Wall Street Bonuses Show 'We Still Have A Problem,' Elizabeth Warren Says

[laughingliberal]

Wall Street banks reaping profits and paying bonuses while the rest of the country struggles shows “we still have a problem” with economic disparity, said Elizabeth Warren, the Obama administration adviser responsible for setting up the Consumer Financial Protection Bureau.

“This just staggers me; I mean, I just don’t have words to describe what this means,” she said in an interview for Bloomberg Television’s “Conversations With Judy Woodruff” that will be broadcast this weekend. “For me, what an economic recovery is about is about what happens to American families. It’s what happens in the real economy. It’s whether or not families are building up wealth in their homes or whether or not their homes are dragging them over an economic cliff.”

“It isn’t meaningful to talk about profits and a growing economy until American families are stabilized,” she said.

http://www.bloomberg.com/news/2010-12-10/wall-street-bonuses-show-we-still-have-a-problem-obama-aide-warren-says.html

[burrowowl]

1. K&R

“This just staggers me; I mean, I just don’t have words to describe what this means,” she said in an interview for Bloomberg Television’s “Conversations With Judy Woodruff” that will be broadcast this weekend. “For me, what an economic recovery is about is about what happens to American families. It’s what happens in the real economy. It’s whether or not families are building up wealth in their homes or whether or not their homes are dragging them over an economic cliff.”

[dkf]

2. The problem is it shows risk taking is still rampant.

[elleng]

4. Bonuses ain't risk, they're selfish greed.

[dkf]

5. They are based on profit and incentivize greed using other people's money.

Then if the risk was too large and the thing fails, we have to insure their deposits.

[girl gone mad]

9. It's not much of a risk when the government promises to backstop your losses 100%+.

[Skittles]

3. yeah Elizabeth, we KNOW, and we've KNOWN FOR SOME TIME

now DO SOMETHING, really DO SOMETHING

[w4rma]

7. She is trying. Probably harder than any one person. (nt)

[noise]

6. As I understand the bonuses

They are only possible by way of cooked books. Enron accounting.

[eridani]

8. Indeed

[Poboy]

10. Record Social Inequality And Its Violent Aftermath, Explained By A Three Minute Cartoon

Record Social Inequality And Its Violent Aftermath, Explained By A Three Minute Cartoon
Submitted by Tyler Durden on 12/10/2010 18:14 -0500


With the new medium of mass communication in all matters financial and economic having been recently discovered to be cartoons (as the penetration of written text discussing such arcane topics as the Fed, debt and addition ends up being trapped within a very narrow echo chamber), we present the latest and greatest 3 minute summary, which even a third grader will understand, of what is gradually becoming accepted as the most troubling social, economic and political development in America - record social, income and wealth inequality... and its very disturbing consequences, which at last check have resulted in some form of social upheaval in almost every situation.


CARTOON VIDEO LINK-
http://www.youtube.com/watch?v=vMdbS1VU5do&feature=player_embedded

========

http://www.zerohedge.com/article/record-social-inequality-and-its-violent-aftermath-explained-three-minute-cartoon

[Poboy]

11. Kick for Warren. -nt