CAPITALISM

In response to "Talking Business- Short Memories At Goldman" by Joe Nocera of the New York Times: Saturday, 24 October.


Nearly half of Goldman Sachs' revenue has been used for bonuses?! $16 billion: that's incredible, especially, Nocera notes, with the fourth quarter yet to go!
The government has proved that it will not let these institutions fail. These institutions, no longer in private hands alone (as Goldman once was), are now publicly traded: they affect our financial system. Instances like this, with these excessively EXCESSIVE "compensations" for executives, need to be reviewed with more caution. Sure, the recession is "over," but do we really want to give more power to these companies by letting them take advantage of the help our government has given them? Our government bailed them out with our tax money, and there are still examples of these extravagant bonuses... Apparently, they forgot that they should be subservient to us. Or should they?
We need to be more mindful of who is in control in our society. Do we have the power to chose how our economy operates, how it serves our well-being? Should we have that power? Or should a group of financial institutions whose stated goal is to solely make money? These are serious questions that the American people need to answer if policy-makers are ever going to alleviate these problems.
The Fed wants to eliminate these bonuses and replace them with rewards more conscious of long-term profit. For the American people, this is a good solution. What better way to promote economic growth and stability than to promote it over the long-term?
We need to take control of our government, economy, and our society in general if we ever hope to become prosperous once more as a nation.