The hypocrisy of Paulson and others of his sort complaining that Germany is engaging in the very same neo-Hooverist policies that they would propose for the US if they thought that the finance sector could survive the strain is mind boggling. Well, at least it would be mind boggling if we were not accustomed to Paulson and his ilk exhibiting extremes of hypocrisy on a regular basis. We need to mobilize resources to get the productive sector doing something of long term use, and slowly allow the useful bits of the finance sector to recover off the income that they earn from providing services to the productive sector. And if there are people who will quit in a huff if their firm is restricted to paying no more than 10x median income as long as they are eating at the public trough... well, fine. The finance sector has to downsize, and if the biggest egos leave the building, its unlikely to be a long-term detriment.
Well, at least it would be mind boggling if we were not accustomed to Paulson and his ilk exhibiting extremes of hypocrisy on a regular basis.
We need to mobilize resources to get the productive sector doing something of long term use, and slowly allow the useful bits of the finance sector to recover off the income that they earn from providing services to the productive sector.
And if there are people who will quit in a huff if their firm is restricted to paying no more than 10x median income as long as they are eating at the public trough... well, fine. The finance sector has to downsize, and if the biggest egos leave the building, its unlikely to be a long-term detriment.
This could be sent as an LTE to somewhere...
- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
