View Full Version : "What Were They Smoking?"
Quote[/b] ] “What were they smoking?” asks the cover of the current issue of Fortune magazine. Underneath the headline are photos of recently deposed Wall Street titans, captioned with the staggering sums they managed to lose.
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The answer, of course, is that they were high on the usual drug — greed. And they were encouraged to make socially destructive decisions by a system of executive compensation that should have been reformed after the Enron and WorldCom scandals, but wasn’t.
In a direct sense, the carnage on Wall Street is all about the great housing slump.
This slump was both predictable and predicted. “These days,” I wrote in August 2005, “Americans make a living selling each other houses, paid for with money borrowed from the Chinese. Somehow, that doesn’t seem like a sustainable lifestyle.” It wasn’t.
GREED (http://www.nytimes.com/2007/11/23/opinion/23krugman.html?em&ex=1196053200&en=f437b4fb4adaa2cb&ei=5087%0A)
KC9JIQ
11-24-2007, 06:47 PM
Prepare to barter! Greed is bringing Amerika down quickly.
At last, America the last super power has fallen, has fallen!
KA8NCR
11-24-2007, 06:56 PM
It's a variation on the "sell an empty bag". You know what happens to the last one holding the bag.
G0GQK
11-24-2007, 10:34 PM
Absolutely right ! The biggest force that has been driving the money men in Wall St and Threadneedle St. is GREED.
The outrageous bonus payments that have been paid to these people is a disgrace. There are people doing jobs dedicated in their work who are earning a pittance. Under the Third Way socialism propagated by the Labour party in Britain we have a situation where multi millionaires are paying less tax pro rata than ordinary working people who pay tax as PAYE, pay as you earn. The reason, they are sucking up to the rich and wealthy to prevent them leaving the country. Not really socialism is it, its called The Third Way, they run with the fox and the hounds !
G0GQK
Just to add fuel to the fire...
"In 1965, CEOs earned about 44 times as much as their factory workers did. In 1999: 419 times."
KA8NCR
11-24-2007, 10:55 PM
Quote[/b] (WF7A @ Nov. 24 2007,15:47)]Just to add fuel to the fire...
"In 1965, CEOs earned about 44 times as much as their factory workers did. In 1999: 419 times."
There's a culture that's very corrupt between CEO candidates and the board of directors. They're all waiting their turn at the feeding trough.
There is no reason Ed Whitacre of AT&T received $161 million dollars at retirement. None! That's money that belongs to the shareholders.
KC9JIQ
11-24-2007, 11:47 PM
Quote[/b] (WF7A @ Nov. 24 2007,15:47)]Just to add fuel to the fire...
"In 1965, CEOs earned about 44 times as much as their factory workers did. In 1999: 419 times."
but if you figure in inflation?
Thee old dollar isn't worth anywhere near where it used to be.
n2ize
11-25-2007, 02:56 AM
Quote[/b] (KA8NCR @ Nov. 24 2007,11:56)]It's a variation on the "sell an empty bag". #You know what happens to the last one holding the bag.
Quote[/b] ]
the last one holding the bag
Gets to blow air into it and pop it. ? http://www.qrz.com/iB_html/non-cgi/emoticons/biggrin.gif
Quote[/b] (KC9JIQ @ Nov. 24 2007,08:47)]Quote[/b] (WF7A @ Nov. 24 2007,15:47)]Just to add fuel to the fire...
"In 1965, CEOs earned about 44 times as much as their factory workers did. In 1999: 419 times."
but if you figure in inflation?
Thee old dollar isn't worth anywhere near where it used to be.
Good question--I don't know if inflation was taken into account or not.
Quote[/b] (n2ize @ Nov. 24 2007,11:56)]Quote[/b] (KA8NCR @ Nov. 24 2007,11:56)]It's a variation on the "sell an empty bag". You know what happens to the last one holding the bag.
Quote[/b] ]
the last one holding the bag
Gets to blow air into it and pop it. ? http://www.qrz.com/iB_html/non-cgi/emoticons/biggrin.gif
The funniest bit about that was in a Mr. Bean episode where he's seated aboard an airliner next to a kid who's airsick. I won't give the plot away here so I won't spoil your fun, but it had me rolling!
KA8NCR
11-25-2007, 05:38 AM
Quote[/b] (WF7A @ Nov. 24 2007,22:26)]Quote[/b] (n2ize @ Nov. 24 2007,11:56)]Quote[/b] (KA8NCR @ Nov. 24 2007,11:56)]It's a variation on the "sell an empty bag". You know what happens to the last one holding the bag.
Quote[/b] ]
the last one holding the bag
Gets to blow air into it and pop it. ? http://www.qrz.com/iB_html/non-cgi/emoticons/biggrin.gif
The funniest bit about that was in a Mr. Bean episode where he's seated aboard an airliner next to a kid who's airsick. I won't give the plot away here so I won't spoil your fun, but it had me rolling!
That was a very funny bit.
KA8NCR
11-25-2007, 05:39 AM
Quote[/b] (n2ize @ Nov. 24 2007,19:56)]Quote[/b] (KA8NCR @ Nov. 24 2007,11:56)]It's a variation on the "sell an empty bag". You know what happens to the last one holding the bag.
Quote[/b] ]
the last one holding the bag
Gets to blow air into it and pop it. ? http://www.qrz.com/iB_html/non-cgi/emoticons/biggrin.gif
Wanna come to field day? We'd have a riot, because we're thinking along the same lines.
KI4PEQ
11-25-2007, 05:44 AM
Quote[/b] (n2ize @ Nov. 24 2007,20:56)]Quote[/b] (KA8NCR @ Nov. 24 2007,11:56)]It's a variation on the "sell an empty bag". #You know what happens to the last one holding the bag.
Quote[/b] ]
the last one holding the bag
Gets to blow air into it and pop it. #? #http://www.qrz.com/iB_html/non-cgi/emoticons/biggrin.gif
No, they have a bag of ....feces.
kg6amw
11-25-2007, 02:59 PM
Quote[/b] (n2nh @ Nov. 24 2007,11:15)]Quote[/b] ] “What were they smoking?” asks the cover of the current issue of Fortune magazine. Underneath the headline are photos of recently deposed Wall Street titans, captioned with the staggering sums they managed to lose.
Skip to next paragraph
The answer, of course, is that they were high on the usual drug — greed. And they were encouraged to make socially destructive decisions by a system of executive compensation that should have been reformed after the Enron and WorldCom scandals, but wasn’t.
In a direct sense, the carnage on Wall Street is all about the great housing slump.
This slump was both predictable and predicted. “These days,” I wrote in August 2005, “Americans make a living selling each other houses, paid for with money borrowed from the Chinese. Somehow, that doesn’t seem like a sustainable lifestyle.” It wasn’t.
GREED (http://www.nytimes.com/2007/11/23/opinion/23krugman.html?em&ex=1196053200&en=f437b4fb4adaa2cb&ei=5087%0A)
Nothing new here -- stupid executives getting in on speculative deals to pad bonuses. The nice thing about getting older is you begin to understand trends and patterns. You read about just how wild banks got in the 1920‘s doing stock speculation loans followed by their wholesale failures in the 1930‘s. Following this are the go go banking years of the 1960's and the hangover and recession in the early 1970's. How about the Saving and Loan crisis in the early 1980's when hundreds and hundreds failed due to risky land development deals and crappy mortgages. This is price of economic freedom. Freedom to be sucessful and freedom to be stupid and greedy. Its a mixed bag, but I prefer it to highly taxed over regulated systems that allows everyone to fail because they never had a chance. As a middle ground proposal, perhaps the government can increase their oversight of financial institutions investment and credit policies via FDIC, Federal Reserve and state banking commission's annual audits.
kf6rdn
11-25-2007, 03:35 PM
Quote[/b] ]BANKS GONE WILD!
Again I am dissapointed in a misleading thread.
I fully expected a bunch of bank tellers naked and cavorting.
I do business at three bank branches, probably about 30 female tellers. Out of that, there are exactly two I would even WANT to see naked and cavorting!! http://www.qrz.com/iB_html/non-cgi/emoticons/smile.gif
There's a librarian here I wouldn't mind "checking out". tho.