Talk about being out of touch.
On CNBC this morning, host Mark Haines — who is catching heat this morning for arguing that Wall Street can’t “be run well” by anyone making under $250,000 — was at it again defending the need for high executive bonuses in order to keep Wall Street running.
When I hear comments like these I am convinced the American Dream is now a members only club made up of Wall Street types, bankers, and insurers who have their own private network: CNBC. Luckily, someone (Rep. Brad Sherman (D-CA)) challenged CNBC’s logic by stating the obvious.
HAINES: Well, receivership … I think most people agree, that would have caused some systemic problems.
SHERMAN: Most people on Wall Street agree. But most people on Main Street do not.
HAINES: And what do the people on Main Street know about running a financial system?
SHERMAN: What do AIG executives know about running a financial system? [crosstalk] They only know how to destroy one.
I am resigned to the fact we are in this mess, but what I will not tolerate is people who brought the economy to its knees touting expertise they obviously don’t possess. Honestly, if these Wall Street geniuses really want to help they should do us all a favor and Go Galt.