BDBoop
Platinum Member
- Banned
- #1
And what about the current situation? Wall Street pay has rebounded even as ordinary workers continue to suffer from high unemployment and falling real wages. Yet its harder than ever to see what, if anything, financiers are doing to earn that money.
Why, then, does Wall Street expect anyone to take its whining seriously? That money manager claiming that finance is the only thing America does well also complained that New Yorks two Democratic senators arent on his side, declaring that They need to understand who their constituency is. Actually, they surely know very well who their constituency is and even in New York, 16 out of 17 workers are employed by nonfinancial industries.
But he wasnt really talking about voters, of course. He was talking about the one thing Wall Street still has plenty of thanks to those bailouts, despite its total loss of credibility: money.
Money talks in American politics, and what the financial industrys money has been saying lately is that it will punish any politician who dares to criticize that industrys behavior, no matter how gently as evidenced by the way Wall Street money has now abandoned President Obama in favor of Mitt Romney. And this explains the industrys shock over recent events.
You see, until a few weeks ago it seemed as if Wall Street had effectively bribed and bullied our political system into forgetting about that whole drawing lavish paychecks while destroying the world economy thing. Then, all of a sudden, some people insisted on bringing the subject up again.
And their outrage has found resonance with millions of Americans. No wonder Wall Street is whining.
http://www.nytimes.com/2011/10/17/opinion/krugman-wall-street-loses-its-immunity.html?_r=1