In a nation wracked with unemployment and recession, Wall Street firms are still paying billions of dollars in bonuses – and they’re hiring, too. The Federal Reserve recently affirmed its right to regulate executive pay, but has yet to take action on it. It should. These two facts – that bankers are earning billions while millions are unemployed – don’t just represent an injustice. They are seamlessly connected, representing two aspects of the same underlying problem. When people are given incentives to “make a killing” rather than invest in the future, that’s exactly what they’ll do.
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