Wednesday, May 02, 2012

Over in Today's Boston Globe

Columnista Brian McGrory has been railing against the excessive executive compensation packages prevalent at Libery Mutual Insurance Company.
All well and good, as far as Humble Elias is concerned, however it is worth noting that shame and humiliation and sarcasm are all the favorite weapons of the Punditariat and they are blunted edged weapons at that.
Over and above Liberty Mutual's fleet of luxury corporate jets, the fact is, for the past forty years in this country we have inexorably created an economic situation that favors financial speculation and a "service economy" at the expense of technological innovation and productive job creation.
Trillions of dollars flow to Wall Street because that is where the biggest payoffs are to be found in junk bonds, buyouts, mortgage backed securities and all that rubbish, none of that money sets one lathe in motion or puts one paycheck in a worker's hands.
This is a policy issue, our laws and regulations favor financial investment and not innovation and job creation. And until our values (cuz we all luv job creation, even Mitt Romney) are reflected in our laws, Brian McGrory will be snarking about the Neronian Excesses of Liberty  Mutual's corporate officers until the flaming end of time itself.

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