Krugman: If You Aren't Outraged, You Aren't Paying Attention

New York Times:

Americans are angry at Wall Street, and rightly so. First the financial industry plunged us into economic crisis, then it was bailed out at taxpayer expense. And now, with the economy still deeply depressed, the industry is paying itself gigantic bonuses. If you aren't outraged, you haven't been paying attention.

Read the whole story: New York Times

Comments

[PhilipTaylor]

G0ldman's new 'American Socialism Manifesto'
8 ways 'The Conspiracy' is destroying our American democracy

Paul B. Farrell

http://www.marketwatch.com/story/the-8-point-goldman-socialist-manifesto-2009-08-04?pagenumber=2

1. Always elect a f!gurehead pres!dent

Putin skirted term limits by getting Me_dv_edev elected pres!dent, and remaining the real power behind the thr0ne, playing the GAME. Wall Street is a master at playing this game, as the single largest money donor to political campaigns, to assure politicians are mere pawns behind an illusion of democracy.

2. Greed is great in the new 'Socialist­-Capitalis­m'

Matt Taibbi asks "what's wrong" with G0ldman's $3.44 billion profits while paying $11.4 billion to employees? “This is not free-market earnings but an almost pure state subsidy" as Congress steals our tax dollars giving them "to the same guys who had just blown up the financial world."

3. Too-stupid-to-fail big banks will always get bailed out

Haggen described an Arrogant culture: "The g0d is G0ldman. You subjugate yourself to that g0d, and in return we will make you a gazillionaire. But not a single Wa11 Street executive believed G0ldman would have survived an overall collapse of the financial system.”

Taibbi adds: "A1G owed G0ldman about $20 billion at the time it went into a de@th spira1.” Thanks to Pa_u1s0n's $13 billion g!ft, tax do11ars went through A1G straight into G01ldman's pockets.

[PhilipTaylor]

G0ldman's new 'American Socialism Manifesto'
8 ways 'The Conspiracy' is destroying our American democracy

Paul B. Farrell

http://www.marketwatch.com/story/the-8-point-goldman-socialist-manifesto-2009-08-04?pagenumber=2

1. Always elect a f!gurehead pres!dent

Putin skirted term limits by getting Me_dv_edev elected pres!dent, and remaining the real power behind the thr0ne, playing the GAME. Wall Street is a master at playing this game, as the single largest money donor to political campaigns, to assure politicians are mere pawns behind an illusion of democracy.

2. Greed is great in the new 'Socialist­-Capitalis­m'

Matt Taibbi asks "what's wrong" with G0ldman's $3.44 billion profits while paying $11.4 billion to employees? “This is not free-market earnings but an almost pure state subsidy" as Congress steals our tax dollars giving them "to the same guys who had just blown up the financial world."

3. Too-stupid-to-fail big banks will always get bailed out

Haggen described an Arrogant culture: "The g0d is G0ldman. You subjugate yourself to that g0d, and in return we will make you a gazillionaire. But not a single Wa11 Street executive believed G0ldman would have survived an overall collapse of the financial system.”

Taibbi adds: "A1G owed G0ldman about $20 billion at the time it went into a death spiral." Thanks to Pa_u1son's $13 billion g!ft, tax do11ars went through A1G straight into G01ldman's pockets.

[MichaelLittleBig]

It would appear the Secretary Geithner is using former Secretary's Paulson play book
to continue this carnage of taxpayer money.
The American taxpayer has kissed the banking frog which turned into
a trillion dollar pig.
Does anyone know Merlin the magician's phone number ?

[peacethinker]

Some tax facts some might find interesting
http://wealthforcommongood.org/resources/tax-fact-sheet/

[DestinationsUnknown]

Americans do not know what fast speed is

Just look at what the C- Street U.S. Rep. Chip Pickering (R-MS) did for the country and the telecommunication industry. 1995*2007

He was the man- the man - for our telecommunications.

In the House, Pickering specialized in telecommunications issues, including one dear to Cellular South: making sure Congress took into account the interests of cellular companies serving rural areas.
Governor Sanford of SC emailed his mistress stating internet connection is unreliable at his farm.

The Do Nothings! Country First Congress!

But let’s look at our country’s progress in telecommunications!

Telecommunications Lobbying created their oligopolies, (monopolies are illegal in USA)

Wonder why we can’t compete globally?

Wonder why JAPAN offers the World’s fastest broadband and we do not?

4-3-09-By Saul Hansell

The fastest consumer broadband in the world is the 160-megabi­t-per-seco­nd service offered by J: Com, the largest cable company in Japan.

The cable modem needed for that speed costs about $60, compared with about $30 for the current generation.

By contrast, Verizon is spending an average of $817 per home passed to wire neighborhoods for its FiOS fiber optic network and another $716 for equipment and labor in each home that subscribes, according to Sanford C. Bernstein & Company.

I guess this is acceptable for the Republicans. Just like Healthcare?

[DestinationsUnknown]

Senator Shelby-

You have some splaining to do

and real soon Shelby

I guess we should all ignore who was CHAIRMAN of BANK and FINANCE from 2000-2006

R-AL SHELBY

Remember him- the RUBBER STAMP CONGRESS-

CHAIRMAN of FINANCE and BANKING R-AL SHELBY- wha happened Senator?

The Montgomery, Ala-based parent of Colonial Bank, Colonial BancGroup Inc. (CNB), had a deal in the works to get a $300 million capital infusion from the smaller Ocala, Fla.-based mortgage lender Taylor, Bean & Whitaker. The deal would have made it possible for the Alabama bank to become eligible for a $550 million federal bailout.

However, the Alabama bank announced Friday that the deal was off as it released dismal quarterly financial results.

[schoolmaster]

of course

[mrjames1]

Mr. Krugman has become more and more puzzling post his Obama meeting. Previously he correctly railed against propping up zombie banks, using Japan's lost decade for an example; but then blamed much of the current mess on a few Reagan policies of 25+ years ago.

In this article he is spot on regarding the problems and economic losses caused by 1) high speed trading and 2) speculation, but falls short in his cure. His 'step in the right direction' for a bill setting rules for pay packages misses the mark, as does supporting higher tax rates on supersized incomes to curb this activity (Mr. Hall)

Let's call GS's high speed trading what it actually is - Frontrunning. It is illegal and should be stopped, and prosecuted. That would prevent, at least for this case, people having the incentive to profit from it, and would surely be more effective than compensation rules which would be circumvented. In the case of Mr. Hall and his speculation, which is actually market manipulation, eliminate the ability of these vultures to engage in the activity by imposing a small transaction fee to eliminate tiny profit margins, or make requirements that a purchaser or trader of these instruments actually be able to take partial delivery.

Mr. Krugman wants to tax the thief after he has stolen, I say make it harder to steal.

[AtheistUS]

Again, many thanks to Krugman for his watch and clarity of explanations.

[sosi]

Do not just get mad, get even; learn martial arts...

[seanseamour]

Paying attention we are, outraged we are combined with a sense of helplessness that is the most outrageous. Our elected officials are paid service to the special interests, taking their cue from K street handlers, why? because they too are engulfed in a culture of greed, for money, power and influence.
The notion of service has been corrupted, we have drifted away from core community values, another enlightening example is Robert Reich' interview by Bill Moyers in which he coined "capitalism has swamped democracy" http://www.pbs.org/moyers/journal/06122009/watch.html

[vie2012ne]

I'm outraged, but not for the reasons cited by Krugman. Generational theft is taking place, and our self-centered narcissistic generation is condemning future generations to a lower standard of living just because we cannot make the difficult choices to live within our means. Future historians will label boomers as "the lamest generation".

[avah]

Sure, but we were the spawn of the "Greatest Generation" -- or so they call it. I see much resemblance. The apple does not fall far from the tree.

[avah]

Krugman: "Unfortunately, ... the Obama administration... still seems to operate on the principle that what’s good for Wall Street is good for America. ...Neither the administration, nor our political system in general, is ready to face up to the fact that we’ve become a society in which the big bucks go to bad actors, a society that lavishly rewards those who make us poorer."

But the Obama admin is fine with wasting time not articulating health care reform adequately, allowing the loonies to create bogus fear tactics to dismantle it, while the banksters get all the time in the world to go on doing precisely what has brought this country to near ruin.

[offred]

When was the last time--if ever--Paul Krugman has tried to live off $150 a week in unemployment insurance and had to pay $500 a month for COBRA with a $4,000 deductible and a six-week preexisting condition clause?

[offred]

Sorry, my error. This comment was supposed to appear in the post in which Krugman says Michelle Malkin was right that unemployment WAS making people choose not to go back to work.

[swift goat pet for truth]

Read Krugman's article first.
he was being very snarky.

[MarkInEugene]

The American economy took a beating the last year and if ever there was a time for reflection and re-evaluating growth at any cost, compensation where the sky is the limit...it's now!

If the events of the last year or so, doesn't kick some sense into everyone in positions of authority capable of doing something about it, we're scwd.