Business Week had this small piece this week. Study it and decide how well we are rewarding the people who really make a contribution to the economy.
Architects
10 years experience
$80,000 to $100,00
Aerospace engineers
5 to 10 years experience
$100,000
Cancer researchers
10 years experience
$110,000 to $160,000
Four Star General
34+ years experience
$185,000
Law firm partner
10 years experience
$600,000
Neurosurgeon
8 to 17 years experience
$571,000
Corporate bond trader
10 years experience
$1,000,000
Bank oil trader
10 years experience
$1,000,000
M&A banker
10 years experience
$2,000,000
The financial sector now accounts for 41%!!! of all corporate profits even though they account for less than 10% of employment.
The role that banks are supposed to play is to take excess income (savings) in the economy and redeploy it for useful projects to build the economy.
But what banks actually do now is take your almost free money from the Fed and gamble with it. If they win, they keep the profits. If they lose, you lose.
So what do you think it is likely that The Cowardly Lion will about that gross mis-allocation of resources?
No comments:
Post a Comment