Wednesday, November 11, 2015

Repost, somewhat dated now, from 10 Jan 2009

The GOP presidential hopefuls all kowtow to Wall Street.
Here's a repost from 2009... (It's sad that it still seems relevant, going on 7 years later...)

Wall Street bonuses totaled $18.4Bn in 2008.
Intel's 2008 net income? $5.3Bn.
- NOTE: Intel is the largest supplier of microprocessors in the world, with somewhere around 75%-80% market-share. They have cash reserves somewhere in the neighborhood of $12Bn.

In one of Wall Street's worst years, they paid bonuses three (3) times Intel's net income!
What's wrong with this picture?

Note: Intel makes THINGS. You can hold a microprocessor in your hand. The things Intel makes - microprocessors - are in your desktop PC, your notebook PC, your smart cellphone, your iPod.

Wall Street financial geniuses make 'paper'... or, more recently, vapor-ware - fancy financial instruments that somehow represent money, but are not transparently identifiable with tangible things.
They exist only to create the illusion of wealth - they are not in themselves wealth.

Never forget!

The financial wizards are NOT job creators - they create NOTHING, which somehow masquerades as "wealth".

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