Well let's see, wasn't the concept of a rising tide lifts all boats one of the Reagan/Bush shorthand concepts for their "Voo Doo Economics"? Apparently the time for such has come around again. Given that we are balance on a cliff facing a real depression I guess maybe jumping off is the thing to do. That way the vultures and the pirates and scavengers will have bones to pick at the bottom.
Consider what Lord Griffiths of Fforstfach, a.k.a. Brian Griffiths said as reported in the London Times today:
"The vice chairman of Goldman Sachs International has further stoked controversy over bankers' bonuses by making a defiant defence of huge payouts.
Lord Griffiths of Fforestfach, whose bank plans to hand out a record $22 billion (£13.3 billion) in pay and bonuses to staff this year, said Britons "have to accept that inequality is a way of achieving greater opportunity and prosperity for all". Speaking on a panel discussing financial regulation and morality in London yesterday, he added that "we should not be ashamed of offering compensation in an internationally competitive market to ensure that businesses stay here and employ British people". Attempts to curb bonuses, he said, would simply drive banks to hive off their operations to Switzerland or the Far East. "
The Manchester Guardian elaborates:
"In remarks that will fuel the row around excessive pay, Lord Griffiths, vice-chairman of Goldman Sachs International and a former adviser to Margaret Thatcher, said banks should not be ashamed of rewarding their staff.Speaking to an audience at St Paul's Cathedral in London about morality in the marketplace last night, Griffiths said the British public should "tolerate the inequality as a way to achieve greater prosperity for all".He added that he knew what inequality felt like after spending his childhood in a mining town in Wales. Both his grandfathers were miners who had to retire from work through injury."
Is it really possible that we are just signing over our tax money for the use of British (and American) Nobility steeped in Ronald Reagan and Margret Thatcher lore to spend? Thus those who "service" them can have a few leavings? Indeed crumbs from the table, now that is real American Capitalism.
Thanks to George W. Bush for not having any strings or control on the TARP money he lavished about. George, you have taken us back to 1775 with British Lords sucking up our resources and mad men giving tea parties out of frustration. Mean while lack of health care kills Americans each and every day. All we need is Alice, the Mad Hatter, and a White Rabbit to round out the future.
To the barricades.