February, 2010 archive
The Entitlement Society 0
A modest proposal:
For example, if the lowest-paid worker at a company earns the federal minimum wage – currently $7.25 an hour, or an annual income of $15,080 at full time – then the total compensation for the top executive (including stock options and yachts) would be limited to about $1.5 million. If a company pays its lowest-paid worker a “living wage” – for a single mother with one child living in New York City, $19.66 an hour, or $40,893 a year – the top executive could take home more than $4 million.
By way of comparison, the current average annual compensation of S&P 500 CEOs is more than $10 million, which is more than 300 times the annual pay of the average worker in those corporations.
Fat chance.
Looking good in meetings, writing nice emails, and testifying before Congress is ever so much more worthwhile than actually producing something of value.
What To Do If It Snows 0
Helpful instructions via the Wilmington News-Journal’s “twit the snowstorm” page.
Floored 0
I haven’t followed this closely, though I have read the newspaper stories and I listened to this (which, although titled “U. S. Auto Industry,” turned into a discussion of Toyota’s Pintos), but, frankly, it is easy to wonder there might be more to this than floormats and friction:
But Tuesday, U.S. officials joined outside experts in suggesting that a third factor may be to blame in some cases: a so-far-unidentified failure in the vehicles’ electronic throttle systems.
Toyota Motor Corp. and the National Highway Traffic Safety Administration (NHTSA) say they have explored that possibility and come up dry.
“We have investigated every type of possible interference with the electronic throttle controls and have found nothing – nothing with the electronics or the computers – that could lead to unintended acceleration,” said Toyota spokeswoman Cindy Knight. . . .
But outside experts on automobiles, computers, and electronics welcomed a renewed focus on the possibility that something other than errant floor mats and sticky pedals could be at work.
This. Does. Not. Compute. 0
And Now for Something Completely Different 0
Legos at the Beeb.
No Refills (Updated) 1
Likely hoping for a settlement:
It may not be so frivolous as it seems. Knowing the facts may cause you to re-consider the legendary McDonald’s coffee case, which is frequently cited as an example of tort law gone wild.
Addendum:
“The Continuing Rise of Bankruptcy in the Middle Class” 0
The triumph of Republican Economic Theory.
We Need Single Payer 0
Ashley Sayeau, an American ex-pat living in London, writes at the Guardian:
Ideology and Wishful Thinking 0
Tom dissects Republican economic theory in response to a commenter (identified as Mr. K) on his blog. A nugget:
And what gets me is the way that folks like Mr. K. seem to think two things:
First, that contracts may be binding for thee and me, but not if your contract happens to be collectively bargained and between an individual and the state. The cop who started work ten years ago signed on to a challenging, difficult and sometimes dangerous job in exchange for a defined compensation package. Now we should throw this away? I don’t think so.
Second, that whatever we pay our civil servants is always too much, and hence ill-gotten, which is why it is OK not (sic–I think he meant “to”–ed.) cut people’s pay while expecting them to provide the same labor.
When Zombie Banks Walked the Earth 0
There is a certain delightful irony in this. There’s a line forming at the returns desk (emphasis added):
The banks are setting aside more reserves to cover the potential costs of such repurchases, cutting into earnings.
The trend is also pitting big lenders, insurers and mortgage-finance institutions against each other. That’s a big change from the previous decade, when they worked together to fuel the housing boom by originating, insuring and securitizing mortgages in record amounts.
Christopher Whalen, managing director of research firm Institutional Risk Analytics, offered up a colorful metaphor for the unfolding situation.
“The wave of loan repurchase demands on securitization sponsors is the next area of fun in the zombie dance party, namely the part where different zombies start to eat each other,” Whalen wrote in a note to clients Tuesday.
Nothing To Do, Nowhere To Go 0
Bloomberg:
Initial jobless applications increased to 480,000 in the week ended Jan. 30, the most in seven weeks, from 472,000 the prior week, Labor Department figures showed today in Washington. The number of people receiving unemployment insurance was little changed and those receiving extended benefits increased.
Recycling 0
Just think how hunky-dory everything would be now if Bush had just gotten this through the first time.
Dreaming of the 50s 0
Back in the olden days, when I was a young ‘un, there was a joke that went something like this:
Q. Should women have clubs?
A. Soitenly. Clubs, rolling pins, baseball bats, whatever they want. (Rim shot)
One would hesitate to tell that joke today, not for any reason of “political correctness,” but simply because it’s no longer funny. It is meaningless in the context of most of contemporary society.
Unless, of course, you are a Republican.
The Entitlement Society, Microcosm Dept. 0
For some persons, too much is never enough. Take, for example, this.
The United States Slopes to the Southwest 0
Everything loose rolls to California.
The Entitlement Society 0
Pay for attendance.
As much as 95 percent will be paid in stock vesting over about three years, the person said. Those receiving the smallest bonuses will get about half their compensation in cash, paid later this month, the person said. The unit accounts for 10,000 people, or 4 percent of the bank’s 283,000 workers.
Also, fight club.
