Angry senator wants pay cap on Wall Street 'idiots'

CNN ^ | 1/30/2009 | CNN

[kabar]

Inflation kills wealth and it will hurt millions of retirees. By 2030, one in five Americans will be over the age of 65.

[kabar]

the definition of a recession is that you gotta' have two quarters of decline, not just one,

Yep, you can use that definition, which means we are in a recession. The world's largest economy contracted at an annualised rate of 3.8pc in the three months to December, better than the 5.5pc drop forecast by economists, but bad enough to make it the biggest contraction since the first quarter of 1982. The data confirms that the US is in a recession – typically defined as two successive quarters of negative GDP growth – after declining by 0.5pc in the third quarter.

[bronxboy]

Deflation kills wealth and will hurt everyone including retirees. Most economist believe deflation is a more dangerous and difficult problem to solve than inflation.

[bronxboy]

There are trade barriers in every country against American goods...so I’m not worried about this. We are the biggest market and can afford to strike a better deal than we have now. Our goods are mostly uncompetitive already because of trade barriers and slave wages in poor countries hence outsourcing. We need to protect what few industries we have left and protect those new manufacturers we can create.

[graywaiter]

I agree with you that these seem like exorbitant, unrealistic bonuses, but the companies agreed to pay these jerks this money before they ever took the bailout. Yes, it sucks, and is hard to imagine anyone being paid that much, but zer0’s main reason for the outrage he's now showing is to further his own objectives. Please look past his BS.

He knew when he voted for the bailout last fall that some of these executives were owed/made massive amounts. He knew, and he voted for it anyway. This is all an act for our benefit to further vilify business, so the only thing people will trust is the USG. That's all it is, and it's working!

What would you think if whatever your salary is some government goofball decided you didn't deserve that much? It's none of their damn business, and for them to tell you your work isn't a valuable as you know it is, and that your company agreed it is, is flat wrong. Same thing here, only add a few zeros.

Thanks for the luck, and btw, I'm a woman!! LOL! I'm hoping we won't have to downsize too much to keep going, but it may become necessary. I'm pretty sure that when the weather breaks this spring things will pick up. Right now, I've got plenty of stuff for my guys to do. DH is whittling down his honey-do list and they're helping.

They've re-roofed the barn at one of our farms, painted & built fence, cleaned out a pond, vaccinated cattle and cut firewood so far whenever we needed to get them 40 hours in and didn't have the electrical work to do.

We've got another farm that needs some work done, so that is our fall back. We're just plodding along, and feel pretty sure we can keep them working until Spring. We know that a couple of our industrial customers (stone/gravel companies) are going to break loose when this “stimulus” hits with state contracts, and we'll be busy again. One is already planning an expansion to the tune of 5M, and are just waiting on the weather to break before they start. We'll be o.k.

Sorry I didn't get back with you sooner. I had to go see my 17 yr old perform his first paid gig tonight. He made 100 bucks playing guitar, and now I'm gonna have a whale of a time convincing him to go to college!! He's got the stars in his eyes, and just knows this is his calling. He's ready to head to Nashville, tonight!! LOL

[bronxboy]

You never know he might be the next country star...I don’t know what to think about the bonuses...these companies were already insolvent way before the bailout...maybe there may be some fraud involved...Enron type fraud...so instead of a bonus they go to jail...This would make me happy. Hope work stays good for you. I will be out of work come April so I am looking. I’ve worked for GM 24 years...ah well.

[P-Marlowe]

Because if you ever want those tax dollars back, you need competent management at the top.

LOL!

[graywaiter]

He'd sure like to be, and I'd love it! He started playing 3 years ago, and this was the first time he's played anywhere in public except our church. He did great, and didn't mind the strangers a bit.

Yeah, could you imagine an 80M bonus?? It just boggles the mind. I'd be heading to the nearest island. I wouldn't be surprised a bit if there isn't some fraud along the line somewhere. Probably not on the scale of Enron, but there are too many ways to divert funds and keep them hidden for a long time for those greedy yahoos not to have done it.

I blame the easy credit. Too many people and businesses went nuts on easy credit. They never thought there'd come a time when there wasn't anymore. They didn't plan for it and got caught with their pants down. The domino affect just took them all out.

But what zer0 is wanting to do to fix it is worse than the problem to begin with. You don't put a cast on a blister. It's overkill, and will just prolong the misery. The least efficient body in this country doesn't have the know how to run itself correctly, much less any business. And, by shouting this false outrage, he's manipulating many people into an extended, unnecessary class war. Soon, no one will be allowed to earn more than he does without being held up to ridicule. Look at how many people trashed the UAW when it was reported what the workers made.

I'm sorry you're directly caught up in this mess, and will suffer because of it. Hopefully you can find something to tide you over until the green cars start getting made. I'm still worried that GM won't pull out of this though. As the owner of 13 GM vehicles, I think yall build the best, and want to be able to buy replacements when the time comes!!

Unless they restructure they won't make it, and it's gonna hurt labor big time. They probably should have gone under rather than take the money. They've completely lost control of their business to the goobers in DC by taking it. The USG is worse than a meddlesome mother-in-law, screeching ex-wife, or psycho ex-girlfriend all suffering from PMS combined. The USG will make sure they wish they hadn't taken it. It's gonna be uglier than normal in Detroit for some time to come. Good luck to you. I'm hitting the sack. Night!

[kabar]

Deflation is a persistent decrease in the general price level of goods and services, when inflation is below zero percent, resulting in an increase in the real value of money - a negative inflation rate. This helps retirees on fixed incomes such as SS, which don't go down when there is "negative" inflation.

It will not be a matter of choice on which one we get, i.e., deflation versus inflation. We will probably get both--first deflation and then inflation as the effects of these massive federal deficits manifest themselves in making our currency weaker and weaker.

[kabar]

Simplistic analysis short on facts long on generalizations. We are part of international agreements like GATT and the WTO. Any unilateral move to erect trade barriers that contravene these agreements will result in reciprocal barriers being erected against us. It is counterproductive as history teaches us, e.g., Hawley-Smoot.

[bronxboy]

Not true...as other countries have erected barriers against us...we can do the same...maybe a VAT tax like the Japanese have...Japanese companies are exempt...but American companies pay the full tax...we can erect the same kind of barriers they use against us...F the WTO. We should never have got involved with them...bastion of America haters. We must do something to end this recession/depression....housing and the bankers new toys...credit default swaps and wild derivatives won’t help. Manufacturing has pulled us out of the depression...no more bubbles. Lets actually have real value-not the trumped up paper profits the well payed bankers have given us.

[bronxboy]

What...this kills economies...and helping retirees does not justify destroying the economy...deflation is far worse than inflation.

[kabar]

Not true...as other countries have erected barriers against us...we can do the same...maybe a VAT tax like the Japanese have

I don't think you understand what a VAT tax is. Moreover, it is not only the Japanese who have such a tax, it is also the EU countries. It is placed on all goods and services domestically. In many cases, tourists can get their VAT taxes repayed. A US VAT tax would affect all Americans.

F the WTO

Yeah, right. Obama is going to pull us out of the WTO. Get real.

Manufacturing has pulled us out of the depression...no more bubbles. Lets actually have real value-not the trumped up paper profits the well payed bankers have given us.

Once you start on protectionism, the US will lose in so many ways, including the consumers who will have to pay much higher prices for goods and services.

[kabar]

They are both bad and we will get both. Hear me now, believe me later.

[bronxboy]

See one sided free trade is worse than barriers...Europe and Japan get their cake and eat it also...we take it on the chin and our economy is the ultimate casualty...fair trade or barriers period.

[bronxboy]

I do believe you.

[chrisser]

LOL!

You ever turned a company around? Even started one?

These companies have been run into the ground by a bunch of incompetents, and now they have the geniuses in Congress meddling into them.

I can tell you this, there isn't enough money in the world to pay me to head one of these companies now, nor even be part of the core management team.

Half these companies will go under in spite of the money from Congress, and the new management will get the blame. The other half won't be profitable for decades, and the new management will get the blame.