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The Hot Brain
My hair caught on fire today. This is nothing out of the ordinary. My hair catches on fire at least five times a week. Metaphorically, of course.
Today I'm gettin' the hot brain from the economy. The first news story I read this morning had this for a headline:
Colorado minimum wage to drop as living costs fall.
The minimum wage in Colorado is dropping four cents, or about a buck sixty a week for a forty hour work week. And of course, the employers could always keep the wage as it is now so the werkin' stiffs don't have to absorb the loss. So, while the story made me shake my head, I was not really on a rampage.
I saved that for this headline:
Major U.S. firms on route to award record pay in '09
Yeah. So the person earning the least can somehow make do with a little bit less, but the people making the most don't have to because they get a whole lot more without even trying. If there's any fairness in these situations you'd need a super-duper magnifying glass and a pair of jewelers tweezers to pick it out.
And so the gulf widens. The rich get richy-er and the poor get poory-er.
I'm so glad Obama says:
'Our Economy Is In Better Shape Today Than When I Took Office'
What? WHAT?
Am I living in the same country as the Prez?
This is the scary part. I was always asking myself this same question when w was in office.
Today I'm gettin' the hot brain from the economy. The first news story I read this morning had this for a headline:
Colorado minimum wage to drop as living costs fall.
The minimum wage in Colorado is dropping four cents, or about a buck sixty a week for a forty hour work week. And of course, the employers could always keep the wage as it is now so the werkin' stiffs don't have to absorb the loss. So, while the story made me shake my head, I was not really on a rampage.
I saved that for this headline:
Major U.S. firms on route to award record pay in '09
"According to the Wall Street Journal, employees at 23 top U.S. investment banks, hedge funds, asset managers and stock and commodities exchanges were likely to earn about 20 percent more than they did last year."
Yeah. So the person earning the least can somehow make do with a little bit less, but the people making the most don't have to because they get a whole lot more without even trying. If there's any fairness in these situations you'd need a super-duper magnifying glass and a pair of jewelers tweezers to pick it out.
And so the gulf widens. The rich get richy-er and the poor get poory-er.
I'm so glad Obama says:
'Our Economy Is In Better Shape Today Than When I Took Office'
What? WHAT?
Am I living in the same country as the Prez?
This is the scary part. I was always asking myself this same question when w was in office.
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Something's gotta' give. Or something's gonna blow. Mark my words. Injustice ain't sustainable.
October 14, 2009 10:47 PM | Reply | Permalink
You got that right, Sleepin. This cannot go on forever.
C
October 14, 2009 11:18 PM | Reply | Permalink
Well I've been told that getting poory-er builds character. So maybe we are better off.
October 15, 2009 12:33 AM | Reply | Permalink
I was always told that being poor builds callouses. ;o) But, if it builds character, maybe the rich should experience it themselves....you know, to help them become characters like the rest of us.
Actually, the overriding imbalance I see between the two situations is this:
What was it that the financial workers did to earn a 20% increase? Did they boost product production by 20%? Did they save the bossman 20% on office supplies? What did they do? They didn't do anything different or better than they did the year before. And I reckon not one of them has the grace to think that they are not entitled to this increase.
Meanwhile, the hourly worker has never been more productive than they are right now. Their performance has been outstanding....even the workers that make minimum wage are busting their asses to keep those dead-end jobs with their piddling paychecks. And yet, their wages have become stagnant over the past year or two and are now going in the opposite direction. They have earned an increase in wages, not a reduction.
Imbalance.
Injustice.
Sleepin is right. It ain't sustainable.
C is right. It can't go on forever.
October 15, 2009 10:04 AM | Reply | Permalink
Yup. The only question is whether they think they can suppress or minimize the release when the dam finally breaks. In other words, will they flinch?
October 15, 2009 10:36 AM | Reply | Permalink
They'll flinch when eough blood flows.
October 15, 2009 12:48 PM | Reply | Permalink
I know. I went nuts in chat about the WALL STREET BONUSES.
Even Barney Frank said today that one way to get some sort of handle on this is to raise the taxes on the upper income people. I think we need a 90% tax.
But, frankly, I thought maybe you were having trouble with a curling iron or some such.
Good post. much to be upset about. But at least you can come here and maybe a hundred people or more can 'hear' your scream. And nobody loses any sleep or can accuse you of disturbing the peace.
October 15, 2009 1:43 AM | Reply | Permalink
Because my hair is extremely flammable, I tend to stay away from curling irons, Mr. Day, and any other hair appliance that generates heat. I rely solely upon the hot brain to dry my hair. All I have to do is read a couple of headlines and wah-la! My hair is dry! Sometimes there is even a curl in it that I wasn't expecting. ;o)
October 15, 2009 10:50 AM | Reply | Permalink
lol, thanks flowerchild for this post. One thing that boggles my mind is why aren't investors in these companies whose CEOs are giving themselves raises not calling for bloody murder? And those in companies that the public now owns part of (like Chase or Bank One) why aren't WE calling for bloody murder? Raises normally are tied to performance, but in finance we are in the Bizarro world.
October 15, 2009 11:10 AM | Reply | Permalink
matyra, the answer rests in another question: What companies do you own?
If you are like me, a great deal of my (paltry) retirement account is wrapped up in mutual funds. These are shares of companies that are managed by a third party intermediary. Thus, I "own" shares of companies. I am a shareholder in these companies. Yet, I can't even say from day to day what companies it might be that I have ownership of.
In fact, it is likely that I am one of the shareholders of a few of these so-called "banks" (unregulated casinos) that should be screaming bloody murder about their unsustainable practices that provide for greatly inflated short-term profits and bonuses while heading us down the line to another crash and bailout. Yet, that responsibility is now in the hands of the mutual funds manager. And guess what? His interest isn't served by long-term investment. Instead, he makes HIS bonuses based upon quarterly profits and is thus inclined to encourage all this reckless and unproductive hyperactivity on Wall Street.
Where this joke really becomes cruel lies in the fact that the mutual fund manager's salary package is aligned with the rest of Wall Street so that they, too, can justify exhorbitant increases and bonuses as a way to keep them "competitive" with others in the industry. It's "Win/Win" for all! (Ain't it?)
October 15, 2009 11:25 AM | Reply | Permalink
I own mostly index funds, for the ease of it. Which means that I own part of every company that I bitch and moan about. And you are right that because I don't own the shares outright, I've no real say. But not only that, I have no real connection to these companies to feel that I actually have a say.
I've recently begun to actually choose some companies to research and invest in, but I've only bought one so far. The rest are in imaginary portfolios on yahoo finance, for me to see if I trust my decisions enough to do it.
But, you are right, when it comes to voices in companies that abuse reality, few actually have a voice. Bummer.
October 15, 2009 11:46 AM | Reply | Permalink
Don't underestimate just how important a structural flaw this intermediary ownership is, matyra. I can almost punch the radio (TV, page, whatever) anytime I hear someone justifying these exhorbitant pay packages by assuring us that surely the shareholders approve these packages.
The truth of the matter is that the CEO/Admin arm of these corps and the Boards of Directors are too often little more than incestuous cesspools whose interests are fundamentally and structurally skewed to benefitting the "insiders" (themselves) who count, let all others beware.
October 15, 2009 12:17 PM | Reply | Permalink
Don't underestimate just how important a structural flaw this intermediary ownership is, matyra. I can almost punch the radio (TV, page, whatever) anytime I hear someone justifying these exhorbitant pay packages by assuring us that surely the shareholders approve these packages.
The truth of the matter is that the CEO/Admin arm of these corps and the Boards of Directors are too often little more than incestuous cesspools whose interests are fundamentally and structurally skewed to benefitting the "insiders" (themselves) who count, let all others beware.
October 15, 2009 12:21 PM | Reply | Permalink
Absentee ownerhsip is the greatest obstacle to progress. When owners feel no effect from their decisions because they are so far removed, then maybe there should be other owners.
October 15, 2009 2:37 PM | Reply | Permalink
How can anything this complicated be legal? Not to mention moral?
We do need firm regulation put in place because the handling of finances should not be this confusing. The mechanics of it should be understandable to the average citizen instead of it being the unfollowable trip it is now. How do they find justification for the out of orbit bonuses within this pretzel logic?
Fancy footwork.
October 15, 2009 7:41 PM | Reply | Permalink
My new meme: Injustice is Unsustainable.
Despite DOW at 10,000; Despite tremendous bonuses for the Masters of the Universe; Despite the Revolving door between Wall Street and our Treasury; we have not fixed anything!
Main Street still suffers and grows more desperate. Workers are being deprived of everything including their pride. We ain't over this yet. Something's gotta' blow. And it ain't going to be pretty.
October 15, 2009 8:06 PM | Reply | Permalink
Nothing is fixed....so far....and I hesitate to add the 'so far'.
In the beginning of this administration when the economy was front and center, Obama told Wall Street that he was the only thing standing between them and the pitchforks. I think it's more true now than it was then and Obama is fast losing his ability to hold the line. If he thinks the recently announced plan to hand out that $250 repeat bonus to Social Security recipients to replace the COLA is gonna shore up that weakening line, he needs to listen to some different advisors.
I, too, believe that something is gonna give. We have a long cold winter to get through, Sleepin. Are we gonna hear about homeless kids frozen to death in the back seats of cars? This, or some other tragedy will happen. It will shake us as a nation. Will the pitchforks come out then? I dunno.
October 15, 2009 8:57 PM | Reply | Permalink
90% might be a bit low DD. How about 95%?
October 15, 2009 5:06 PM | Reply | Permalink
I heard that the Gummint just voted out of conference a bill that automatically sends each of us a little package of Xanax and Wellbutrin every month to calm us down and Un-depress-ify us. Rahm Emanual is doing some back-room deals with Big PhArma to underwrite the product. The argument seems to be solely about which Drug Company's logos are most visible on the wrapper. Negotiating is fierce. In an eleventh hour move, Goldman Sachs lobbyists busted into the Back Room, and are demanding to allow The Bank to be co-sponsors for the product package. They say they will pay handsomely for a new logo: A circle around a pitchfork with the diagonal bar connoting "NO."
Aides have leaked that lobbyists for Marijuana Legalization were barred fromo the meeting.
October 15, 2009 10:08 AM | Reply | Permalink
I know you're kidding about the lil pharmaceutical care packages from the Gubbermint, but for gawd's sakes, Wendy.....DON'T GIVE 'EM ANY IDEAS!!!! I do not wish to have my 'bad mood' altered by gubbermint intervention.
Yeah....I gotcher pitchfork right here, lady. Somebody pick a day. Somebody pick a time. Let me know. I'll be there....and I'll bring my kids.
October 15, 2009 10:35 AM | Reply | Permalink
'I'll fight e'm with one hand tied behind my back..Bring 'em on!'
I say, 'Better living through Chemistry.' But like Jollyroger says, they want to decide WHICH chemistry is available to us...
In the meantime, YOU GO GIRL!
We're mad, but we keeping taking it more. I don't know what dams breaking folks visualize, really I don't.
October 15, 2009 10:49 AM | Reply | Permalink
Happy salmon swimming free?
(lol, sorry, only halfway through the first coffee)
October 15, 2009 11:13 AM | Reply | Permalink
Isn't that an R.E.M. song? "Shiney happy salmon swimming free-ee-eee."
http://www.youtube.com/watch?v=f7QgsixRWNw
October 15, 2009 11:28 AM | Reply | Permalink
heh, maybe it is. Maybe it is.
October 15, 2009 12:10 PM | Reply | Permalink
Flower...loved your term "hair on fire" so much I used it on my post, hope you don't mind. First "iceholes" now this...you are a font of cool expressions!
October 15, 2009 12:09 PM | Reply | Permalink
hahahaha....I steal from the best, still, and do not own these expressions so we'll both have fun with 'em......until we get caught. ;o)
October 15, 2009 7:12 PM | Reply | Permalink
Flower,
I understand your angst and even have a bit of a 'scalp burn' myself...
But, the truth is that our sad and horrific condition was a long time in the making and will take a lot of hard work and common sense to undo..
It's up to us - We, The People, to motivate and generate the actions needed to repair the damages. It's time we led and 'they' followed!
In truth, it is us (The People) who need to come out of hibernation to deliver the tools and impetus to those in place who have the means to 'fix' the machination that created and maintains the horrific debacle that is our 'economic system'.
Good post. Appreciate and Rec'd.
October 15, 2009 12:36 PM | Reply | Permalink
http://www.youtube.com/watch?v=eqf2daVP3yI
October 15, 2009 12:47 PM | Reply | Permalink
It's been decades since I've heard that. Lulu. Thank you! Migwetch!
October 15, 2009 7:27 PM | Reply | Permalink
Hmm back in 1982, when I worked at the Comedy Works in Denver we made 2.01 an hour because supposedly we could eat at work and we made tips. We made the same as migrant farmers who also had a lower minimum wage. I did make good tips but we were charged for the food we ate, we were taxed on our tips, penalized at every corner. It was never like that here in Washington or in Montana at the time, I think regular Min wage was 3.35 an hour. Yes, not that much. Colorado has terrible labor laws.
October 15, 2009 7:07 PM | Reply | Permalink
That tiered system of wages for restaurant staff is a beaut. Always always the wage system is built to benefit the business owner. Now, a decent business owner with a conscience can be quite generous with their employees, but the Scrooges of the country will wring every penny from a persons pay they can get away with.
There is no doubt in my mind that more than a few employers in Colorado will take back that buck sixty a week from their employees.
Iceholes.
October 15, 2009 8:09 PM | Reply | Permalink
Wholesale pitchforks...
hum
(smells burning)
October 15, 2009 8:54 PM | Reply | Permalink