I..... I can't believe my eyes. Groundhog Boy, I like where you're coming from with what you just wrote. And I agree. This is the 2nd year that golf tourney has happened, and from what I understand that bank was one that wasn't in the red, and could pay for such activities with their own money, not just with stimulus money they were forced to take.

Paraphrasing from several media outlets today, and echoing what you just said, Barney Frank basically thinks banks should only give loans to the people he thinks are acceptable... he claimed the Northern Trust Open thing was simply about ego and had nothing to do with good business. This coming from a piece of shit who's never run a business. This is going to paralyze all of these banks and industries from taking any initiative on their own. They'll get into further trouble, and then Barney Frank will say, "See, the market doesn't work."

http://www.bostonherald.com/busines...f_extravaganza/

http://www.cnbc.com/id/29374295

I do want to say that I don't think the Republicans are doing a very good job addressing the economic issues.

I literally want to bang my head against the wall lately. I've been listening to all the hearings at work, listening to the CNBC feed in the office on other days where government officials are doing interviews, and to hear the incredibly ignorant shit coming from both sides...I just can't take it sometimes. It's like which is the lesser of two evils every other day. No wonder the volatility is so extreme.

___________________
"Go back to bed america your government is in control
Here's American Gladiators, here is 56 channels of it,
Watch these picturary retards bang their fuckin' skulls together and congratulate you on living in the land of freedom,
Here you go America you are free to do as we tell you
We want your soul
Your cash, your house, your phone, your cash, your house, your life" -Adam Freeland - We Want Your Soul

quote:

Originally posted by Groundhog Boy It kind of reminds me of a village killing off their seasoned doctor because someone died. Too bad for everyone else that could have been cured in the future.

To me it's more like limiting a doctor's compensation because he's been convicted of malpractice in the death of a patient.

___________________

BTW, I'll also note that the CEO of Marriott was commenting recently about how this type of backlash is hurting them. I guess we're not supposed to stimulate hospitality jobs? I could care less about Sheryl Crow or Earth Wind & Fire, but if those rooms aren't being used, the hotel cuts back and fire people. And it's not just that particular event, because the backlash is spreading like a disease and no one will go anywhere, killing hotels, airlines, and restaurants.

___________________
"Go back to bed america your government is in control
Here's American Gladiators, here is 56 channels of it,
Watch these picturary retards bang their fuckin' skulls together and congratulate you on living in the land of freedom,
Here you go America you are free to do as we tell you
We want your soul
Your cash, your house, your phone, your cash, your house, your life" -Adam Freeland - We Want Your Soul

quote:

Originally posted by Lebezniatnikov To me it's more like limiting a doctor's compensation because he's been convicted of malpractice in the death of a patient.

Not really. I'd say that the fees on the TARP funds are the compensation cuts. Also, I guess it's more like taking a partnership of 5 doctors, where 1 killed someone. The other 4 were OK, but they're hauled out on a rail because all doctors suck since the 1 killed someone.

Along that line, there was big HuffPo topic last week where everyone criticized Jamie Dimon for saying that people "underwater" should continue to pay their mortgages if they can afford it. HE'S RIGHT! If you bought a house and it's gone down in value, you are still responsible for paying if you can. I bought stock, it went down, Ameritrade didn't offer to cover my losses and made me pay for them. That's how it works.

I will say that the most irritating thing to me is that it's the view on intelligence that Republicans showed when Palin was introduced. Why do both sides cave to stupidity so easily? What about the rest of us that support credit where it's due and wealth expansion for those who aren't idiots, but also some type of broad health care, unemployment expansions if needed, infrastructure?

___________________
"Go back to bed america your government is in control
Here's American Gladiators, here is 56 channels of it,
Watch these picturary retards bang their fuckin' skulls together and congratulate you on living in the land of freedom,
Here you go America you are free to do as we tell you
We want your soul
Your cash, your house, your phone, your cash, your house, your life" -Adam Freeland - We Want Your Soul

quote:

Originally posted by Groundhog Boy It's not as though I love the banks and the situation that they put us all in, but I'm getting quite fed up listening to the general public bitching about it and sounding like they know how to fix problems that are vastly more complex than their HS education can grasp.

This gets me every time.

For all the romanticization majoritarianism receives in our "democracy," the potentiality of genuine government ad populum should be a chilling prospect to anyone of sound mind...

The reality of the majority is this. Their competence is fragmentary at best, more often manifestly wanting in the entirety. Driven by vulgar predilections (here, jealousy is most salient), there exists an impenetrable barrier between their consciousness and reality. Yet, they possess an unwavering confidence in the veridicality of their perceptions. They think that their prison is the entire universe, and assume that anything incongruent with it is a threat to be eliminated.

If these are to be the engineers of our society, then we should expect it to be an awkward, lurching abomination, a fitting reflection of the buffoonery of its makers. It seems to me that's pretty much what we've got so far. Always trying to move "forward," although with no particular destination in mind, the first problem is that this contrivance has a peculiarly schizophrenic sense of direction. Unsurprisingly, it got its feet tangled whilst wandering aimlessly, and thus it has fallen flat on its ass. Now, it's impotently flailing about like an insect trapped on its back.

Sometimes I cannot tell whether I'm watching a tragedy or a comedy. But as things go spectacularly wrong time and time again, I do know where to point the finger. And it is most definitely not at a mere handful of bankers who, acting individually, could have done nothing to avert the present crisis.

quote:

Originally posted by Groundhog Boy BTW, I'll also note that the CEO of Marriott was commenting recently about how this type of backlash is hurting them. I guess we're not supposed to stimulate hospitality jobs? I could care less about Sheryl Crow or Earth Wind & Fire, but if those rooms aren't being used, the hotel cuts back and fire people. And it's not just that particular event, because the backlash is spreading like a disease and no one will go anywhere, killing hotels, airlines, and restaurants.

i had over 50K miles for business trips last year, and to this point I have 0 for this year. The lack of deals is killing business travel. To be sure, I have been upgraded to first class on EVERY flight i've taken so far this year. It's a good thing flying is so cheap right now. As a result of the price declines, I can keep my status by taking more vacations.



As for the public backlash on banker compensation, I tend to agree. For the lack of better words, generally, the average person that forms the "public" is stupid. Perhaps more than people from any other occupation, bankers tend to spend their money frivolously (blowing it on cars, tvs, alcohol, hotels, etc...). Consequently, they do more to stimulate the economy with their earnings than most people in other occupational groups. More importantly, I can't support limiting the contractual rights of private parties. Even though these companies accepted public money, poor business practices (such as paying bankers huge bonuses for incurring loses) will be punished by the markets. Basic accounting informs that when expenses (employee compensation) is greater than revenue (bankers fees and trading income) the company will become insolvent and unable to operate.

The government needs to keep its head out of this issue. If the average person doesn't like the fact that he makes only $45,000 a year while a goldman banker makes $650,000, then perhaps that person should have spent the necessary time -

1) Preparing for the SAT to get accepted into a good university;
2) Performing above average in college, and graduating with honors;
3) preparing for the GMAT to get a high enough score to gain acceptance into an ivy league MBA program;
4) working for several years in a prestiguous bank or consulting firm (e.g., McKinsey, Goldman, PwC)
5) Performing well in the ivy league MBA program;
6) Impressing recruiters at the on campus interview programs while competing with hundreds of other qualified candidates; and
7) working his ass off for 80 hours a week, while traveling around the country without seeing his family for days at a time.

Nothing gets me going more than an 'average' person who coasts through life being appauled at the salaries of people who worked their asses off to achieve their success.

Last edited by jerZ07002 on Feb-26-2009 at 08:56

That says it all.

quote:

Originally posted by jerZ07002 For the lack of better words, generally, the average person that forms the "public" is stupid.

Elitist are we??

quote:

Originally posted by LazFX Elitist are we??

i knew someone would say that - fuck it, my 9 years of post high school education permits me to think that way.