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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 03:04 PM
Original message
Nobody Could Have Predicted...
http://yglesias.thinkprogress.org/archives/2008/11/nobody_could_have_predicted.php

<snip>
Robert Rubin speaks up for himself:

“Nobody was prepared for this,” Mr. Rubin said in an interview. He cited former Federal Reserve Chairman Alan Greenspan as another example of someone whose reputation has been unfairly damaged by the crisis.

This seems like a pretty serious dodge here. Presumably the reason the top executives at a giant financial services firm get paid such extravagant salaries is that it’s their job to be prepared for the stuff that “nobody” is prepared for. If the idea is just that you make money while the market goes up, and then when the market goes down the government steps in to rescue you, probably a lot of people could do the job. And if a lot of people could do the job, there’s no need for compensation packages to run into the tens of millions of dollars. But if there is a need for compensation packages that run into the tens of millions of dollars, then people have a responsibility to prove themselves to be super-genius titans of capitalism who can navigate the shoals of the global economy flawlessly.

I don’t, personally, believe that there’s anyone like that out there. So nobody should be blamed for failing to live up to that hype. But people can be blamed for participating in the hype and profiting from it.
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The Velveteen Ocelot Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 03:06 PM
Response to Original message
1. Heck, I could run a financial services corporation right into the ground
for a fraction of what they're paying these knuckleheads. Where do I sign up? I'd do the job for only a million bucks or so.
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Journeyman Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 03:37 PM
Response to Reply #1
9. You'd actually need (and want) all the big bucks these lunkheads pull in. . .
security will not come cheap to keep your sorry ass safe after the collapse of your ill-managed financial corporation -- taking the life savings of countless millions (some of whom will undoubtedly go ballistic and come looking for blood).
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DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 03:08 PM
Response to Original message
2. Rubin: "Nope, wasnt me. Now if you'll excuse me...
..... I have to run to the bank and cash my $1m paycheck for this week."
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MercutioATC Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 03:11 PM
Response to Original message
3. I pulled my 401k out of stocks in early 2007.
O.K., that was a little early...but I did it because I saw something VERY bad on the horizon.

To suggest that "nobody was prepared for this" speaks to how out of touch these people are. If an air traffic controller without so much as a college finance course saw it, how could people paid tens of millions of dollars a year to make these decisions have missed it?
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valerief Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 03:16 PM
Response to Reply #3
4. I'm sure it went as planned and all the "right" people got rich from it.
They lie. We die. Same old story.
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MercutioATC Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 03:18 PM
Response to Reply #4
5. Exactly. They're either idiots or liars.
We all know they made their money, so they're not idiots...regardless of how they try to make the whole think sound like it snuck up on them.
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ben_meyers Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 03:21 PM
Response to Original message
6. Arrogant asshole, where the hell did he come from?
Oh that's right, lets not mention that.

The Journal said Rubin has earned $115 million in pay since 1999, excluding stock options.

"I bet there's not a single year where I couldn't have gone somewhere else and made more," said Rubin, according to the Journal.


http://news.yahoo.com/s/nm/20081129/bs_nm/us_citi

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daninthemoon Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 03:31 PM
Response to Original message
7. and nobody could have predicted 9/11. nobody could have predicted
the end of the oil economy. nobody could have predicted that trickle down was a scam. nobody could have predicted that there were no weapons of mass destruction. except of course that many people did. just not the people in charge.
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malaise Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 03:34 PM
Response to Original message
8. Someone should tell Rubin
that more than a few people predicted this mess.
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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 04:09 PM
Response to Original message
10. Didn't he work at Goldman Sachs before Paulson took over ??
There is a thread that can be followed to its logical end to prosecute these SOBs for treason against our government.
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HughBeaumont Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 04:35 PM
Response to Original message
11. They "didn't see this coming"????
Edited on Sun Nov-30-08 04:37 PM by HughBeaumont
For the past 28 years:

- The economy has been primarily built on war/defense, pharmaceuticals, insurance, debt investment, technology and risky financial instruments; with the exception of technology, all unstable, speculative sectors and concentrate wealth and security on the top of the chain,

- Pretty much every social program has either been cut or de-funded, resulting in poor schools, crumbling infrastructure and a social safety net that isn't worth the paper it's non-existent plan is printed on,

- With the exception of the Clinton years, taxes on the wealthy have been lower and lower with each passing year, which is part of the reason for a 10 trillion dollar increase in the national debt (the other part being worthless, illegal and greed-based wars) and affecting the economy with booms, bubbles and crashes rather than steady job creation and real wealth building,

- Manufacturing, Automotive and General Industry in the US has gone the way of the Dodo, resulting in several million displaced workers, many of whom will be experiencing long periods of un/under-employment,

- College costs have skyrocketed while college degrees (thanks to there being substantially less jobs available than college-educated workers that can fill them) have become all but worthless,

- Our corporations have been overrun by Friedmanite bean-counters who refuse to veer from this predatory plan that has failed the overall economy for that same amount of time (you know, unless you happen to be well-monied . .. then it works out just fine),

- Incomes of the wealthy have increased anywhere from 29 to 1000 percent while the average worker makes, in real dollars, the same income he/she did in 1973 (this same condition was prevalent in the Great Depression as well),

- Job security no longer exists in many American occupational sectors, which now require massive amounts of expensive training to even get entry to,

- Offshore out/in-sourcing has replaced paying American citizens good wages and has jeopardized the future of at least 14 million jobs by 2015 according to one survey,

. . .. and they're STILL trying to tell us "No one could have SEEN THIS COMING????"

A wise man once said "you can't feed the birds by giving the horse more oats".

Yet they keep believing the same old horseshit is going to work for everyone eventually. "It HAS to! We spent millions convincing ourselves Milton Friedman was right, and goddammit, we will keep on trying until he IS!!"

Unbelievable.

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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 05:09 PM
Response to Reply #11
12. In other words....
If the horse doesn't shit, the birds don't eat??
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HughBeaumont Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 08:56 PM
Response to Reply #12
17. They eat, but the food isn't exactly mommy vomit, you know . . .
:P
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JNelson6563 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 05:15 PM
Response to Original message
13. Hell we have predicted it for ages in DU's Stock Thread
Found in LBN every business day. :toast: Saw it coming from 20 miles away.
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BR_Parkway Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 05:18 PM
Response to Original message
14. China just executed some guy for stealing about 100 million in a ponzi
scheme - something tells me if we did that, would be a good deterrent
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gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 05:21 PM
Response to Original message
15. So why was he getting paid all that money?
It just fell out of the sky into his pocket? Isn't that nice? Big fat, paycheck and not a lick of responsibility. Sweet deal if you can get it.
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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-30-08 05:27 PM
Response to Reply #15
16. It appears to this untrained eye that....
he got the money for doing exactly what he did...Rob the rest of us blind.
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warren pease Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-01-08 07:44 PM
Response to Original message
18. Isn't it weird how all these supposedly smart, experienced people keep getting conned...
... by the Bushies crew of serial liars every single time, no matter their alleged expertise on the subject?

(Boy... this got long, as I just realized while running the spel chekkur. So it may be endless, but at least it's incoherent too. As our story begins...)

This time it's Rubin, but these dems seem to have all caught the deadly dunce germ and sooner or later it's going to be their turn to put on the pointy dunce cap and cop to being the witless dupes and rubes and hicks that they seem to be. But they're innocent, of course, their intentions were the very best. But like his previous victims, they've succumbed to the rhetorical brilliance and undeniable charm of The Commander Guy...

Well, gee... That takes care of everything. OK. Far be it from me to expect political leaders to have, at the very least, the brains, sense and analytical functions given to the slowest, dumbest tree sloth in the rain forest.

Consider this idiocy from a former presidential candidate, likely secretary of state and apparent gullible nitwit -- a terrific quality in somebody who's supposed to go one-on-one with the world's savviest, sharpest and most devious con men. Just the woman for the job, eh?

So Ms. Clinton said she was fooled into voting for the IWR, officially known as the Resolution to Authorize the Use of United States Armed Forces Against Iraq, because she was assured by various administration shills that they were just kidding when they named it, that it didn't actually mean what the title says it means and that she wasn't really voting to authorize the use of US armed forces against Iraq. Well hell... That's credible. I'd probably do the same.

John Kerry said he was also fooled by the same group of chronic liars, although he later squirmed his way out of it and publicly recanted. But John my boy, was your cognition on vacation when they first conned you into being another one of their personal bitches?

But the bigger issue: what does it say about all these presumably sophisticated, accomplished people who claim they keep getting snookered by the stupidest man ever to occupy the White House? Who could possibly swallow such lying nonsense? And if they're not lying, why would anyone ever vote for such obvious fools who can't be trusted to separate facts from horseshit?

Here we are, amateurs and observers with a lot of experience, smarts, research skills and common sense but no access to classified info. Still, I can't remember anybody cheerleading for the Iraq invasion, claiming it made geopolitical sense or worrying about some drone carrying a warhead and producing a mushroom cloud -- and ohhh myyyy GAWWWWWWDDD they're just 45 minutes away from THE HOMELAND. Yeah, I really don't remember much of that.

But there they are -- smart, experienced veterans of political scheming and infighting, with access to piles of intel and threat assessments, armed with all the info they need to figure out that the Iraq invasion is unjustifiable, illegal, immoral and dumber than dirt. So of course they vote in favor of the IWR and put the official stamp of congressional approval on one of Bushie's greatest steaming piles of imperialist horseshit.

And they actually have the nerve to stand before the people and beg to be returned to the very positions where they've demonstrated convincingly, time after time, they're not remotely qualified to hold for even one term, much less reelected to another.

Some people say, as cute little pug-nosed vacuous content-free what's her name on TV news would say every single time she introduced a new topic or asked a question... Some people say that one of the most serious threats to the republic is the extraordinarily lousy caliber of our politicians, riddled with character defects that could easily become dangerous pathologies in times of high stress. It's bad enough most of them lack any discernible signs of intelligence or wisdom. A powerless dummy isn't nearly as dangerous as, say, Pelosi or Hoyer, even in Washington.

But a well-funded dummy, flush with corporate bribes that pay to keep him all over prime time TV -- 30 seconds of pure bullshit, ads overflowing with the testimonies to his goodness and decency and love of the environment and soft spot for kittens and puppies. All that and he's coming to DC with a corporate wish list for a political agenda, a plan of action so medieval that even whackjob reactionaries would consider it reactionary.

So, confirming that model, there's an entire coven of Inhofes in the capitol, living for those moments when they get to stick it to one of the GOP's favorite whipping boys and racist, sexist wedge issues that would all deprive some group of their Constitutionally guaranteed rights as Americans.

Not that we're real big on supporting those freedoms as the moment, since there's a whole world of evil doers and Islamofascist terrorist out there who want to slit my throat with a centuries-old scimitar.

I've always thought that the best way to fight these evil doers, hanging around in caves 8,000 miles away, is by having the TSA thieves who run the airport misery lines steal countless pairs of sewing scissors from little blue rinse ladies approaching their 80s.

Particularly the ones on their way to some quilting reunion where old friends from 50 years back will have one last chance to hug and cry and laugh and maybe even contribute a stitch or two.

Since the TSA and airport security have nothing to do with thwarting nefarious evil doers and everything to do with training the civilian population to roll over and accept ever more intrusive and increasingly scary interactions with representatives of national security state, you want to enforce the most arbitrary and meaningless rules imaginable.

The sheer weirdness of these rules and regs keeps civilians guessing about what other infractions they may have committed, are any of them so serious they'll be interrogated for hours by the federales, maybe tasered if they don't kick back the proper answer, maybe hustled off in handcuffs, maybe charged with some bullshit conspiracy beef so they really don't have to prove anything and it's up to you to prove a negative, maybe even ending up in a cage wearing an orange jumpsuit at one of the CIA's offshore torture factories.

You can really fuck with people when you maintain the affect and speech patterns of an android. They're never certain what's happening next, which is the key to controlling the civilian population and balancing out the numbers advantage by gripping their hearts in escalating fear and paranoia and eventually making many of them a little crazy, in the clinical sense.


wp
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BeFree Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-01-08 08:07 PM
Response to Reply #18
19. My Gawd
We are so very well screwn its amazing. What you say, warren, is so truthful and we are so taken in and being screwn by it that I wonder, I really hafta wonder, what the hell are we to do?

Some of us nitpick the latest cabinet pick, or argue about saving GM, the whales, or the climate, but we should be concentrating on saving our sorry asses as a whole. Yep, our assholes!

Sometimes, in the dark of the night as I lay awake before the precious sleep overcomes me, I wonder WTF! We are so screwn. Well, screw it, if the whole asses that run things and those that run around things keep this shit up, we are doomed.

So B it. So b r. Sober reflections on the fact that we are screwn. Time to have fun. The secret to life is enjoy. I am not enjoying this. None of it. The news is bad and getting worse, and anyone who can see days out sees that we are screwn, no matter who Obama picks.

Peace, and out. Tough luck mofos. I got mine. Enjoy. In joy. Where the hell is Joy?
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