The Maximum Wage

Welcome to our community

Be a part of something great, join today!

Register Log in

Users who are viewing this thread

Total: 1 (members: 0, guests: 1)
rocketeer said:
what was the point of bailing the companies out if they are just going to put rules in place that make it more likely that they'll fail again? who is going to want to work at these places if other places are paying more? everyone will just compete for the other jobs and the leftovers will end up at the bailed out companies and of course they'll want to leave as soon as a spot somewhere else opens up.
Click to expand...

Maybe they'll make caps for everyone then. That will solve the problem.

:sigh:
 
Well, my union caps my salary.
 
Minstrel said:
Capping executive salaries for all US companies? I don't think it has any hope of happening. A random, extreme comment from a senator =/= legislation.
Click to expand...

Pretty soon legislation will be moot as the Republic will own all. In a socialist/communist government, that's the norm.

Its a gradual process, but actually faster than one would think
 
Minstrel said:
Capping executive salaries for all US companies? I don't think it has any hope of happening. A random, extreme comment from a senator =/= legislation.
Click to expand...


He's a congressman who happens to head the House Financial Services Committee. This isn't just some freshman rep from Bumfreak, Oklahoma flapping his gums.
 
AgentDrazenPetrovic said:
Pretty soon legislation will be moot as the Republic will own all. In a socialist/communist government, that's the norm.

Its a gradual process, but actually faster than one would think
Click to expand...


It's happening at a dizzying pace right now. I am amazed that the House GOP is actually standing up to it.
 
PapaG said:
It's happening at a dizzying pace right now. I am amazed that the House GOP is actually standing up to it.
Click to expand...

Bank of America is dropping fast. Merril Lynch WAS a toxic asset and they're gonna get fucked.

http://finance.yahoo.com/news/Bank-of-America-tumbles-on-rb-14256843.html

NEW YORK (Reuters) - Bank of America Corp (NYSE:BAC - News) shares fell below $5 for the first time since 1990 on speculation that spiraling losses at newly acquired Merrill Lynch & Co might lead to government control of the largest U.S. bank, wiping out shareholders.
Click to expand...
 
rocketeer said:
what was the point of bailing the companies out if they are just going to put rules in place that make it more likely that they'll fail again?
Click to expand...

The point was to avoid a (more) sudden collapse of the economy.

who is going to want to work at these places if other places are paying more? everyone will just compete for the other jobs and the leftovers will end up at the bailed out companies and of course they'll want to leave as soon as a spot somewhere else opens up.
Click to expand...

There is a reason why few people want to work for the government. The pay sucks. The taxpayers are cheap, cheap bastards who are happier to get third-rate services than to pay for first-rate services.
Those people now work for the government, more or less. Too bad for them - they should have run their companies better.

barfo
 
barfo said:
The point was to avoid a (more) sudden collapse of the economy.



There is a reason why few people want to work for the government. The pay sucks. The taxpayers are cheap, cheap bastards who are happier to get third-rate services than to pay for first-rate services.
Those people now work for the government, more or less. Too bad for them - they should have run their companies better.

barfo
Click to expand...


Are you kidding me? The pay is adequate, and the pension is unbelieveable. I know of 3 people who retired at age 55 with basically their full paycheck still coming. Sure, you won't be a millionaire, but the retirement benefits are unreal.
 
PapaG said:
We bank at B of A but we have our savings in our 401ks and the Kaiser Permanente Credit Union. I wonder about my mortgage, however. I think it's gone full circle and is backed by B of A now, but I'm not positive.
Click to expand...

I bank at BofA and was going to open a business checking account there next week in fact. I may reconsider and go with HSBC who I have an HSBC Direct account wiff.
 
rocketeer said:
what was the point of bailing the companies out if they are just going to put rules in place that make it more likely that they'll fail again? who is going to want to work at these places if other places are paying more? everyone will just compete for the other jobs and the leftovers will end up at the bailed out companies and of course they'll want to leave as soon as a spot somewhere else opens up.
Click to expand...

In other words...kind of like a government job.
 
PapaG said:
Are you kidding me? The pay is adequate, and the pension is unbelieveable. I know of 3 people who retired at age 55 with basically their full paycheck still coming. Sure, you won't be a millionaire, but the retirement benefits are unreal.
Click to expand...

Yes, the retirement plan is very nice. But the pay is not comparable to the private sector. Depends on what you value most, of course.

barfo
 
hasoos said:
No I don't, because one is regulations put in place to protect the people. Are you saying that you are not in favor of putting this legislation in place to cap the salary of executives that their companies are taking government assistance? So that some jack ass and his board of directors can legally just give all the assistance money to themselves without legal ramification? I can understand being opposed to the bail out, but the reality is it is being passed. To object to this, is just being stubborn.
Click to expand...

One thing that gets hammered home in any venture capital group is that if you have to choose, pick good management over a good idea. In other words, investing in good management is critical. $500K is a pittance--a halfway decent senior associate/AVP at one of these firms makes that. Incentives matter. And like it or not, you have to pay for decent management. If you can only offer $500K, you're going to end up with a buffoon who will require an even larger bailout.
 
maxiep said:
One thing that gets hammered home in any venture capital group is that if you have to choose, pick good management over a good idea. In other words, investing in good management is critical. $500K is a pittance--a halfway decent senior associate/AVP at one of these firms makes that. Incentives matter. And like it or not, you have to pay for decent management. If you can only offer $500K, you're going to end up with a buffoon who will require an even larger bailout.
Click to expand...

The taxpayers do not understand or agree with that point - taxpayers have never been willing to fund high management salaries, so there is no reason to expect them to do otherwise in this case.

barfo
 
barfo said:
The taxpayers do not understand or agree with that point - taxpayers have never been willing to fund high management salaries, so there is no reason to expect them to do otherwise in this case.

barfo
Click to expand...


Taxpayers already fund relatively high salaries plus infinite perks/kickbacks in Congress. Is there a "public servant" who comes out of DC that isn't set for life after living on the taxpayers' dole?
 
it's_GO_time said:
But these are unpresedented times . . . I'm glad if the gov't figures things are so bad the gov't needs to bail out private business to the tunes of hundreds of billions on dollars of taxpayer money, that we try something new and aggressive.

I perfer no bail out, but if they are going to do it, then yes be aggressive with it. The finacial institutions mishandling in this counrty just sent us into a tailspin we haven't seen since the great depression. We are talking hundreds of billions of dollars . . . difficult times (and this is the worst) call for drastic measures including the idea of bailing out private companies with gov't money and regulating those companies getting money.
Click to expand...

These aren't "unprecedented" times. This is a deep recession. It doesn't even appear as if it's going to be as bad as the one we had in 1982. Yet, we as a society are so fucking coddled, that we can't tolerate the natural business cycle anymore.

This isn't a stimulus package; it's a spending bill. If you want the recession to end, let the market work. Asset values will drop until the market clears. When it clears, the market will come back. Interfering in the natural mechanics of the market, hoping to stop the decline, just slows the decent and lengthens the recession. Oh, and it has the byproduct of putting future generations deeper in the hole by increasing their debt load.
 
The Professional Fan said:
I think it's pretty simple, actually. If the government bails you out financially because you've mismanaged the way you do business, the government should be able to regulate how you spend your money.

Why is that such a hard concept to digest? I'm no politico, and I stand for no party and no system. This issue just seems pretty straight forward. :confused:
Click to expand...

What if the loans the government forced you to make caused your business to tank? It's the sub-prime mortgages backed by the GSE's that triggered this tsunami.
 
maxiep said:
One thing that gets hammered home in any venture capital group is that if you have to choose, pick good management over a good idea. In other words, investing in good management is critical. $500K is a pittance--a halfway decent senior associate/AVP at one of these firms makes that. Incentives matter. And like it or not, you have to pay for decent management. If you can only offer $500K, you're going to end up with a buffoon who will require an even larger bailout.
Click to expand...

hey, but the janitors are top notch!

that's the thing with "executive compensations". the "best" demand the best, people below them are invariable replaceable parts but the top leadership.....there's only so many people who are up to the task I believe.
 
maxiep said:
What if the loans the government forced you to make caused your business to tank? It's the sub-prime mortgages backed by the GSE's that triggered this tsunami.
Click to expand...

hey, waxing statues on the national mall will fix those mortgages and stimulate the economy!
 
it's_GO_time said:
Guilty . . . it is a bit of a blind following. I think I do that because I don't have the time to study it all and really understand it, so I am going to trust Obama. Why? Well because I feel like we have had such an incompetent president for so long, it feels good for me to believe (right or wrong) that we actually have president who is intelligent and wants what is best for US citizens (not corporations). So I trust he will make moves that will help the country go forward in the right direction.

I know, there is a whole process we need to go through, but forgive me if I'm a little cynical about "checks and balances" as I read that phrase as political maneuvering and gridlock.

You're right that I wasn't completely for Obama before the election. I'll even reveal more of my faults to you (since we don't know each other). I was leaning towards McCain because I thought he would personally benefit me more. I thought Obama would be better for the country and eroding middle class, but McCain would leave more money in my pocket. After I realized McCain didn't have a chance, I decided to be righteous and vote for Obama for the good of the country.

I don't pretend to be perfect here, or even think I know everything about the hill . . . so yes my posts are just one uninformed person's opinion. But I'm not trying to piss anyone off, just giving my gut reactions.
Click to expand...


Repped. Thanks for being honest.
 
PapaG said:
Taxpayers already fund relatively high salaries plus infinite perks/kickbacks in Congress.
Click to expand...

In that case, the perks are pretty nice, but the salary ($174K) isn't that high. Although it is hard to compare that to a private sector salary, since there isn't any such thing as a private company congressperson.

barfo
 
Minstrel said:
Mitch McConnell has threatened filibuster. Reid isn't going to take it to the floor until he's sure he has the votes to get cloture.

Whether it's a "turd sandwich" I'm undecided on, but Democrats would wait until they were sure they had the votes either way.
Click to expand...

Yeah, but Mitch McConnell is going to have to keep either Susan Collins or Olympia Snowe in line, and that's highly unlikely. As long as Harry Reid and President Obama enforce party unity, the GOP leadership won't be able to stop the bill.
 
barfo said:
Yes, the retirement plan is very nice. But the pay is not comparable to the private sector. Depends on what you value most, of course.

barfo
Click to expand...

It's also virtually impossible to get fired. I mean even if you showed up at work and took off your clothes and stood on your desk, you would still keep your job.
 
maxiep said:
It's also virtually impossible to get fired. I mean even if you showed up at work and took off your clothes and stood on your desk, you would still keep your job.
Click to expand...

And, certainly there are people who value that. Not getting fired, I mean, not the naked part.

barfo
 
barfo said:
The taxpayers do not understand or agree with that point - taxpayers have never been willing to fund high management salaries, so there is no reason to expect them to do otherwise in this case.

barfo
Click to expand...

Also, the leaders of government try to score cheap political points by picking on CEO's. Demonize a group of people long enough and most people will believe it, regardless of the evidence.
 
maxiep said:
Also, the leaders of government try to score cheap political points by picking on CEO's. Demonize a group of people long enough and most people will believe it, regardless of the evidence.
Click to expand...

Actually, it's typically socialist leaders of government who score political and populist points by demonizing the evil CEOs of the private sector. It's really nothing new at all and is fairly predictable. As an added bonus, the politicians then get to consolidate their power as more private sector money becomes a part of a governmental program. Pretty soon, everybody is dependent to some degree on the government.

I feel like I've been watching the History Channel for the past three months. It's been surreal.
 
AgentDrazenPetrovic said:
hey, but the janitors are top notch!

that's the thing with "executive compensations". the "best" demand the best, people below them are invariable replaceable parts but the top leadership.....there's only so many people who are up to the task I believe.
Click to expand...

The reason CEO salaries have increased while line workers' salaries haven't kept pace is that the market values those with more skills dramatically higher. And what's this idea that when CEO salaries were only 7 times that of the average line worker, that the 7x figure was the correct one?

We've moved from an industrial economy to a technological one to a knowledge-based economy. Those without skills to compete will continue to fall further and further behind.
 
You must log in or register to reply here.
Back
Top