Staying on the right side of capitalism.
In the latest escalation of woe to riches comes the simultaneous releasing of the Wall st Journal’s report that bonuses on Wall St increased up to 40% while the senate unanimously voted to extend unemployment benefits (up to 14 weeks and 20 weeks in states with unemployment rates greater than 8.5%). Excuse us for a moment, but does this make sense? Wall st is getting richer and you’re getting poorer? Of course it does. As equity and debt markets worldwide have rallied the tango dance called “let’s buy each other’s tail” has escalated lately, while that part of the animal called “can you please feed my belly (cause I’m hungry)“ has gone sorely lacking.
Of note is the fact that this might be the first resurgence in financial markets without the general public’s involvement (that’s because most of them got wiped out, courtesy of their own stupidity and wall St’s tacit promises to be uber happy and rich). Usually when the market goes up, everyone gets rich (whatever that word means anymore) together— but this time only the special people called bankers and traders get to play bottle service. Of course, it may well be that if the general public doesn’t get to sip the tequila (backwash to you peons), it may well not to be too long before the financial markets implode and then everyone gets to live off unemployment together.
Capitalism is a good place to be if you don’t mind living with your heart in your mouth.