Barney Frank Leaves Wall Street Defenders Speechless: Why Are Bankers ‘Paying Themselves So Much
Barney Frank Leaves Wall Street Defenders Speechless: Why Are Bankers ‘Paying Themselves So Much Money?’http://thinkprogress.org/economy/2013/09/15/2622641/barney-frank-leaves-wall-street-defenders-speechless-paying-money/
As his fellow panelists sought to sidestep criticisms of the financial industry on the five-year anniversary of the bank failure that kicked the financial crisis and Great Recession into full swing, former congressman Barney Frank asked a simple question that brought Wall Street’s defenders up short. “To your question about those poor beleaguered bankers who have been forced to do so much,” Frank said, “why are they paying themselves so much money? Where did these enormous salaries come from if they were in fact in such serious trouble?”
Frank was responding to CNBC host Maria Bartiromo’s call to “get beyond the conversation of is Wall Street evil, are the bankers evil and causing pain” and instead look to economic growth as a cure-all for the vast inequality in income and wealth that has been exacerbated since the end of the recession. (Nevermind that the deregulation of the financial sector is a primary driver of inequality in the U.S.) His question produced several seconds of silence as Bartiromo and former Treasury Secretary Hank Paulson laughed nervously and looked to Meet The Press host David Gregory for help. As Bartiromo seemed about to respond to Frank, Gregory stepped in to change the subject.
Watch the exchange below:
BARTIROMO: We need to get beyond the conversation of is Wall Street evil? Are the bankers evil and causing pain? And toward the conversation of, how do you create sustainable economic growth? That will answer the issue of inequality. Because with growth comes jobs.
[...]
BARNEY FRANK: I do want to add one thing, though, to your question about those poor beleaguered bankers who have been forced to do so much to keep from not being able to pay their debts they can’t lend money. if they really are running businesses that are so stressed that they can’t do their basic work, why are they paying themselves so much money? Where did these enormous salaries come from if they were in fact in such serious trouble?
And of course Gregory did not let anyone answer
= new reply since forum marked as read
Said nothing,but laughed.
It was as if common sense were extinct & Barney had no right to ask that question; what would the viewers think?!
Laughed as in "let's all minimize what was just asked by answering with a hearty laugh".
Peace to you, JackRiddler. 
They harp on how there has to be low wages and conditions to be able to be competitive.That's ok for their workers but when it comes to management all that flys out the window.It confounds me that what is basically a worker can get millions of dollars as a wage.They have golden parachutes in their contracts that ensures that no matter how much they stuff up they can still walk away with a few years loot.They basically take no risk but are rewarded handsomely.I don't takeaway from the entrepreneurs out there that take the risk and have 'skin in the game' .the reasons for their rewards are that they take risk and invest heavily and can fail.But how can some management parasite come in and demand dream conditions with absolutely no risk except to his reputation.And I'm sure the millions can go a fair way to sooth any pain felt.A worker doesn't perform and they get sacked with a minimal redundancy package of a few weeks pay if they're lucky.A simple explanation would be nice but as in the filmclip won't be forthcoming as they're defending the indefensible . The rorters are protecting their patch and are so greedy they don't give a fuck!
But as his renumeration is so much we can't take you on anyway.
We wish you well with the job hunting!!
Last edited Sun Sep 15, 2013, 09:15 PM - Edit history (1)
"Why are the bankers not in jail?" 
But only because Barney's bit was at the end. I make it a general rule not to watch David Gregory's videos because watching him can lower your IQ. And he's such a tool. And a douche-bag.
But Ms. Bartiromo's query (designed to change the subject from evil bankers as she intimated she wanted to do) as to how does Wall Street acheive and maintain sustainable economic growth?, is based up the specious idea that such a condition is actually possible. It assumes that at sometime in the past we had achieved sustainable economic growth, and therefore it can be achieved again. All we have to do is keep working at it and figure this thing out.
But of course that is all a lie. Capitalism is a ponzi scheme of the first magnitude. It is an economic system that uses arithmetic is such a way as to achieve ''calculations and results'' that are in essence all gobbledygook, crappola and whose purpose is solely designed to confuse ''the investors'' as well as support the idea that wealth can be ''created'' from thin-air. Which it proves is possible by doing so on Wall Street with their investment instruments (like derivatives), constantly.
- These economic talks on the MSM-BS programming networks that we're seeing now is the non-musical and definitely boring equivalent of the orchestra playing ''Oh, Danny Boy'' on the Titanic as she sank.....
K&R
[center]
[/center]
