Monday, February 16, 2009
Regarding the pay of bankers
Richard Posner, who believes we are in a depression, rather than a mere recession, argues that regulation of the compensation of bankers is counterproductive, perhaps even seriously so. The post is well worth reading for its commentary on the causes of the current crisis, too.
6 Comments:
By 
, at
Mon Feb 16, 12:47:00 PM:
By 
TigerHawk, at
Mon Feb 16, 12:59:00 PM:
Indeed I do. Thanks, fixed now.
By , at
Mon Feb 16, 01:08:00 PM:
Isn't the problem all stemming from Gov't interference?
By , at
Mon Feb 16, 01:42:00 PM:
By the way, don't expect much from the stimulus bill. So says the White House.
I'm tired of cowardly and cynical manipulation by the Obama administration already. Posner may be right or wrong on the nature of the economic challenge we face, but one thing is certain, under Obama the intrusion of the feds into our economy that Posner thinks brought this terrible mess down on our heads is likely to get worse, not better.
By , at
Mon Feb 16, 08:53:00 PM:
This post says it all so much better than I ever could!
By Georg Felis, at
Tue Feb 17, 10:16:00 AM:
How about some compensation reform at that paragon of profesional ethics, the Legislative branch of the US. We can start with "you don't get paid for not doing your job" and suspending their paychecks (and benefits) for the period of time the US is operating on a continuing resolution instead of a budget. We can continue by freezing their salary at the exact dollar amount it was when they took the job (Inflation eating your salary Congressman? You should do something about that) and giving them all exactly the same treatment they plan on giving the Bankers.
Yeah, it'll never happen. But I can dream, can't I?
