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Intro: "Much of what investment bankers do is socially worthless."

File photo, sign at Citibank building, New York City. (photo: Unknown)
File photo, sign at Citibank building, New York City. (photo: Unknown)

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+10 # B. 2010-11-23 19:42
This is new news??
It's a funny fact that we have many sectors of our economy that are grossly over paid. They usually produce nothing.
 
 
+4 # Terry Allen 2010-11-23 23:58
Barney Frank and Pres. Obama prevented Glass Steagal banking regulation from being re-established and now Wall Street will require more bailouts because they are not generating real wealth or profit, they suck blood from the real physical economy and give nothing back. Trading mountains of worthless paper back and forth to each other is an insane way to make a living, and requires fraud and destruction of nations for it to work...when will Congress stop holding the towels for the Wall Street Bankers and go back to FDR policy? The Glass Steagal Banking regulation is exactly what America needed in 1934 and it's exactly what we need now...why do you think Bankers demanded it be repealed and look what we got for that blunder?
 
 
+3 # hasapiko 2010-11-24 12:00
Quoting Terry Allen:
…why do you think Bankers demanded [Glass-Steagall] be repealed and look what we got for that blunder?

Terry, you (and the writer of this article) are missing one important point: the American economy generates enormous wealth. I disagree with the writer that living standards for most Americans have not improved since 1980. They have in every measurable way. However, most Americans consume almost every dollar they earn. On the other hand a few wealthy Americans have accumulated most of the excess wealth. As the writer correctly stated, the allocation of that excess wealth through Wall Street has been horribly mismanaged, as the bubbles of the past decade and our outdated infrastructure, healthcare and educational systems bear witness. Moreover, the accumulation of vast wealth by a few has provided them with the ammunition to tilt the political process in favor of their interests. Although restoring Glass-Steagall is a good idea, it is only part of the solution. The other part must be repeal of the Reagan/BushJr tax cuts, especially the 15% capital gains ceiling, which has fueled so much of the speculation.
 
 
-2 # Radwriter 2010-11-24 03:35
A provocative title. A lot of wishy-washy. An absence of a clear direction leading to a clear conclusion.
 
 
+6 # lee nason 2010-11-24 06:10
The appropriate response to the observations made in this article is to eschew using the services of banks that indulge in such behavior.

While the federal government has placed some legal impediments on cooperative banks and credit unions, they are not too burdensome for most people. Moving your accounts to a cooperative or credit union makes economic and social sense.

Lee Nason
New Bedford, Massachusetts
 
 
+7 # Bart Dickens 2010-11-24 09:48
I closed down my personal and company accounts at B of A and am now at a local community bank.

Come on people, lead don't just comment
 

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