[Economics] Creepy suit-and-tie Wall Street elitist cretins say they deserve their huge bonus checks, even in the wake of multibillion-dollar taxpayer bailouts--simply by virtue of their being "high earners." (Apparently, in this vernacular, being a "high earner" is not the same thing as being "rich." "High earners" are those who fully expect to be rich one day--which means that denying great wealth to high earners is just as wrong as denying housing to the poor, or health care to the middle-class.)
Larry Meyers, who is noted for having successfully reached the age of 43, puts it this way: "Say I’m a banker and I created $30 million. I should get a part of that.” This makes some sense, except for the fact that Meyers neglected to mention exactly how he "created" this $30 million or what he means, exactly, by the "creation" of money.
If money is "frozen work"--that is, a symbolic representation of productivity--then we would expect the most productive people in society to earn the most money. Now, of course, sometimes it's hard to gauge relative levels of productivity--if today Peter Potter turns out 13 ceramic vases, five coffeecups and one ashtray by mistake, is he more or less productive than Nancy Nurse, who bandages eight wounds, administers 43 doses of medication and accidentally spreads staph infections to two patients?
Nancy gets paid more than Peter--but if Larry's paycheck is 40 times that of Nancy, does that mean his supposed "creation" of money has the same productivity value as that of somebody who can bandage 320 wounds, administer 1,720 doses and spread 80 staph infections in one day? Or throw more than 520 ceramic vases, 200 coffeecups and 40 ashtrays? What the hell does Larry think he's actually doing all day in that magical office of his? Talking on the phone and typing on a computer, just like the rest of us.
From what I gather, there are folks out there whose sole reading material consists of Forbes and The Wall Street Journal, who wouldn't give the time of day to a starving cat in a lifeboat, and who sneer at those of us who would rather spend our money on art, books and music than derivatives, stocks and mutual funds. Do these people have souls? Are they even human?
But, for some reason, they seem to think that all these multibillion-dollar bailouts--the ones that we, along with the youth of America and generations yet unborn, have somehow "agreed" to foot the bill for--are well-spent on their Hummers, summer homes and impromptu jaunts to Europe.
Perhaps I'd feel differently if I were a Hummer dealer, a Hamptons real-estate agent, or a European. But, frankly, I'm not convinced.