Posted on 02/04/2009 8:34:52 PM PST by Free ThinkerNY
President Obama's Wall Street salary cap may be well intentioned and it certainly taps into public sentiment, but it's a killer for New York.
"Without the talent of Wall Street to bring us back into a position of leadership in the global economy, we're going to be in bad shape as a world economic power," said Kathryn Wilde of the Partnership for New York.
Wylde says the Obama salary cap will lead to a critical brain drain – China and the United Arab Emirates have already come to poach Wall Street talent. She also says lower salaries in the financial industry will mean dramatically lower tax revenues for the city and state.
"We also depend heavily on the financial services industry to fund our economy and our tax rolls," said Wylde. "Last year 20 percent of our income taxes in the states – 12 percent in New York City came from Wall Street."
(Excerpt) Read more at wcbstv.com ...
Cheers!
Wait til the National Health kicks in
Where oh where is Galt's Gulch?
I guess we'll just have to see.
I’ve set my sights higher - I am open to an offer from Citicorp or AIG. I couldn’t do worse than the crooks that are running these organizations currently.
NYC has been voting for liberals so long, they get what they so richly deserve.
Yeah...except hospital administrators get paid big bucks....wonder if Bambi is going to limit their pay....they essentially work for the gov’t...at least get a LOT of gov’t money.
In a book.
If only it were real...
If you’re still in the stock market, you’ve been asking for trouble ever since Zero’s election.
I tried desperately to get one of my sons to go into hospital administration ... forget med school .. hospital admin is where the $$$ is. “My son, the hospital administrator” doesn’t have quite the same ring, tho.
**If only it were real...**
I can see someone Starting such a place!
I got out when McCain got the nomination. I knew at that point that no matter which party won, we would be looking at really bad times for the foreseeable future.
We should just let these ‘financial instutions’ fail, or make it on their own. Governemnt should not be funneling money to these folks. Period.
Enough with the financial blackmail of taxpayers. The economy is in freefall. All these bailouts are NOT going to stop it. It’s going to be bad. Average citizens can take it, but not if we are taxed to death to make the fall even larger.
New York is in denial that it won’t lose ‘taxes revenue’ anyway in this economy. Get a clue.
“Obambi is a moron par excellence .... salary caps will guarantee that our best talent works for a company another country ... unless of course the Zero plans a new Berlin type wall ...”
THIS was our best talent???
I don’t see how monkeys with dartboards could be worse at decision-making.
I think that the “if we don’t pay them x, they will go elsewhere” is a self-serving fallacy. There are a finite number of those positions, and a lot of talented people who would work hard to get them. The laws of free-markets and capitalism aren’t being violated because they never existed in that environment in the first place.
Furthermore, this will be a great opportunity for success, if the new “underpaid” leaders can turn things around. THAT will look good on a resume’ and be handsomely rewarded with stock options, etc.
Are these people actually marketable in any other industry? Would you hire them to pilot the ship?
I wonder what the people who worked for or who were partners in Arthur Andersen put on their resume’ when searching for an accounting position. “1995-2002: Prison” might look better.
Who ran us into this trillion-dollar debacle? Wall Street?
You know better than that. Congress and and the White House combined forces to create so much worthless paper, that it was literally impossible for the credit markets and Wall Street to avoid what took place.
If we run off the Wall Street talent, it will be the absolute end of U.S. world dominance. This is absolute fatal national suicide.
Queen of Hearts???
As Obama drives the economy deeper into the crapper, and our enemies draw plans against us....
Won’t we just feel so good at these wonderful decisions to show what good people we are?
What’s wrong? New Yorkers are finally getting what they’ve spent YEARS voting for. They should be happy.
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