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The top level comment mentioned extreme sacrifice as a way to move to the 95th percentile. I argue that investment bankers also make extreme sacrifice to stay w

The top level comment mentioned extreme sacrifice as a way to move to the 95th percentile. I argue that investment bankers also make extreme sacrifice to stay where they are, in the form of 80 hour weeks, horrible family life, etc. Anger and jealousy toward the "1%" is a dangerous road for a country to go down. Besides, without investment banks and private equity firms, an essential part of the economy -- namely, buying and selling companies -- would be missing and we would be worse off. The place where you should direct your ire is toward corrupt government policymakers who allow corporate interests to override the basis of our civil society, which is equal protection under the law. Corporations do not want free markets; they want government-sponsored monopolies. We the people should hold our government responsible for succumbing to corporate special interests instead of blaming the companies once they are granted such privilege.

yukoncornelius 14y ago
You cannot simply blame the government policymakers. Civil servants make the policies based on Congressional direction. Congress develops laws due to public pressure which is often led by lobby efforts. Who funds the the lobbyists? The entire society is guilty for the current state of economic affairs as civil servants don't stand up to Congress, Congress wants to get re-elected, the public is easily distracted, and the 1% or .001% fund the lobbies.
pdonis 14y ago
I argue that investment bankers also make extreme sacrifice to stay where they are, in the form of 80 hour weeks, horrible family life, etc. I wasn't claiming investment bankers don't make sacrifices. I was claiming that they don't create wealth; they just siphon it from other people's pockets into their own. The fact that they work 80 hour weeks so they can siphon more wealth doesn't make it right. without investment banks and private equity firms, an essential part of the economy -- namely, buying and selling companies -- would be missing and we would be worse off. Investment banks do make money on mergers and acquisitions, but that's not where they make most of it. Most of it is made by finding suckers to take the wrong end of zero sum trades. Corporations do not want free markets; they want government-sponsored monopolies. Quite true; they want them so much that they are willing to pay good money for them. We the people should hold our government responsible for succumbing to corporate special interests instead of blaming the companies once they are granted such privilege. I disagree; we should blame both. The corporations for buying government favors, and the government for allowing them to be for sale.

yukoncornelius 14y ago

You cannot simply blame the government policymakers. Civil servants make the policies based on Congressional direction. Congress develops laws due to public pressure which is often led by lobby efforts. Who funds the the lobbyists? The entire society is guilty for the current state of economic affairs as civil servants don't stand up to Congress, Congress wants to get re-elected, the public is easily distracted, and the 1% or .001% fund the lobbies.

pdonis 14y ago

I argue that investment bankers also make extreme sacrifice to stay where they are, in the form of 80 hour weeks, horrible family life, etc. I wasn't claiming investment bankers don't make sacrifices. I was claiming that they don't create wealth; they just siphon it from other people's pockets into their own. The fact that they work 80 hour weeks so they can siphon more wealth doesn't make it right. without investment banks and private equity firms, an essential part of the economy -- namely, buying and selling companies -- would be missing and we would be worse off. Investment banks do make money on mergers and acquisitions, but that's not where they make most of it. Most of it is made by finding suckers to take the wrong end of zero sum trades. Corporations do not want free markets; they want government-sponsored monopolies. Quite true; they want them so much that they are willing to pay good money for them. We the people should hold our government responsible for succumbing to corporate special interests instead of blaming the companies once they are granted such privilege. I disagree; we should blame both. The corporations for buying government favors, and the government for allowing them to be for sale.