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Like many carbon-based lifeforms, you perhaps think that bankers are driven only by naked greed. But that is just because you don’t understand them: They actually have a deep psychological need for that money. In a new article at the U.K. site eFinancialCareers, several bankers explain that they have legitimate reasons for needing more than one million British pounds (about $1.6 million) per year in pay — more money than most non-banking types [...] via WashingtonBlog:
In 2007, the unemployment rate was 4.6%; 146 million people, or 63% of the working age population, were employed; and 78 million Americans were not in the labor force. Today, after three years of “recovery”, the unemployment rate is 7.9%; 143 million people, or 58.8% of the working age population are employed; and 88 million Americans are not in the labor force. Real median household income was $55,039 in 2007. [...] Regaining your Economic and Financial Independence w/Kung Fu Finance Girl!
Follow us @ Welcome to Capital Account. Today, European Central Bank President Mario Draghi announced a bond-purchase program in the euro zone with no set limit. But why should you, who may be thinking about your future and your retirement, care about Super Mario’s latest policy response? Our guest Susan Fujii editor-in-chief of Kung Fu Finance and an SEC accredited investor says [...] Thought the global financial crisis in 2008 was caused by subprime bonds, collateralized debt obligations (CDOs) and other Wall Street engineering? Think again. According to a new study, China, not Wall Street bankers, was responsible for the global crisis and the ensuing recession. The study from the Erasmus Research Institute of Management says the saving frenzy of the Chinese created the cheap money, which fueled the U.S. housing bubble and its collapse. Heleen Mees, writer [...] Boy it doesn’t suck to be a banker.
Every time I forget how much it doesn’t suck, I’m reminded of some other magical cash-printing tool I had forgotten about that allows Wall Street to coin money no matter what. And this latest one is a beauty. Remember the Facebook IPO? Yes, it was one of the biggest IPOs ever. It has also now become a colossal disaster that has vaporized half of investors’ capital in three [...] Best Buy Co. founder Richard Schulze is working with Wall Street bankers to explore the taking the electronics retailer private, according to people familiar with Mr. Schulze’s thinking. The company’s largest shareholder, Mr. Schulze controls slightly more than 20% of Best Buy stock. He abruptly resigned his post as chairman and director at the Richfield, Minn., company earlier this month, saying he was pondering options for his stake. Though he was expected [...] From Bloomberg: In an interview at Bloomberg world headquarters in New York, we discussed the past and future of the financial system and the mistakes policy makers are repeating. Onaran: Why did you go for fiction this time? Prins: In nonfiction, you don’t have the ability to dig into the emotional impact on people of financial disasters. You can talk about statistics, but that doesn’t do it justice. I wanted to explore the [...] Jim Q Hello? Pink Floyd – Comfortably Numb As I observe the zombie like reactions of Americans to our catastrophic economic highway to collapse, the continued [...] Image: Robert Johnson — Business Insider Someone in the newsroom just reported that, having been thwarted in their attempt to close the New York Stock Exchange this morning, the Occupy Wall Street protesters are now headed to Union Square.
And there were faint, but audible, groans in the newsroom. Because Union Square is near our office. And that means the protesters might snarl up traffic and mess with our commutes and appear to be [...] From Business Insider: Someone in the newsroom just reported that, having been thwarted in their attempt to close the New York Stock Exchange this morning, the Occupy Wall Street protesters are now headed to Union Square. And there were faint, but audible, groans in the newsroom. Because Union Square is near our office. And that means the protesters might come protest near us and snarl up traffic and mess with our commutes. So I’ll [...] At the heart of the Occupy Wall St. movement, is discontent over the corruption in our political system. And the fact that it’s money and it’s tight grip over the government, that keeps Wall Street bankers out of jail, while Americans keep losing jobs, homes, and struggle to pay off their debts. The CBS/New York Times poll that came out this week showed that 89% of Americans don’t trust their [...] From ABC: Whether they showed up to protest Wall Street bankers, the war in Iraq or climate change, the nearly 300 people who chanted, marched and drummed in Washington, D.C.’s Freedom Plaza Thursday all had one common complaint: that the government wasn’t listening to the people. While the event was originally planned four months ago as an anti-war protest to mark the 10th anniversary of America’s invasion of [...] “Now remember, when things look bad and it looks like you’re not gonna make it, then you gotta get mean. I mean plumb, mad-dog mean. ‘Cause if you lose your head and you give up then you neither live nor win. That’s just the way it is.” – Josey Wales – Outlaw Josey Wales To hell with them fellas. Buzzards gotta eat, same as worms. – [...] Detroit —Councilwoman JoAnn Watson is reiterating her call for a government bailout of Detroit, saying the city that built the middle class deserves as much help as Wall Street or General Motors. Addressing the City Council today during Mayor Dave Bing’s budget presentation, Watson gave a spirited pitch for federal funds to help the city whose population declined 25 percent since 2000 to 713,777. “We are worth it. We [...] by Pulaski Got to give them credit, they are protesting for such a minor thing, at this point we should be at war with wall street, bankers, and all parties involved. Stunning Videos Of French Austerity Protests France’s refineries are shut, schools are closed and travel is halted or delayed as labor unions launch widespread work stoppages ahead of Wednesday’s parliamentary vote on the country’s pension system. The unions oppose a government [...] |
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