Tuesday, October 20, 2009

These Wall Street Big Bonuses are BAD NEWS

Yay, Whoop-de-dooo, the Dow Jones hit 10,000!!! Yay!!! The fat cat, thieves, company rapers have replenished their cash!!!! Yay!!!

That is the problem.

The average Joe and Joesetta don't give a mickey-fick about the Dow Jones hitting 10,000 points, THEY DON'T, but they understand that the rich people on Wall Street got over AGAIN.

That is the real problem.

Former President George W. Bush and current President Barack Obama forged ahead by bailing these crooked banks and Wall Street out with the tax payers dollars. We sat back this time last year and saw the bonuses out of this world, thanks to us, the tax payers making it so. Now we have to deal with this again?

The Obama Administration can talk all day and all night until the cows come home about Wall Street and greed, but until they fully are BEHIND regulatory measures to change what has happened to banking and this crooked industry, it will continue to be talk. And the public does understand the rich raking it up with a 10,000 Dow Jones and unemployment at 10%. Yeah, they get that picture fully.

It may be hard to believe but there was a time, almost 25 years ago, when Wall Street and Main Street weren't so far apart -- at least when it came to the average worker's salary and the average financial industry employee's annual bonus.
Back in 1985, the average annual salary for all workers across the country was actually a bit higher than the average bonus ($19,000 to $13,970). (Note: these numbers are not adjusted for inflation)

How times have changed - while the average bonus soared almost 14 times higher (by 2006), the average salary has essentially been stagnant sine the mid-1980s.

Though bonuses slipped sharply in 2008 amid the financial crisis, they're rebounding this year and Wall Street firms are set to pay out record amounts to their employees. Treasury Secretary Tim Geithner recently told reporters that banks will be making "significant changes" to the way they pay their employees, and called bonuses being paid out by bailed-out firms "deeply offensive." read more here...

Well, Geithner said significant changes would be made when all this went down early in the year, and as we see it the game still remains the SAME with the banking industry.

Again, until the Obama Administration is for real about real banking regulatory changes, it is just words going in one ear and out the other.

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