Every Long Journey Begins With One Small Step!
More in BUSINESS NEWS
back-up- Meet Goldman Sachs' Newest Managing Directors
- Geithner On Financial Regulatory Reform
- Free Job Postings Until 31.03.2010
- Bank Tells Staff To Knock Off Early To Make Babies
- 'Do I Seem Like A Guy Who Throws Chairs ?'
- Best Place To Work Update
- Office Humour - Warning, Some May Find This Offensive
- City Bankers Prepare For Disaster Scenario
- John Thain Defends Wall Street Bonuses
- Click Here To Register For Free News E-Mail Alerts
- Lazard Names New CEO
- Top Firm Told To Give Up Bonuses
- Government Accused Of Botching Major Bailout
- UBS Reveals Its Hand
- The Dash For Trash
- Too Big To Fail
- 'Sorry - But Christmas Is Cancelled'
- Regulator To Have Power To Tear Up Banker Pay Contracts
- IT Programmers Accused Of Being Madoff Accomplices
- Cityboy On Corporate Social Responsibility
- Top Firm To Unveil Turnaround Strategy
- The Obvious Candidate To Succeed Ken Lewis Is Ken Lewis
- Quit The UK To Avoid Higher Taxes - Poll Results
- Bankers Forced To Take Second Jobs To Make Ends Meet
- Goldman Kitten Payments Go A Stray
- More Compensation News
- Best Place To Work 2010 - Vote Now
- Banker Eye Test
- Goldman Sachs - View From The Top
- The Lloyd's Prayer
- Exec Claims Hedge Fund Boss Hired Hit Man To Kill Her
- $125m-A-Year Banker's Wife Says She Was Treated Like 'Mail-Order Bride'
- 'The Sell Out'
- 'Many Of You Have Seen Life Savings Vanish'
- Tough Times For Expenses - £5 For Lunch
- Tragic Banker Rehearsed Suicide Before Killing Himself
- Bear Stearns Fraud Case - The Verdict
- Even More Compensation News
- CEO Says That History Will Vindicate Him
- Traders Desperate To Get 'The Clap'
- Reservoir Gods
- Who Was Mr Angry During The Financial Crisis ?
- JPMorgan Chase Compensation Letter
- Regulator Warns - 'Yes, That Does Mean People Go To Jail'
- Brokers Complain Of Bailed-Out Banks Bullying Tactics
- Best Place To Work - Previous Winners
- Best Place To Work 2009 Results - The Top 100 Firms
- CEO Says He Could Top Himself & People Would Cheer
- Top Firm Hires 78-Yr-Old / Ex-Boss Says 'Sorry' For Citigroup
- Top Firm Said To Be At Loggerheads
Reader
'Am I the only person tired of hearing Here is the City writers whining about how hard it is for wealthy people to spend their money ? Oh my God, Goldman employees have to be less ostentatious with how they throw their money around !
And, by the way, implying that the uncommon reserve temporarily advised by Goldman CEO Lloyd Blankfein is playing a pivotal role in delaying economic recovery is beyond absurd. And let's not disguise your 'things aren't as great as they used to be' sentiment by pretending you're upset at how this is hurting the economy and the general public as a whole. A little dignity, please!'.
Editor
'If you have an alternative to a consumer led recovery, let's hear it'.
Reader
'It's not that I don't agree. Consumer lead recovery - and investment lead recovery - are the most viable solutions. However, inferring that Blankfein's advice to temporarily refrain from 'ostentatious spending' is tantamount to delaying or waylaying recovery is misleading and erroneous. With the economic pressures facing the country, any 'ostentatious' spending by Goldman would merely be a drop in the bucket, and would only serve to remind taxpayers that while they're on the hook for the stimulus, and many of them have lost jobs and homes, Goldman has actually profited from the turmoil and successive bailouts. And regardless, only increased spending by the majority of consumers that can bring about meaningful economic recovery. It's just poor PR for the single rich man in town to gloat when everyone else's house has burned down'.
Editor
'I guess I'm just too plain simple. I would love to see all bankers get the biggest bonuses ever and start spending them - so that nannies and personal trainers and small businesses (and everyone else) can benefit from them too.
The problem, in my view, is that too much time is being spent looking in the rear mirror, and not enough time creating an environment in which people feel comfortable spending. We are criminalizing success.
And, under Obama, the problem is that it's all about PR - that's why the administration was happy to see tens of thousands of people in the corporate hospitality world out of work when banks were forced to cancel jollies earlier this year - no worries about the economy as long, as the PR is good. In addition, that's why Citi will be forced to lose $500m of earnings a year just because the man that generates it gets $100m in pay. Who cares if Citi never repays the taxpayer - as long the PR is good ?!'
Reader
'Giving bankers big bonuses is fine by me - since I work at a bank, and have my own bonus to think about. And I agree that it solves nothing to vilify bankers or people with money in general. But the trickle-down effect you are talking about would not reach most of the country. In the US, it might help a few industries in the big cities, but bankers with big bonuses will not go out to the rest of the country to spend money to help out the majority of people and businesses that are under pressure. Furthermore, it is consumer spending on a larger societal scale that is necessary for economic recovery, which is why it is flip to suggest that Blankfein's prudence in the face of government / public pressure plays a pivotal role in delaying such recovery'.
Editor
'But every long journey begins with one small step!'.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
