I’ve mentioned this before, but here’s another angle.
I’m old enough to remember the great Individual Retirement Account scam. The banksters and the bosses convinced employees that they could forego their pensions for IRAs and retire with millions in the bank. It would be golden years with lots of gold. In return, the banksters got to use pension funds to play three-card monte.
Put the brakes on the banksters’ three-card monte.
At Psychology Today Blogs, Thomas Hills highlights the fraud of of the bonus babies. A nugget:
Forbes 500 CEOs in 2008 were paid almost 200 times more than the average worker. Meanwhile, polls in the U.S. indicate that the majority of Americans agree that CEOs should have their pay limited. Should they?
A recent article by Jacquart and Armstrong looks at the evidence. Their evidence consists of a review of numerous experimental studies and records of performance of thousands of firms and CEOs.
The conclusion is as simple as a day old bird: CEO incentives do not buy better performance. If anything, incentives make performance worse.
Follow the link for the evidence.
It’s Comcastic! (Also, language.)
Steven M. suggests that the One Per Cent are embattled in their own minds (even though any objective measure shows that they are completely in control of everything). A nugget (emphasis in the original):
I’ve said for years that gunners enjoy believing they’re under siege. If criminals are everywhere, and if government is always on the verge of turning fascist and tyrannical, then the adult toys gun owners enjoy become tools of justice and civic virtue, and gunners become heroes.
The rich want to believe that they’re under siege, too. That would make them heroes just for continuing to show up at their offices, and for giving a few people jobs. If the rich are under siege, then whatever they want government to do to the have-nots — cut the social safety net, permanently refuse to raise the minimum wage, transfer even more of the tax burden to the 99% — is justified, because those people are trying to harm them. That makes the millions the rich contribute to pro-plutocracy, pro-inequality politicians the only reasonable response: What? We’re supposed to have a social contract? With these savages who want us dead?
Follow the link, if only to see the title of his post. It is a gem.
Also, see this post, which offers additional support to his thesis.
Money makes them special. Just ask them.
(Moved below the fold because it autoplays on some systems. That’s just rude.)
Another bank bites the dust. Mastering the universe no more is
My father was a banker, back when banks were expected to have integrity.
These days, he would be ashamed to admit his past.
The Trump card.
Wow. What a rant! (Warning: Language.)
And the sad part is that it’s mostly true.