites and their Congress
Seeded on Sat Jan 1, 2011 10:44 AM EST
Article Source: veteranstoday.com- Enjoy this article? Help vote it up the 'Vine.
- Public Discussion (11)
5. “25 hedge fund managers are worth 658,000 teachers.”
Nearly everyone on Wall Street sincerely believes that they are “worth” the enormous sums they “earn.” You see, their pay is determined by the market, and markets don’t lie. They reflect the high value our skilled elites bring to the economy. So we shouldn’t be shocked that the top 25 hedge fund managers together “earn” $25 billion a year, even at a moment when more than 29 million Americans can’t find full-time work. The outrageous economic logic of Wall Street compensation has those 25 moguls taking home as much as 658,000 entry level teachers (they earn about $38,000 per year). How can that be justified? It can’t. These obscene “earnings” are the product of 30 years of financial deregulation, as well as the tax cuts and tax loopholes that our government has just extended. The hedge fund honchos get most of their money by siphoning off wealth from the rest of us, not by creating new value. I dare Wall Street to prove otherwise.
- 3 votes
#1 - Sat Jan 1, 2011 10:44 AM ESTIt's truly magnificent. The CON job pulled over all of us... Isn't it?!?
They forgot the part where the top 1% pays 75% of all the tax burden at 44 Million Americans pay no taxes at all. That one should be in there too. You know... because those 44 million people who barely can eat without food stamps can contribute so much to the wealth of the nation.
I gave up on trying to help last year, and I am not sure I can really continue the fight anymore. I know that makes me a hypocrite, but I watch so many people who think that Wall Street deserves to make more money and that taxing people is wrong... It just starts to get to you that there is no way to get through, and then you see the numbers... I mean... America is on life support.
You get to a point where you just look at a person that is dying and has so many critical bullet holes... why bother trying to drill the cavity out of their molar? I mean.. is fixing that tooth going to do anything when the blood spilling from the bullet holes is going to kill them anyway?
That is my analogy of America. Too many bullet holes bleeding out to worry about the cancer in Wall Street and Texas (where most of the corporations gutting us from within are now).
- 3 votes
#2 - Sat Jan 1, 2011 12:06 PM EST Unregulated free enterprise and absolute power corrupts absolutely. I find this understandable but what isn't is the peons that fight for the right of these corporations to make profits at our expense by any means.
Looking at Enron and the banks, brokerages,rating firms, financial news that were complicit in the theft from the American people is shocking but that they did it with immunity is insane.
- 2 votes
#3 - Sat Jan 1, 2011 12:27 PM ESTThanks F.R.
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What is really insane to me.. is the wingnuts that back their political leaders even when their political leaders keep shoving horse manure down the throats of the very people who vote for them.. and yet their electorate keep beating their heads against the walll.. It's like the old doctor joke: It hurts doc when I do this.. and the doc says.. stop doing that.
- 2 votes
The funny thing is that the American public is so easily hoodwinked its embarrassing. We allow the rich to keep all their ill gotten gains and yet complain if a union worker has a better pension plan then I do. And if he does, that is the reason we are in trouble that union worker is greedy and getting to much. Basically the wealth class (read Republicans) has encouraged class warfare, but the average American is to stupid to realize that the class warfare they are undertaking is between the poor , union worker and soon to be poor, rich folks are untouched. Americans what dopes. Italy, Germany, etc are heavily unionized and I see where Germans get 6 or 8 weeks vacation, state health care , etc. And folks complain about Italian labor, but they just won a $4 Billion dollar contract from the US Navy to build ships in Milan. So much for Italian inefficiency.
- 1 vote
#4 - Sun Jan 2, 2011 9:42 AM ESTRalph, what are you talking about? Navy Vessels outsourced??? Are you sure?
I find this to be one of the most alarming revelations I've seen on newsvine, and if this is true, this needs to be exposed and whomever is responsible for this, exposed and jailed.
This is incredible.
- 1 vote
- 2 votes
bore-head - I believe I read this a day or two back, I believe it is a joint venture with an American company, Maybe Northrup for engines or some other key part. Well, it is the ultimate outsourcing I guess, but the point is that the bashing union workers in this country does not really have anything to do with cost of production, it has to do with control and profit to the rich, because if it was just because of workers compensation all the time how could these navy vessels and many cruise ships be built in Italy, Germany or Finland. All well know models of socialism as compared to the US. Something doesn't add up. When was the last cruise liner built in the USA anyway, 1955???
- 1 vote
After 2001.. http://www.ussnewyork.com/
A cruise ship is something people go on for their cruises.. tourists etc..
They have built many ships well after 1955.. all one has to do is actually find the "Correct" information
- 2 votes
Shipbuilding in the US,other than for defence, has pretty much been destroyed. I am dismayed that any defence contract would go to a foreign venue, here, or overseas. They claim the Austral group is gearing up in Mobile,Ala.
Austal received a $465.5 million deal for one ship, although the design is slightly different. In light of the project, the company said earlier this year that it was planning to double the size of its shipyard in Mobile, Ala., adding nearly 2,000 jobs
- 2 votes
Parforthecourse - You make my point, we only build war ships because the corporations can wangle more money out of congress for such ships, whereas they have given over the building of large "cruise" ships (which we should be able to build rather easily if we can build an aircraft carrier) because they have to stay on budget and have risk if they don't. Building for the government has no risk, they just get their friends in congress to indemnify all their waste in the name of national defense.
- 1 vote
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