Today I saw an article called "Wall St bonuses spark outrage on Main Street USA". First off, I hate "main street" as a saying. It con-notates the regular citizens vs the elite citizens. There is ONE America, and we all live in it. I work in the same office as millionaires and people making 45K a year. There is no us and them, there is US!
Second, there IS an us and them created when a segment of people take their interests over the majority, to the detriment to the group. And in this case, I can say companies packaging the toxic assets, high stakes unregulated derivatives market, and US government have created an us and them.
The US middle-class is soon to be crushed, by the people issuing and accepting billions (trillions including liabilities) from the public sector for private profit. This group has helped create (they are not alone) the world wide financial unraveling we see before us.
And this isn't phenomenon isn't limited to the USA, it is all Western countries, click for article on how European bankers are defending their bonus pay in this environment.
So I would rather the title read "Wall Street bonuses outrage the world".
Second, screw the world! Has there been outrage in the form of paralyzing our government representatives with pressure to do the right thing? Enforce the law, stop corporate handouts to bankrupt companies, add regulation to unregulated markets?
No there hasn't, yea some talk here and there, a small 50 person protest here and there. blogger with 75 readers..... With that kind of response, "Wall Street" should double their bonuses every year, the markets should go down 20% every year, until the world stops it. The "World" won't get truly outraged until the US government is obviously bankrupt and the outrage is too late. So until then, I say go Wall Street bonuses!