Wall Street provides nothing of societal value that could not be done at a much less cost. It is nothing but a wealth transfer engine that has gamed government and Americans into believing they are the engine that provides the engine to our economy.
As I have stated clearly in the book “As I See It: Class Warfare The Only Solution to Right Wing Doom”, banks and investment banking serves a utility role that makes an asset like a company liquid allowing it to get operational capital and/or shared risk/reward ownership. Wall Street corrupt model of paying itself makes it the only industry that has no risk either because they make money in trading on the upside or downside, they make money as a percentage of any investment banking deal which makes them severely overpaid given the size of these deals, or they rape shareholders and/or tax payers when they hit the downside.
That American citizens continue to believe that rewarding these charlatans is what makes our economy move is a direct result of skewed information that the Right expounds, non-existent investigative reporting by our media likely due to corporate ownership of all mass media, corrupt politicians that continue to mislead, and an overworked or lazy population that either does not have the time or desire to research that what affects their financial or the country’s well-being.
Wall Street executives should be paid like utility executives. Wall Street employees should be paid like utility employees. After-all all they provide is a utility. They produce no product or real service to the average consumer. Interestingly our electricity, water, sewage, and phone generally work flawlessly day in and day out. If we want our financial system to operate at that level maybe we should pay them and respect them exactly as we do utility companies and their employees.
My Book: As I See It: Class Warfare The Only Resort To Right Wing Doom
Book’s Webpage: http://books.egbertowillies.com – Twitter: http://twitter.com/egbertowillies