CEOs were paid well because their buddies were on the corporate boards. What you have now is a corporate oligarchy that basically played right into the bubble - they made their millions, and now taxpayers are left holding the tab.
Exactly.
One thing we conservatives must realize is big corporations and big business are just as bad as big government. They only exist after a certain point to protect itself and get larger at the cost of ordinary Americans
We must become the party of small business, where there are higher wages and jobs created
“CEOs were paid well because their buddies were on the corporate boards.”
I don’t disagree that at some corporations this may have been true. But, the fact that CEOs were making big bucks has very little to do with the stock market crash. Moreover. Wall Street operated on low salaries and year end bonus’. There’s nothing unusual about this. The mail boys making 600,000 a year at Goldman Sachs certainly didn’t complain.
Inflating the housing bubble with trillions of dollars of Fed guaranteed sub prime mortgages crashed the financial sector. The guy writing this retirement lament should focus on those villains.
How many Human Resources managers, Directors of Communications or Senior vice presidents for global support services do you think are losing their jobs?
Too many companies will layoff the productive people 1st while the MBA's protect their own, even if it means driving the company into the ground.