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OT/The Wall Street Bonuses-Disgusting

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Disgusted

03-20-2008 23:13:52




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My 401K plan has lost tons of money lately but Wall Street handed out a record 38 billion in bonuses for 2007.They had their worst year since 2002 losing 74 billion in equity.

186,000 employees at the top 5 investment banks in NYC each averaged $201,500 in bonuses for 2007 since they did such a wonderful job..Their salaries average over $100,000 each so their total compensation is over $300,000.This is about $144.00 per hour. Meanwhile the average wage earner makes $16-17 per hour.

And you thought auto workers were overpaid at $25 per hour! Wall Street is totally out of touch with reality!!

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Walt davies

03-21-2008 07:51:32




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Disgusted, 03-20-2008 23:13:52  
I don't know when you put your money in but if it was at the beginning of the year when the market at 1,400 then you deserve to loose a little if it was last year when it was at 1,000 then you made money not lost money. Don't count what you don't have just because the market fluctuates. if you put money in when you started working then it has gained a lot since then as the market goes up and down it slowly moves up increasing your wealth. If you put that same money into CDs or bank savings accounts then you watch your money slowly get ate up by inflation. That's just the way the Ol' ball bounces and there isn't anything that you or I or even the president can do about it.
Walt PS where did you get that 10% inflation from I only got 3% on my annual cost of living raise which is tied to inflation.

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Disgusted

03-21-2008 08:35:19




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Walt davies, 03-21-2008 07:51:32  
The govt puts out core inflation figures which sugar coats things by not considering fuel-food-etc..Private economists say inflation is running close to 8-10%.Do you actually believe that its only 3%?

I'm getting close to retirement and dont have long to build my 401K back up.Some say the stock market will go on down to 8000.



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Walt davies

03-21-2008 08:55:29




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Disgusted, 03-21-2008 08:35:19  
If you are getting close then you have been paying in for some time so your money has climbed at a very good rate over the last years a little bubble in the works won't kill you and its not going to crash like 1929 we have to many safe guards in place and you can't buy stock with only 10 to 20% down like in 1929. That was the reason for the crash not what hoover did or did not do but wall street allowed the big boys to do and when it crashed they couldn't come up with the cash to bail themselves out so all went Hell in hand basket.
Then along came Roosevelt and his get back to work programs none of witch helped the economy.
Walt

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Jack a

03-21-2008 09:50:43




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Walt davies, 03-21-2008 08:55:29  
By 1936 & 37 things were looking a little better so I think FDR must of done something right.



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dhermesc

03-21-2008 11:24:39




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Jack a, 03-21-2008 09:50:43  
"By 1936 & 37 things were looking a little better so I think FDR must of done something right"


Only if you were living somewhere besides the US. Unemployment declined significantly every year from 1936 onward in industrialized nations such as France, Germany and England but Roosevelt's economic policies killed the recovery that was started in the US and unemployment INCREASED significantly in 1938 and 1939.

The only thing that bailed out Roosevelt was WW2. The rest of the world had moved on but the US was till mired in the depression to the axles through 1939 - unemployment was still over 18% - higher than it was in the first three years of the depression in 1929, 1930 and 1931.

>Link


http://www.makingthemodernworld.org.uk/learning_modules/history/04.TU.04/?section=2>Link

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Dennis (VA)

03-21-2008 17:37:18




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to dhermesc, 03-21-2008 11:24:39  
Thing picked up in Germany, Britian and France earlier because they started rearming earlier than we did.



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IH2444

03-21-2008 07:15:53




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Disgusted, 03-20-2008 23:13:52  
Most of them at Bear Stearns might need to live off of those bonuses for a while....



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the tractor vet

03-21-2008 07:01:42




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Disgusted, 03-20-2008 23:13:52  
Don't know where you live but I sure would like to find a job that pays that kind of wages wright now . You would be hard press to find one around here that paid half that. As far as the stock market goes i for one don't give a hoot if it crashed and some of them big money people stared jumpen out winder or taken long walks off short piers . Maybe they need to try liven like the rest of the little people.

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Sam#3

03-21-2008 06:35:08




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Disgusted, 03-20-2008 23:13:52  
I only glanced over the article and all the firms I saw mentioned were brokerage houses.
The brokers did exactly what they get paid to do, buy and sell, and get paid on both ends of the transaction. For every sale they broker there is buyer somewhere. Therefore the brokers were very successful and made a lot of money and deserve their bonuses.
The price of a stock or security is a market value established by the brokers and has little to do with the real value of anything.
An example is real estate. The little house I purchased seven years ago has, according to the county assessor, doubled in market value. It keeps me no warmer in winter, cooler in summer, or dryer when it rains than it did the day I bought it.
Remember what’s been said on this forum many times? I paraphase. “The commodities market and all their ‘signs’ of change control the price of crude and therefore the price of gas and oil products.”

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Tradititonal Farmer

03-21-2008 00:38:54




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Disgusted, 03-20-2008 23:13:52  
What did you expect?If you think anyone is loooking for your interest but you let me introduce you to Mr Reality.BTW you did have I assume the option of putting your 401(k) money into the guaranteed kitty not in the investment kitty? The average person has no business with their assests in the stock market.



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Disgusted

03-21-2008 07:20:39




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Tradititonal Farmer, 03-21-2008 00:38:54  
The company I work for invests our money for us and I cant touch it right now..I'm in one of the safest things there is and have lost money.I saw this coming and moved mine just in time.Those in higher risk have lost tons of money.

A CD only pays 3% right now and inflation is over 10%.There is no safe place to put anything.

The point I'm making is the actions of Wall Street affects everything that we do.The Fed interest rate cuts were made for the benefit of Wall Street,not for the average Joe Blow..Why should the taxpayer be bailing out Wall Street?100's of billions of dollars have been thrown their way and it still may not be enough.


Bear Stearns gave employees $100,000 bonuses in late 2007.In less than 3 months they were history.

Wall Street has basically destroyed the dollar.

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Jack a

03-21-2008 03:21:29




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Tradititonal Farmer, 03-21-2008 00:38:54  
I agree. That's why Bush's plan of using the stock market to replace Social Security was defeated and should never be considered for a replacement. Insiders are the only winners in such and the insiders with the best illegal inside info come out on top. The public may remember this lesson for a little while but quickly forget when times look better.



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Tradititonal Farmer

03-21-2008 04:17:47




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Jack a, 03-21-2008 03:21:29  
Have to disagree ANYWHERE would be better for the SS money than what they did (do) with it.Spend it and there is nothing left but an IOU that the Fed
Gov't can't pay off.If any private company handled pension or 401(k) funds like the US gov't handled SS the folks running the company would all be in jail.



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Jack a

03-21-2008 04:49:19




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Tradititonal Farmer, 03-21-2008 04:17:47  
I can agree with that too. If Bush would have not raided SS it would be way better off.



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dhermesc

03-21-2008 05:31:19




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Jack a, 03-21-2008 04:49:19  
"I can agree with that too. If Bush would have not raided SS it would be way better off."


Are you even from this country?

Soscial security has been raided since it lost its independent agency status in July 1939. Every since then the trust fund money has been spent as part of the federal budget with an IOU put back in a file cabinet. I've paid in it for 25 years and would gladly forfiet any future claims if I could stop "contributing".

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Lets Remember

03-21-2008 05:30:45




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Jack a, 03-21-2008 04:49:19  
If you remember, it was Lyndon Johnson who first raided SS to fund the Vietnam war. This has continued since. But in honesty, a President can't do anything without the complicity of Congress.



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Jack a

03-21-2008 09:54:30




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Lets Remember, 03-21-2008 05:30:45  
You just mentioned another crook.



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M Moline Fan

03-21-2008 05:14:23




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Jack a, 03-21-2008 04:49:19  
As I recall a campaign issue for Bush was that he would not spend SS money, that it would be kept in the "trust fund". Right. "second verse, same as the first" And they don't count this trust fund loan as part of the debt.



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dhermesc

03-21-2008 05:35:42




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to M Moline Fan, 03-21-2008 05:14:23  
"As I recall a campaign issue for Bush was that he would not spend SS money, that it would be kept in the "trust fund". Right. "second verse, same as the first" And they don't count this trust fund loan as part of the debt."


If the money had gone into private accounts as he proposed then it could not have been spent by the government. As it is now (and since 1939) the SS taxes paid in are spent and your "right" to some day collect the money is in danger every second congress is in session.

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Jack a

03-21-2008 09:57:45




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Paul from MN, 03-21-2008 06:13:40  
If you will notice you can never convince this guy that anything Bush ever did was ever wrong. It must be Carter's fault.



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Jack a

03-21-2008 10:03:17




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Ch0ck430C, 03-21-2008 06:24:11  
What that idiot Bush wanted was to bankrupt SS and put things back to pre FDR days where there were huge disparities between rich and poor and ever since Reagan the gov has been doing a dang good job of doing just that.



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Hey Jack a

03-21-2008 10:21:23




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Jack a, 03-21-2008 10:03:17  
Why don't you stfu and go back to your job of picking up alunminum cans in the ditch with the other community service prisoners.



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Jack a

03-21-2008 11:06:17




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Hey Jack a, 03-21-2008 10:21:23  
Good answer. You really give us well thought out information.



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dhermesc

03-21-2008 11:52:06




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to Jack a, 03-21-2008 11:06:17  
"Good answer. You really give us well thought out information."

Appeared to be as informed as your posts and a lot more honest.



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Jack a

03-21-2008 14:13:33




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 Re: OT/The Wall Street Bonuses-Disgusting in reply to dhermesc, 03-21-2008 11:52:06  
You are no better than this troll.



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