Obama comments on the absurd bonuses of top bankers


L Gilbert
No Party Affiliation
#1
Commentary: Wall Street bonuses are outrageous - CNN.com

Shameful? Listen, Mr. Obama, you think Wall St. bankers give a crap about what anyone thinks after doling themselves a few billion in bonuses?
 
talloola
No Party Affiliation
#2
It is shameful, and they don't gi ve a crap, but the more it is made public and brought to the eye of the regular person on the street, and this government,
the more will be done about it.
Normally no one would know, but now they do.
 
Said1
Free Thinker
#3
Apparently, Giuliani disagrees.

Quote:

NEW YORK (CNN) -- Bonuses for Wall Street fat cats are easy political fodder in uncertain economic times, but former New York Mayor Rudy Giuliani said Friday cutting corporate bonuses means slashing jobs in the Big Apple.

"If you somehow take that bonus out of the economy, it really will create unemployment," he said on CNN's "American Morning." "It means less spending in restaurants, less spending in department stores, so everything has an impact."
President Obama admonished corporate America on Thursday after the New York comptroller reported that Wall Street bankers received $18.4 billion in bonuses in 2008.
"This is the height of irresponsibility. It is shameful," the president said.

These are the same institutions "teetering on collapse" and asking taxpayers to bail them out while taxpayers are dealing with their own tumultuous finances, he said.
Last year, Congress passed a $700 billion bailout for financial institutions, and an $819 billion economic stimulus package is presently making its way through the Senate after garnering House approval Wednesday.
"There will be time for [bankers] to make profits, and there will be time for them to get bonuses -- now is not that time," Obama said of the bonuses, which were about equal to those of 2004.
When Giuliani ran for the GOP presidential nomination, pundits said his stances on issues like abortion rights separated him from self-proclaimed Reagan Republicans in the field. Not up for debate is Giuliani's alignment with the 40th president on "trickle-down economics," the theory that keeping the rich wealthy creates jobs and solvency for the lower classes.
"Those bonuses, if they are reversed, are going to cause unemployment in New York," the self-described fiscal conservative said. "I remember when I was mayor, one of the ways in which you determine New York City's budget, tax revenue is Wall Street bonuses.

Giuliani: Corporate plums help keep NYC afloat - CNN.com

PLEASE. Bonuses are based on performance and reducing corporate income - some lend the after taxed bonuses BACK.
 
Tyr
Free Thinker
#4
I'd be all for freezing bonus' and pay to the executives of the auto industry until they can prove that none of the cash came via gov't handout (in a round about way).

Impossible to prove, but it would tie up the executives cash for 3-4 months and possibly make them behave a little less self-serving in the future.
 
JLM
No Party Affiliation
#5
Quote: Originally Posted by talloola View Post

It is shameful, and they don't gi ve a crap, but the more it is made public and brought to the eye of the regular person on the street, and this government,
the more will be done about it.
Normally no one would know, but now they do.

Those guys should be in jail just like the crooks who beat up and rob old ladies.
 
talloola
No Party Affiliation
#6
Quote: Originally Posted by JLM View Post

Those guys should be in jail just like the crooks who beat up and rob old ladies.

The world is full of 'greed', and they are just one example. When I drive by
multi-million dollar homes, and when I see the most expensives cars go by,
my first thought is always, I wonder how they came by that money. All of those
homes and cars, and yachts and planes have not been bought with hard earned
money, some have, and if it could have been shared, there wouldn't be so many suffering.
 
JLM
No Party Affiliation
#7
Quote: Originally Posted by talloola View Post

The world is full of 'greed', and they are just one example. When I drive by
multi-million dollar homes, and when I see the most expensives cars go by,
my first thought is always, I wonder how they came by that money. All of those
homes and cars, and yachts and planes have not been bought with hard earned
money, some have, and if it could have been shared, there wouldn't be so many suffering.

My sentiments exactly and the funny part is very few of these people are any happier than the rest of us. I don't understand the sickness (greed), it's more enjoyable to see a child smile than it is to look at a boat parked in your yard for 50 weeks of the year. Doing things is a lot more enjoyable than the mere possession of a lot of doodads, jewellry etc.
 
Zzarchov
#8
Actually I get alot of happiness from my doodads and trinkets. Quite a bit.

And I don't get any happiness from watching screaming goobers of other peoples children have fun.

But hey, to each there own. I will work long hours, not have a family and instead of disposable income.

You can schedule your work around your family life and have a theoretically loving family.


The big question is if you don't think Doodads and Trinkets bring happiness, why is it you want them to share those trinkets and doodads? Be happy with what you got if you don't think more would bring happiness.
 
SirJosephPorter
No Party Affiliation
#9
"If you somehow take that bonus out of the economy, it really will create unemployment," he said on CNN's "American Morning." "It means less spending in restaurants, less spending in department stores, so everything has an impact."

Said1, this is the typical conservative Republican trickle down economics. Rewards the rich and some of that money may trickle down to middle classes and poor. I would expect a staunch Republican like Giuliani to stick to the classic Republican philosophy of rewarding the rich.

Anyway, I think a Senator has introduced a bill in the Senate restricting bonuses of the companies who get government bailout. I don’t know if it will get anywhere (there may be enough Republicans in the senate to launch a successful filibuster), but at least that is a start.
 
Nuggler
#10
.....Nice of him to "comment"
 
talloola
No Party Affiliation
#11
Quote: Originally Posted by JLM View Post

My sentiments exactly and the funny part is very few of these people are any happier than the rest of us. I don't understand the sickness (greed), it's more enjoyable to see a child smile than it is to look at a boat parked in your yard for 50 weeks of the year. Doing things is a lot more enjoyable than the mere possession of a lot of doodads, jewellry etc.

The one's to 'really' pity are the greedy, but why. They don't care about anyone,
only themselves, they are very needy in a way that is shallow, they have to
gather 'things', but not the important things of life, no, on second thought I
have no pity for them at all, they really 'just' don't get it.
 
L Gilbert
No Party Affiliation
#12
Essentially, if these bankers were worth their salt, they would have seen this depression, recession, stagflation, or whatever this is called, coming and dealt with it accordingly. Simply put, those with the gold make the rules. They failed, so they weren't worth their salt. Ethics and morality = 0
Last edited by L Gilbert; Jan 31st, 2009 at 05:26 PM..
 
Tyr
Free Thinker
#13
 
L Gilbert
No Party Affiliation
#14
hehehe Quite!
 
Tonington
#15
lol +1 for Tyr
 

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