Monday, August 3, 2009

Rewarding Bad Actors | New York Times . 3

Cheeck out the current article in today's (August 3) Times by Paul Krugman. And read some of the (current) 350 responses. The outrage he speaks of is certainly out there.

Americans are angry at Wall Street, and rightly so. First the financial industry plunged us into economic crisis, then it was bailed out at taxpayer expense. And now, with the economy still deeply depressed, the industry is paying itself gigantic bonuses. If you aren’t outraged, you haven’t been paying attention.

But crashing the economy and fleecing the taxpayer aren’t Wall Street’s only sins. Even before the crisis and the bailouts, many financial-industry high-fliers made fortunes through activities that were worthless if not destructive from a social point of view.

Curiously he doesn't seem to really cut to the chase, but the readers don't beat around the bush or mince words.

Continues here ...