Yeah, I think you're right, i think I feel that trickle down right now.
Oops, sorry, it was just more Wall Street bankers pissing on my head, probably from all that champaign I bought them for screwing up the economy so bad.
Once they have paid back ALL the money, plus interest, we the taxpayers have dumped into their pen for them to wallow in, then, and ONLY then, should they get bonus checks. While they're using my money, they're simply wards of the state.
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Big Banker Bonuses. Clasp Your Hands and Pray for Them.
- 2009/11/10 19:33:13
- Read all 22 comments
- +1
- If you are a taxpayer in the Northeast, here is some advice: Get down on a knee, clasp your hands and pray.
Pray for banker bonuses this year. Big ones. Cash, preferably.
More from WSJ.com:
• Takeover Ace Took Home the Spoils
• The Perils of Subprime Leadership
• How CEOs Can Help Fix Health Care
New York's state government, and its dysfunctional neighbors in New Jersey and Connecticut, already are in deep financial crisis. Without the tax revenue from Wall Street pay and bonuses, they could find themselves closer to the brink.
Like much of America, you may find the idea of big banker paydays unsettling. After all, it was taxpayers who saved Wall Street's hide. Even now, the finance industry's nose-in-the-air entitlement makes taxpayers feel all the more enraged over the bailouts.
But in the same way banks became addicted to mortgage-backed securities and collateralized debt obligations, so did state and local governments rely heavily on financial-sector wealth. In the broadest sense, the last decade turned the entire Northeast into bankers and traders, all waiting for that bonus check.
Thirty years ago, the securities industry generated less than 3% of all private-sector salaries and wages in New York state, according to E.J. McMahon of the Empire Center for New York State Policy, part of the Manhattan Institute, a conservative think tank. By 2007, these wages accounted for nearly 20% of the total. Similarly, one in five New York state tax dollars came from Wall Street. In New Jersey, the effects were the same: Its income-tax receipts nearly doubled between 2002 and 2007, in large part because of the great credit boom.
Also keep in mind that if corporations are paying less cash bonuses then tax revenue declines. Individual tax rates are considerably higher than corporate tax rates.... Read full article »
Pray for banker bonuses this year. Big ones. Cash, preferably.
More from WSJ.com:
• Takeover Ace Took Home the Spoils
• The Perils of Subprime Leadership
• How CEOs Can Help Fix Health Care
New York's state government, and its dysfunctional neighbors in New Jersey and Connecticut, already are in deep financial crisis. Without the tax revenue from Wall Street pay and bonuses, they could find themselves closer to the brink.
Like much of America, you may find the idea of big banker paydays unsettling. After all, it was taxpayers who saved Wall Street's hide. Even now, the finance industry's nose-in-the-air entitlement makes taxpayers feel all the more enraged over the bailouts.
But in the same way banks became addicted to mortgage-backed securities and collateralized debt obligations, so did state and local governments rely heavily on financial-sector wealth. In the broadest sense, the last decade turned the entire Northeast into bankers and traders, all waiting for that bonus check.
Thirty years ago, the securities industry generated less than 3% of all private-sector salaries and wages in New York state, according to E.J. McMahon of the Empire Center for New York State Policy, part of the Manhattan Institute, a conservative think tank. By 2007, these wages accounted for nearly 20% of the total. Similarly, one in five New York state tax dollars came from Wall Street. In New Jersey, the effects were the same: Its income-tax receipts nearly doubled between 2002 and 2007, in large part because of the great credit boom.
Also keep in mind that if corporations are paying less cash bonuses then tax revenue declines. Individual tax rates are considerably higher than corporate tax rates.... Read full article »
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Knot_RIch 2009/11/10 21:07:58
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seems the government is making as many wealthy people even more money.
is it the calm before the NWO storm? there will be those with alot of money and those with little amounts of money.
i could be wrong....but i dont belive i am.
Guess you shouldn't support bailouts in the future...
I have far, far, far, far more respect for them than government bureaucrats who do absolutely nothing and yet make millions.
You must be young to believe they will be able to support your through your old age, without fail.
Oops, sorry, it was just more Wall Street bankers pissing on my head, probably from all that champaign I bought them for screwing up the economy so bad.
Once they have paid back ALL the money, plus interest, we the taxpayers have dumped into their pen for them to wallow in, then, and ONLY then, should they get bonus checks. While they're using my money, they're simply wards of the state.
The reality is too that I would rather have an individual get back $1 million than have the company keep it and potentially pay higher taxes due to a lower tax rate or pay no taxes as a result of previous tax losses. These individual taxes are key for the local towns, communities and schools. Plus I feel when an individual receives it they are likely to spend it!
These people buy houses, cars, clothes, electronics, gifts and other consumer goods that tend to have a better trickle down effect to the rest of the economy.
Let's all pray people get paid a lot in cash and maybe one day the good karma will be returned back to us!
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Tell me, please, have you ever met a person who, on the merit of intelligence or knowledge, was worth a Billion or more per year? Even sports heroes, who make money for their investors, can you REALLY defend their worth in the millions/per/yr? Many are uneducated street hoods who HAPPEN to have a talent. And they get millions and are role models to our children, while all the time raping or stealing or doing drugs. Yeah, yeah, I KNOW they are not all like that. But enough are that a reasonable person would have to wonder where in hell our values are.