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 Wall Street Pay Fattens as Rest of U.S. SuffersPosted on Jul 2, 2009
Unemployment rose to 9.5 percent last month, the highest level we’ve seen in 26 years. That’s a staggering 14.7 million people without jobs. As we enter the 20th month of this recession, unemployment is becoming a way of life for many, and a lot more people are looking beyond unemployment benefits to the safety nets reserved for the extremely needy.
Meanwhile, Wall Street payouts are not dropping. They are, in fact, expected to exceed last year’s average. According to The Wall Street Journal, Goldman Sachs will be shelling out a whopping $20 billion (or $700,00 per employee) while Morgan Stanley’s payouts are expected to exceed last year’s packages, reaching an average $340,000.
Goldman Sachs and the other Wall Street elites are thus continuing down the same path of profiting handsomely off the mess they’ve created, and laughing (at the taxpayers) all the way to the, uh, bank. As Robert Scheer put it in his March 17 column:
Read the rest of Scheer’s analysis here. Advertisement Previous item: Cynthia McKinney Detained in Israel Next item: Washington Post Makes a Really Bad Decision CommentsAre you a Truthdig member yet? Login now, or register with Truthdig. Add Your Comment |
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By godistwaddle, July 3, 2009 at 8:48 am Link to this comment
Remember what Jesus said (Matt. 37:26): The stench of the stinking corpses of stinking bankers lynched by the poor and the working people is a sweet aroma in the nostrils of the LORD.
Report thisBy beeline, July 3, 2009 at 7:12 am Link to this comment
People all over the globe are making cutbacks. If we go on holiday, its something cheap like hiring a car and going on a driving holiday. I have a little sympathy with people that got themselves into huge debt, but not much. Borrowed money has to be paid off eventually, it’s not that hard to figure out if you can afford it or not.
Report thisBy Reaganite Republican, July 3, 2009 at 6:30 am Link to this comment
(Unregistered commenter)
The foolish $700B+ “stimulus” legislation has already crapped out: these figures are far worse than the ones the White House warned us about if we DIDN’T pass the bill- but it was passed, and still unemployment soars?
Instead of creating jobs, interest rates were bumped up, the dollar slid… with few actual economic benefits.
Much of this is due to the fact that Obama’s anti-business agenda has mortified almost every machine of job-and-growth creation in the country.
The Democrats just HAD to insist on tax-n-spend, rather than a tax holiday for, say, six months… can you imagine how things would be doing with a $700B tax cut instead?
And the One couldn’t deliver the type of “temporary, targeted, and timely” bill that he promised for weeks, either. Irregardless of his beautified image, in reality Obama lacks the the political stature to control Pelosi and Reid… who hit the trough hard, while bickering like siblings.
The lack of GOP co-conspirators exposed Obama politically… this legislation now looks to be a HUGE gamble. And when all this pork-n-welfare fails to generate any real economic gains… the Democrats could face a bloodbath in 2010.
One could make the argument that Obama knows his legacy will be in tatters by 2012, and could care less how much damage his radical programs do to the economy. He’s therefore ramming-through as much of his far-left agenda as he can before the day comes when people cringe at the mere mention of his name-
Sure seems like it.
Report thisBy Reaganite Republican, July 3, 2009 at 6:28 am Link to this comment
(Unregistered commenter)
The foolish $700B+ “stimulus” legislation has already crapped out: these figures are far worse than the ones the White House warned us about if we DIDN’T pass the bill- but it was passed, and still unemployment soars?
Instead of creating jobs, interest rates were bumped up, the dollar slid… with few actual economic benefits.
Much of this is due to the fact that Obama’s anti-business agenda has mortified almost every machine of job-and-growth creation in the country.
The Democrats just HAD to insist on tax-n-spend, rather than a tax holiday for, say, six months… can you imagine how things would be doing with a $700B tax cut instead?
And the One couldn’t deliver the type of “temporary, targeted, and timely” bill that he promised for weeks, either. Irregardless of his beautified image, in reality Obama lacks the the political stature to control Pelosi and Reid… who hit the trough hard, while bickering like siblings.
The lack of GOP co-conspirators exposed Obama politically… this legislation now looks to be a HUGE gamble. And when all this pork-n-welfare fails to generate any real economic gains… the Democrats could face a bloodbath in 2010.
One could make the argument that Obama knows his legacy will be in tatters by 2012, and could care less how much damage his radical programs do to the economy. He’s therefore ramming-through as much of his far-left agenda as he can before the day comes when people cringe at the mere mention of his name-
Sure seems like it.
http://reaganiterepublicanresistance.blogspot.com/
Report thisBy liecatcher, July 3, 2009 at 5:39 am Link to this comment
WALL STREET robs the poor to get filthy richer & Obama
the great DECEIVER has made it as easy as a few pen
strokes. This July 4th may be the last celebration of
what was supposed to be independence but has turned
into slavery.
Report thisBy wanked, July 3, 2009 at 5:20 am Link to this comment
(Unregistered commenter)
Thanks Barry, Timmy, Larry. Have a wonderful 4th. Lets keep the Amerikan dream alive on the corporate level at least. The rest are just fodder…
Report thisBy coloradokarl, July 2, 2009 at 7:30 pm Link to this comment
This beautiful blue spaceship has everything we need to live comfortable and long happy lives. The greed of the merchants deprives us of this blessing. I am always hopefull and realize we are but a sacrifice for the future generations. one day, all our words will be the lessons of child’s day…...
Report thisBy Jeff Szlechtky, July 2, 2009 at 2:20 pm Link to this comment
(Unregistered commenter)
Let’s call this a Depression. Accuracy, or whatever economic school of thought one prefers - let the prevailing mood of the folks define the economy, as a Depression.
Report thisBy hippie4ever, July 2, 2009 at 1:43 pm Link to this comment
G.Anderson, I believe it takes two to tango, and I cannot ignore the people who had crummy jobs charging astronomical debt onto their cards for mostly highly-disposable junk they didn’t need. We also had shop clerks driving around in BMWs, wearing the latest fasions, renting enormous houses here in California. Now their credit is cut off and they’re suddenly poor. Partly I do feel for them, but I also believe they made their bed and that this will be a good life lesson.
I share your resentment for the ruling class. We don’t have decent, affordable health care, education, food, water, air; nothing is manufactured here anymore except guns and whisky/tobacco/drugs. While it may become worse in scope, it’s not going to become worse in kind—we’re already there. The charade of “government” has been exposed for everyone to see, a front for the corporations that are sociopaths.
And G.Anderson, my “fierce advocate” is going to solve all these problems, just so you know. We have to be patient, I’ve heard.
Report thisBy lvaldean, July 2, 2009 at 1:39 pm Link to this comment
And yet John McCain and others believe that Immigration reform must include increased temporary work visa (H1B, L1) for technology and engineering sectors especially. Currently approximately 500,000 temporary workers primarily in these sectors are in the US today while Americans in these same sectors (IT, ENGINEERING) can’t find relevant jobs at living wages even… Read More with the federal government, who would rather hire an H1B!
Thanks Mr. Gates for convincing the government the Americans are far to stupid to do the work in these sectors.
Report thisBy G.Anderson, July 2, 2009 at 12:54 pm Link to this comment
You can’t have freedom when your leaders - the corporations, believe in slavery.
They oppose every effort of the people to break out of the chains financial slavery that they have forged.
But the day is coming when the people will no longer have the money to bail them out. But that day won’t mean freedom, for the people, it will mean something much more ominous.
Report thisBy johannes, July 2, 2009 at 12:43 pm Link to this comment
I think a men as President Obama, has to be ashamed of him self, with all his nice promessing talking.
Yes whe can, a country where stealing every day by the rich of the poor free Americans,is a rule.
I think the day will come soon that this poor eaten people will stand up, and say you have to go President Obama, we have had enough from yes whe can.
Report this