Hold Them Accountable For Trickle-Down Economics That Never Trickled Down

[Galraedia]

n the 1970’s banks were restricted by how high the interest rates could be issued on both the lending and savings activities plus the banks were limited to the immediate area of service. By the early 1980’s the interest rate ceilings were phased out and regulations regarding the kind of service and activities a bank engages in have been eliminated. The deregulation was positive in the scope of national economic stability, but the real economy was impacted by “Wall Street” and “Main Street” being tightly integrated. The effect as we saw in 2008 was the complete collapse, across the board and internationally, when the desires of “Wall Street” members disregarded the impact of their decisions on members of “Main Street”.

Over the same period of deregulation in the financial industry, Chief Executive Officers (CEOs), have experienced an exponential increase in income and bonuses, not to mention additional non-cash bonuses and benefits. Dr Jack Rasmus puts it this way, “In 1965, CEO pay was 26 times that of their average worker. In 1980, as noted, 40 times. In 1989, it was 72 times. In 1999 it had risen to 310 times, and today, as per the above data from the accounting firm, Towers Perrin, survey it has reached 500 times.”

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>_< The only thing that trickled down were John Boehner's tears.