Delusional

We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all

This a quote from a Goldman Sachs Financial compensation adviser.

Some people can convince themselves of anything to keep their job.

Bloomberg reported this.

Goldman Sachs Group Inc., based in New York, set aside $16.7 billion for compensation and benefits in the first nine months of 2009, up 46 percent from a year earlier and enough to pay each worker $527,192 for the period.

I'm sure Goldman Sachs response to the general public outrage will be to blame and thus fire the person responsible for executive compensation instead of realize their pig is so big and fat, no lipstick anywhere can help.

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It is not so much class warfare as much as

a deep indifference. Let them get theirs and forget the rest of the country. Checkout some quotes from this Citigroup Newsletter featured in Michael Moore's movie on capitalism:

The World is dividing into two blocs - the Plutonomy and the rest. The U.S.,UK, and Canada are the key Plutonomies - economies powered by the wealthy. Continental Europe (ex-Italy) and Japan are in the egalitarian bloc.

we hear so often about “the consumer”. But when we examine the data, there is no such thing as “the consumer”

....in the U.S. or UK, or other plutonomy countries.There are rich consumers, and there are the rest. The rich are getting richer, we have contended, and they dominate consumption.As the rich have been getting richer, so too stocks associated with the rich, have performed exceptionally well. Our Plutonomy Basket, generated returns of 17.8% perannum, on average, from 1985. If Plutonomy continues, which we think it will, if income inequality is allowed to persist and widen, the plutonomy basket should continue to do very well.

Here is Part 2 of this Citi report.

RebelCapitalist.com - Financial Information for the Rest of Us.

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