2010: Millions Lost Jobs, Bankers Got $140 Billion in Bonuses

[Joanne98]

This is the story of 2010:

Millions of hard-working Americans lost their jobs.

And a few bankers got $140 billion in bonuses.

bink's diary :: ::
Internet cynics noted that the amount of money we gave the bankers this year in bonuses is equal to about 8% of the M1 money supply.

(This is unfair, of course, because the bonus money is a smaller fraction of a much larger share of money, but it gives you an idea just how obscenely huge their draw is.)

Why "we gave the bankers?"

Because this massive distribution of largess is the result of government policy that subsidizes the income of banks and bankers using the resources of the nation.

To put it another way:

Your neighbor lost his house so that some 24-year old Yale grad working at J.P. Morgan can buy an apartment in Manhattan and three vacation homes. Your son lost his job so that some 40-year old manager of a bond division at Goldman Sachs can keep a wife, a mistress and visit strippers and sex workers whenever he pleases. (Don't even mention the castles and yachts.)

And the worst is yet to come.

Events unfolding in Europe this week mean that the U.S. financial sector will likely require further support from the government to keep the cash flowing in. It might be a slow drip, or a deluge, but our money, our resources and our wealth will keep flowing.

Economists are predicting very high unemployment for a decade or more.

http://www.dailykos.com/storyonly/2010/11/27/923571/-2010:-Millions-Lost-Jobs,-Bankers-Got-$140-Billion-in-Bonuses

[snappyturtle]

1. Well, I tried to rec this but.......I guess someone with blinders on

decided to unrec.

[xchrom]

2. recommend

[somone]

3. Another proof that Washington is a wholly owned subsidiary of

the Goldman Sachs Alumni Association

[FreakinDJ]

4. As our Dem leaders try to pretend this is NOT what voters are pissed off at

[Tuesday Afternoon]

5. #5 to K&R. off to the Greatest with you.

I'd like to give them a piece of my mind.

[madmax]

6. "And the worst is yet to come."

Very frightening, indeed. When is it going to end?

[geckosfeet]

7. or... sacrifice for the bankers - austerity by any other name

I would put it yet another way because this misses the proportionality by a country mile:

...this massive distribution of largess is the result of government policy that subsidizes the income of banks and bankers using the resources of the nation.

To put it another way:

Your neighbor lost his house so that some 24-year old Yale grad working at J.P. Morgan can buy an apartment in Manhattan and three vacation homes. Your son lost his job so that some 40-year old manager of a bond division at Goldman Sachs can keep a wife, a mistress and visit strippers and sex workers whenever he pleases. (Don't even mention the castles and yachts.)

2010: Millions Lost Jobs, Bankers Got $140 Billion in Bonuses

I would correct this by saying that MANY of our neighbors lost their jobs to to subsidize some 24 year old Yaly JP Morgan slime.

MANY hundreds of our sons, daughters, husbands and wives lost their jobs so that the 40 year old bond manager at Goldman could prop up his sexual ego.

[Tippy]

8. K&R

[DoBotherMe]

9. Hush money

Theses people really need to be arrested! Dana ; )