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	<title>99americans.org &#187; Encouraging Signs</title>
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	<link>http://99americans.org</link>
	<description>Home of the 99% of Americans movement</description>
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		<title>Is Wall Street Overpaid? They&#8217;re Not The Only Ones.</title>
		<link>http://99americans.org/2010/03/15/is-wall-street-overpaid/</link>
		<comments>http://99americans.org/2010/03/15/is-wall-street-overpaid/#comments</comments>
		<pubDate>Mon, 15 Mar 2010 22:52:03 +0000</pubDate>
		<dc:creator>The Founder</dc:creator>
				<category><![CDATA[Encouraging Signs]]></category>

		<guid isPermaLink="false">http://99americans.org/?p=255</guid>
		<description><![CDATA[I was amazed and heartened to catch the end of The Blind Side author Michael Lewis&#8217;s segment on 60 Minutes last night, in which he demolished the delusions behind Wall Street&#8217;s scandalous bonus system.
But I was even more astonished to see an online-only clip when I went to the 60 Minutes website today to learn [...]]]></description>
			<content:encoded><![CDATA[<p>I was amazed and heartened to catch the end of The Blind Side author Michael Lewis&#8217;s segment on 60 Minutes last night, in which he demolished the delusions behind Wall Street&#8217;s scandalous bonus system.</p>
<p>But I was even more astonished to see an online-only clip when I went to <a href="http://www.cbsnews.com/video/watch/?id=6298028n&#038;tag=api">the 60 Minutes website</a> today to learn more. Apparently Lewis would be right at home in our movement:</p>
<p><embed src='http://cnettv.cnet.com/av/video/cbsnews/atlantis2/player-dest.swf' FlashVars='linkUrl=http://www.cbsnews.com/video/watch/?id=6298028n#addcomm&#038;releaseURL=http://cnettv.cnet.com/av/video/cbsnews/atlantis2/player-dest.swf&#038;videoId=50084888&#038;partner=news&#038;vert=News&#038;si=254&#038;autoPlayVid=false&#038;name=cbsPlayer&#038;allowScriptAccess=always&#038;wmode=transparent&#038;embedded=y&#038;scale=noscale&#038;rv=n&#038;salign=tl' allowFullScreen='true' width='425' height='324' type='application/x-shockwave-flash' pluginspage='http://www.macromedia.com/go/getflashplayer'></embed><br/><a href='http://www.cbsnews.com'>Watch CBS News Videos Online</a></p>
<p>Did they really edit this out of the broadcast? I wonder why&#8230;</p>
<p>As I said in a comment on the 60 Minutes site:</p>
<blockquote><p>Lewis&#8217; argument in this clip could apply equally well to Andy Rooney (assuming he makes a lot of money) or stars in any kind of star system &#8211; entertainment, sports, whatever.</p>
<p>What they all have in common is that they&#8217;re not paid directly by people &#8211; like your hairdresser is &#8211; but by corporations.</p>
<p>And what these corporations do is basically add a little private &#8220;tax&#8221; of their own to everything they sell &#8211; or looked at another way, they charge a little private income tax on all their employees and stockholders &#8211; to create a massive slush fund to pay truly monstrous salaries and bonuses to the few executives who are at the top of the heap, and the stars with whom they fraternize.</p>
<p>They don&#8217;t earn this money &#8211; like the Wall Streeters, they just siphon it off from a large revenue stream.</p>
<p>True, they don&#8217;t bring the economy crashing down&#8230;but neither do they &#8220;deserve&#8221; what they&#8217;re paid.</p>
<p>This is a democracy &#8211; I wonder why we don&#8217;t just pass a law against income exceeding a certain level &#8211; what a history teacher would consider reasonable, as Lewis says &#8211; or at least pass taxes of our own to claw those megasalaries that make everything we buy more expensive, and make all own own incomes a little bit lower, back for our benefit. </p></blockquote>
<p>Those private corporate &#8220;taxes&#8221; are the kind of taxes the tea-partiers <strong>should</strong> be worried about &#8211; taxation without representation, or with the reduced representation of a stockholder &#8211; not taxation with representation, like our government imposes for us.</p>
<p>At least if our government doesn&#8217;t impose taxes that benefit us, but instead benefit the rich &#8211; we have only ourselves to blame, for not starting, joining, and pursuing political movements like this one to assert our power.</p>
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