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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Saturday, October 15, 2011

Clueless capitalists

Anyone unclear on what the Occupy movement is all about simply needs to read this:

“Most people view it as a ragtag group looking for sex, drugs and rock ’n’ roll,” said one top hedge fund manager.

“It’s not a middle-class uprising,” adds another veteran bank executive. “It’s fringe groups. It’s people who have the time to do this.”

The condescension of the folks who led the economy down the rat hole, took a taxpayer bailout and then resumed earning massive bonuses is right up there with Marie Antoinette. And we know what happened to her.

The cluelessness is stunning, perhaps the reason they spoke to the Times with a promise of anonymity. For example:
“Who do you think pays the taxes?”
They pay taxes at a rate of 25 percent or more, not the cozy 15 percent paid on capital gains -- if is paid at all. Warren Buffett's 17.4 percent rate may be on the high side.

Then there's the fact that Wall Street knows it has the best damn Congress their money can buy. Speaking of New York's two Democratic senators:
“They need to understand who their constituency is.”
American business has been coddled -- by both parties -- as it shipped jobs and profits outside the country, retaining astronomical salaries and obscene bonuses buying and selling phony investment options. When that house of cards collapsed, none of the industry mates faced the music and were propped back up by a Congress that now refuses to do anything for he people who were left holding the bag.

Perhaps our arrogant money "managers" should think about that the next time they head off on an expense account dinner of Chateaubriand and champagne. After all, we're paying for that deductible business expense.

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1 Comments:

Anonymous Anonymous said...

Warren Buffet has billions, and complains he doesn't pay enough in taxes. Why doesn't he put his money where his mouth is and build factories here in the US. He's a business genius right? Maybe he could make TV's, pay a great wage with great benefits. It would be an example for people and businesses to follow. He can channel Robert Owen and save the country. Why have the middle man of the government, put the money directly in the peoples hands.

October 17, 2011 4:55 AM  

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