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Originally Posted by randolph
So you believe its Okay for someone to sit behind a computer on wall street, do their job, and get a multimillion dollar bonus? Millions of people are out of work so these guys can get their bonuses. It that just? Is this really a Democracy?
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Like I said before, other than the dollar they get, that's pretty much their only salary. And yes, it's ok for someone to get millions to benefit a company making billions. They may do their work on the computer, but that doesn't mean they don't put a hell of a lot of work into it.
Bill Gates became the richest guy in the world because he knew what IBM didn't at the time... that operating systems is where the money is at. Is a single thought in someone's head really worth over $100 billion? Well, actually it was a few thoughts at very strategic moments. The man is a genius at business and he deserves what he has made. I think it's inspiring. Anyone can do it. Republicans believe in peoples potential. Democrats believe that people are incompetent and need help. For an individual, like Bill Gates, to become so powerful that they employ thousands of people and donate over $2 billion/year to charities is not in the democrats plan. They want people to become dependent on the government. They want to control people. That's your kind of democracy.
Quote:
Originally Posted by randolph
All of the government money is going to support capitalism. You just don't seem to get it.
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No, I don't get it, since capitalism refers to an economic and social system in which trade, industry and the means of production are privately controlled. If capitalism is controlled by government money, it's not capitalism. Thanks to BO, you can now exclude Chrysler and GM from capitalism. And the banks too.
Capitalism is fine. Executives getting multi-million dollar bonuses is fine (as long as they are part of the solution). What is NOT fine is what happens when government and big business mix.
For example... Paulson, former head of Goldman Sachs, became treasury secretary. When the financial crisis comes, the first thing he does, besides prop of Fannie & Freddie is let Bear Sterns (a Goldman Sachs competitor) and Lehman Bros (Goldman Sachs largest competitor) fail. When deciding if he should let AIG fail, he had a conference with Lloyd Blankenfein, CEO of Goldman Sachs. They decide, yes bail out AIG with $85 billion. Who's the biggest payout from AIG? Goldman Sachs, for $12.9 billion!
Paulson needs someone to head up TARP. Who does he pick? Neil Cashcarry from Goldman Sachs. Neil decides Goldman Sachs has to be changed into a bank holding company. Which means they now have access to money from TARP, FDIC, and other fed money. Neil is then replaced by Gary Ginsler (yes a partner at Goldman Sachs).
Becoming a bank holding company also gets the SEC off their backs. So who watches over Goldman Sachs now? Steven Friedman, former chairman of Goldman Sachs and now at the Fed. Friedman, overseer of Goldman Sachs also held a lot of stock from Goldman Sachs, and he was also on the board of directors of Goldman Sachs! Gee, isn't that a conflict of interest?
Oh, no it isn't. Timothy Geithner, current secretary of treasury, can we please have someone on the Goldman Sachs board of directors over seeing Goldman Sachs? Sure, no problem. Geithner gives Friedman a temporary 1 year waiver, which allows him to keep his Goldman Sachs stock, stay on the board, and allows him to buy an additional 52000 shares of Goldman Sachs stock, which he makes $3 million off of.
So now Goldman Sachs has a new derivative. They have just purchased 10% of the Chicago Climate Exchange and $1 billion of carbon assets. This is the new currency under the Obama administration.
There's a new lobbyist for Goldman Sachs. Michael Pease. He's joining the director of government affairs. They hired him because their previous lobbyist, Mark Patterson, has just been named the chief of staff for Timothy Geithner. Michael Pease is now in Barney Frank's office.
And yes, I know Paulson was Bush's pick. I didn't favor Bush's Wall Street bailout either. But BO, as usual is taking any of Bush's shortcomings and showing how bad it can really get by allowing this Goldman Sachs crap to continue. And that's only the tip of the ice berg. Much of the spendulous money is going towards other leeches of society, like ACORN and bringing them into the government.
Just take things back to before all the bailouts, get rid of welfare programs like the Community Reinvestment Act, and we're a strong country again. Unfortunately, I think democrats and RINO republicans have damned this country.