So cutting spending slows economic growth?? Well DUHH, short term economic activity maybe, But as soon as the stimuluses money, cash for clunkers, and homebuyer tax credit ran out, crash. But we still got the debt. So do these economists ever discuss LONG term economic growth?
Isnt Goldman Sach's a bank that was part of creating this disaster?? Didnt they just make money on it?
Still making money on it, they buy the fed bonds and then sell them back to the fed.
“Isn’t Goldman Sachs a bank that was part of creating this disaster?” Wasn’t Goldman Sachs former CEO they guy who helped President Bush set up the bank “rescue and bailout” program? Actually, a lot of this money has been repaid during the Obama years. Now the banks are just sitting on a lot of cash and not lending it for business/job creation.
Here is a link from Market Watch that points out that the latest bonuses are less than they were in 2007. That and 2008 were the peak of the bankster CEO salaries. In 2007 the CEO of Countrywide Financial had $140 million salary. In 2008 as finance began to tank he cut it to a paultry $100 million. In the same period Lehman Brothers almost doubled their CEO salary to over $70 million. By 2009 both companies were dead as doornails. On the other hand Goldman Sachs in the same period also increased the CEO salary to over $70 million. In fact in spring 2008 the top 3 executive of GS were paid over $65 million. Forty three % of their stockholders voted in favor of a Shareholders Advisory Vote on Compensation. [Forbes CEO Compensation site has lots of interesting data on this subject.]
http://www.marketwatch.com/story/wall-street-bonuses-declined-in-2010-2011-02-23?dist=bigcharts#
Last year after my GE stock plumeted from $50/share to $5, I was shocked to see that for the past 3 years the top 7 GE executives had salaries from $ 11 million to $22 million. Neither here nor above do the figures I quote include stock options, bonuses and perks. At any rate GE has been hovering between $15 and $20 for a year. We stockholders have to TAKE BACK OUR POWER. This spring many of us will receive Proxy documents with recommendations on how to vote for Proposals. Last spring, AGAINST managment’s advice, I voted FOR a STOCKHOLDERS ADVISORY VOTE ON COMPENSATION. I urge you all to do the same, before the government decides they have to do it for us.
Obviously they know better than to demagogue the issue, but it's more important to bankrupt the nation that gave them their wealth and freedom I guess.
Thanks for the ping.
” Isnt Goldman Sach’s a bank that was part of creating this disaster?? Didnt they just make money on it? “
Sure....and they have a vested interest in turning our middle class into serfs