The New York Times (Bob Herbert) reported yesterday that the 93 million non-farm production and nonsupervisory workers in the U.S. saw their real earnings go up by $15.4 billion between 2000 and 2006. That’s half of the Wall Street bonuses paid by just five firms in 2006.
I believe in markets—and I also believe that we are on the verge of backlash of a magnitude seldom seen.
(Add to the above the Pfizer and Home Depot CEOs’ combined separation packages of about one-half bil—one was fired, the other lost over $100B in market cap. That is, two underperforming CEOs are paid for leaving 3% of the raise of 90+ million workers over a 6-year period.)