| It is indeed infuriating to think that a lot of "rich kids" have frittered away their money and now they want the taxpayers to replace it to the tune of $700 billion. The problem is, it isn't their money that they've frittered away. It's ours. (Checked your retirement account lately?) | |
| The money that was "gambled" away in the mortgage industry wasn't just the trust funds of a bunch of rich kids. It was the pensions (or what passes for pensions these days) of working and middle class people. It was our 401(K)s, our mutual funds, our stock portfolios. Modest as they may be, these accounts comprise the retirement funds of most Americans these days. That is the money that has evaporated during this period of "deregulation."
Over the last three decades, the average compensation for chief executives of major American corporations has gone from 35 times the average pay of American workers to 275 times. Source: "Modern Market Thinking Has Devalued a Deadly Sin" By PETER STEINFELS - NY Times - September 26, 2008 |
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 Source: NY Times | |
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| Comments | Contributor | Date Submitted |
| I'm gonna have to work until I'm 90 or so. AAAHHH! | Linda Denton |
6/19/2009 |
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