Politics
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fair pay for bankers
fair pay for bankers
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sigh
....on second thought, not just as opinion, but as fact.  |
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the problem with the 'free' market is that it produces such ludicrous and unequal results which go far beyond any rationality. Hence you get the barmy situation of top footballers/bankers etc getting paid more in a week than many people doing useful jobs get in a decade!! There is no way that society can function well with such a crazy distribution of wealth.
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p.s. was it Lincoln who said 'you can fool all of the people some of the time.....' - this statement basically sums up how politics works, and going by many of the views on this forum (and the same goes for the public in general), nothing has changed since the 1800s
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There is never a problem with a free market. NEVER.
If a footballer is such a special talent, then he ought to be paid as a special talent. If people are willing to pay today's ticket prices to go watch such a special talent, then so be it. The market has spoken. The problem is paying billions to bankers who possess no special talent, over say an engineer or a doctor, other than the knowledge that they can privatize gains and socialize losses with their gambling. THEY KNOW THEY WILL BE BAILED OUT WHEN THEY F/K UP. And the people, or the free market, has absolutely no say in this at all. That's where the real inequity lies. |
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i usually agree with everything u post menelaus but not on this one. The problem with the free market is it assumes the human mass is rational and capable of making sensible logical decisions when quite clearly its not!! I dont disagree that a top footballer deserves to be reasonably well paid as a successful entertainer, just like a good doctor or engineer, but its a matter of degree. no-one deserves to be paid 100s of times more than a bog cleaner imo
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for most of the 20th century (up to about the 1980s) the wealth gap was closing. their were rich people for sure but much less of the obscene wealth gap we see today, that is ever-widening. corporate profit as a % of GDP has never been higher, and wages as a % of GDP never lower. this is just dismal
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The whole point is, if there is a point, footballers, entertainers, engineers, scientists, doctors, or anything else HAVE NOT DISTORTED the free market (hence the inequity that you mentioned), bankers have.
Because they pay themselves obscene amounts, not based on reality, not based on talent, not based on REAL profits as we found out, but simply......BECAUSE THEY CAN. And that's NOT how a free market functions. If we truly had a free market, we would let them FAIL. The "human mass" has no idea what's going on here, never mind having a say in all of this. |
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this makes no sense. i didnt say footballers distort the free market. i said the free market causes massive wealth inequality, e.g. footballers getting paid 100s of times more than bog cleaners.
I agree with yr anti banker rant but i dont think its relevent to the argument about free market economics. And if we had let the banks fail in 2008 the whole economy wudda been fckked. |
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the banks WERE too big to fail. obviously thats a ludicrous state of affairs but unfortunately its a fact. letting the whole banking industry go up the sh1tter was not an option
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Why not?
Tell me why it was not an option? |
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"If a footballer is such a special talent, then he ought to be paid as a special talent. If people are willing to pay today's ticket prices to go watch such a special talent, then so be it. The market has spoken."'
I don't agree with this Menelaus. I think we can all agree that Chelsea would be insolvent if it were not for Mr Abramovich converted their debt to shareholder equity making them "debt free". Buying footballers is his thing to blow off steam. We need to look behind the footballers to see where the wealth is coming from and whether that is the market speaking. Don't know enough about Abramovich's wealth to comment, but you get my drift. Football clubs don't make money so the market isn't speaking. I agree with you on the entertainment business, as the record/film companies are making enough to pay them large salaries. |
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"The problem is paying billions to bankers who possess no special talent, over say an engineer or a doctor, other than the knowledge that they can privatize gains and socialize losses with their gambling. THEY KNOW THEY WILL BE BAILED OUT WHEN THEY F/K UP. And the people, or the free market, has absolutely no say in this at all."
Agree with this 100% but we both know the solution. |