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 vpokoPremium
join:2003-07-03
Boston, MA | reply to S_engineer
Re: And who said Google could do no wrong! said by S_engineer:No...its because Congress along with the regulators failed to do their job. Its a given that the financial companies are out for massive profits, but when you have people like Chris Cox sleeping at the wheel of the SEC, and Congressional oversight committees too stupid to understand that the house was caving in, then you have a big problem. They weren't stupid, they were complicit. | |
| You gentlemen missed my point. If the FCC has to outsource to these companies for a "framework" of policy that the FCC itself is responsible for writing, then we either need to purge the FCC or abolish it. Now I can understand input, but in no way shape or form should the FCC be taking marching orders from Google or Verizon.
Now as far as the economy goes, there were many, many contributing factors. From Greenspans "cheap money" tenure, to the Graham-Leach-Bliley act. And don't forget Amigo, it was Rubin along with Greenspan who opposed giving the CFTC any oversight of the over the counter credit derivatives. But if it makes you feel any better, Rubin received approx $50,000,000.00 in compensation in 2008 instead of the appropriate sentence he deserved.
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BF69~~~Please stop suffocating gerbils! | | |
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WhatNowPremium
join:2009-05-06
Charlotte, NC | That is the problem they broke no law. They got their gold and have more then they spend in a life time. If you lost your job that is just how the economy works. The crowd at the top gets paid for success or failure. The one in the middle just lose everything for the mistakes at the top. How many times do you hear their contract says we have to pay them. If we don't give them bonuses they will go to the competition but those living from paycheck to pay check get laid off with sorry we don't have any money to pay you. Why because the idiots at the top got your paycheck.
The Board of Directors have no incentive to fix the problem because they have to protect each other so they will get their bonuses.
The Democrats may not have the answer and can make their own big mess but if they had been in charge as long as the Republicans there may not have been the Massey Coal Mine explosion or the BP oil spill. If you want to live in a Latin America economy of the very rich and no Middle Class keep voting for the free market Republicans. There is not free market for the middle class and below. If you think you are going to make more then $200 thousand for the next few years vote you pocket book vote Republican if not who do you think is going to pay for the no deficit budget. It will not be the those that get a bonus bigger then most people make in their regular pay.
I don't have any problem with someone making money but when you get paid a bonus after you risk taking blew up then something is wrong. Let's see how many heads at the top of BP lose their job because the tried to save money on the the Gulf well. So far the only people that have suffered are those that live along the coast and small time BP share holders. | |
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| said by WhatNow:The Board of Directors have no incentive to fix the problem because they have to protect each other so they will get their bonuses. I think that has a lot to do with how stock ownership has changed. Forty years ago people bought IBM to hold it for the rest of their life. And, it was very few people because the stock market was considered risky (with the Great Depression still in people's minds).
Today, millions of workers buy indexed funds (400 to 2000 companies in one mutual fund). No regard to the company they are buying, or its ethics. And, unlike the guy who bought IBM forty years ago, these millions of workers (buying hundreds of companies) can't vote for the Board. Even if they could research 400-2000 companies, purchasers of shares in a mutual fund aren't considered the owner of shares in the underlying company. The fund manager is.
The bottom line is, corporations are more easily capitalized today, with less accountability to the people doing the capitalization. Worrying less about shareholder reaction, certainly must have contributed to the fact that CEO pay increased from 33 times the average workers' pay in 1978 to 300 times in 2000.
said by WhatNow:If you want to live in a Latin America economy of the very rich and no Middle Class keep voting for the free market Republicans. There is not free market for the middle class and below. I agree with your generalization. IMO, the problem with Ds is they get on board with every looney, marginal bandwagon that comes along. If they had been in control the past 20 years, we'd have National Transvestite Day, prohibition of gun ownership, and dozens of programs rewarding juvenile delinquency.
50 years ago they were more the party for the "working man." Since then, they've confused "the underdog" with marginalization (transvestites, illegal immigration). Not the mainstream, such as the middle class watching their jobs offshored in the interest of "free markets." | |
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