Out Of Control Greed? Wall Street Firms Are Projected To Pay Out $144 Billion In Compensation For 2010

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Is greed out of control on Wall Street?  Typically, liberals, Democrats and socialists say yes, and conservatives, Republicans and Tea Party supporters say no.  But just because you are not a socialist doesn’t mean that you have to support the wild greed that is happening on Wall Street right now.  As the rest of the U.S. economy deeply struggles, the major financial firms down on Wall Street are projected to pay out an all-time record of $144 billion in compensation for 2010.  Just think about that.  Not 144 million dollars – what we are talking about is 144 billion dollars.  Not that making money is a bad thing.  Capitalism is a great thing (although what the United States has now is not capitalism).  Free enterprise is a great thing.  But any economic system begins to break down whenever massive amounts of financial power is concentrated in just a few hands.  Wall Street firms have spent hundreds of millions of dollars on lobbying to get the game rigged in their favor, and Wall Street firms have spent hundreds of millions of dollars on campaign contributions to keep things that way.  For example, three of Barack Obama’s six biggest campaign donors were Wall Street firms (Goldman Sachs, JPMorgan Chase and Citigroup).  These big Wall Street firms dominate the U.S. financial landscape to a degree that is almost impossible to understate.  Now of course part of the American Dream is being able to work hard and make as much money as possible, but when monolithic financial firms are able to corrupt the game so severely and funnel such massive amounts of money to themselves, at what point are we going to finally admit that there is something fundamentally broken about the system?

 

But let’s just not pick on Wall Street.  The truth is that wherever they live, the wealthiest people in the world are gobbling up an increasingly large percentage of the world’s wealth.  In fact, according to a report on Zero Hedge, the wealthiest 0.5% now control over 35% of global wealth.

Meanwhile, billions of people around the world are hanging on to life by the ends of their fingertips.

Tonight, approximately 1 billion people around the globe will go to bed hungry.

Tonight, someone in the world will starve to death approximately every 3.6 seconds and about 75 percent of them will be children under the age of 5.

Tonight, approximately a third of all the children on earth under the age of five suffer from serious malnutrition.

As the wealthy continue to pile up endless billions in their bank accounts, the poverty of billions of deeply suffering people cries out for relief.

All of this reminds me of the words that we find in James 5:1-5….

Now listen, you rich people, weep and wail because of the misery that is coming upon you. Your wealth has rotted, and moths have eaten your clothes. Your gold and silver are corroded. Their corrosion will testify against you and eat your flesh like fire. You have hoarded wealth in the last days. Look! The wages you failed to pay the workmen who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord Almighty. You have lived on earth in luxury and self-indulgence.

   
  • Buck Eschaton

    It’s really infuriating because almost all the money they make is given to them in one way or another from the U.S. government. It would be one thing if they were doing something productive, but almost all the profits are basically legalized theft.

  • Gary

    can anyone ever dispute that we need to tax the rich hard and spread the wealth.

  • VegasBob

    While it is understandable that people of faith would be repelled by some of the policies of the Democratic Party, I have always been amazed that people of faith could ally themselves with the Republican Party.

    Jesus himself threw the moneychangers out of the Temple, yet first the Republicans under Bush and then the Democrats under Obama threw the American people under the bus to save the banksters, a policy that continues to this day under Ben ‘Bernokio’ Bernanke, Chairman of the Federal Reserve.

  • Justa Guy

    ATTENTION ALL UNWEALTHY AMERICANS: GET OUT OF THE STOCK MARKET.

    The stock market is just another instrument used by the wealthy to take your money. Oh yeah, just keep putting your money in and it will multiply. Then comes another economic downturn, and you need that money, you have to sell to the rich at a loss anyway.

    What does the stock market produce that these people should make all of this money? Nothing you say? All they do is pass around pieces of paper that produce nothing, and are backed by nothing. When the company wants more money, they issue more pieces of paper and sell them to people who think if they have them, they will eventually be able to sell them to someone else for more money than they paid.

    How can our economy ever turn around if the only segments of it making decent (more like ludicrous) amounts of money are the ones that produce absolutely nothing tangible? Talk about smoke and mirrors.

    Stock market, banks, insurance companies, politicians, lobbyists, colleges and universities…the rapists of the American citizen.

  • mlynn1231

    Justa Guy managed to pack everything I was going to use 1500 words to say, into 4 high-impact, laser-precise paragraphs. By grouping the banks, insurance companies, politicians, lobbyists and colleges, (the student loan system is organized crime) only leaving out the pharmaceutical companies (drugging us into complacency and playing God with diseases and cures to the tune of the largest profit margins in history) he managed to complete the entire circuit. All the above listed entities are controlled by a very small, tight-knit group of diabolical mega-billionaires.