The New York Times (Bob Herbert) reported yesterday that the 93 million non-farm production and nonsupervisory workers in the U.S. saw their real earnings go up by $15.4 billion between 2000 and 2006. That's half of the Wall Street bonuses paid by just five firms in 2006.
I believe in markets—and I also believe that we are on the verge of backlash of a magnitude seldom seen.
(Add to the above the Pfizer and Home Depot CEOs' combined separation packages of about one-half bil—one was fired, the other lost over $100B in market cap. That is, two underperforming CEOs are paid for leaving 3% of the raise of 90+ million workers over a 6-year period.)
Before blogging became all the rage, Tom was posting book reviews and Observations (essentially early blog posts) to this site. You can find the archives below.
What we're talking about
on the front page.