Appearing this morning on CNN, however, former New York mayor Rudy Giuliani stridently defended the practice of enormous bonuses untethered to actual performance, warning that ending the tradition “really will create unemployment”:
TPJ: Count Orlok speaks again (I think Giuliani looks like the vampire in Nosferatu) and is revolting as always. Giuliani doesn't suck blood but rather sucks the sanity out of the middle-class and money out of our pockets. What a crock of shit. These Wall-Street fat cats make enough money from their yearly salaries that they of course spend. Count Giuliani wants you to believe that a millionaire won't spend money unless they have a million doller bonus each year.
GIULIANI: I remember when I was mayor, one of the ways in which you determined New York City’s budget, tax revenues, was Wall Street bonuses. Wall Street had a billion, two billion in bonuses, city had a deficit. Wall Street had 15 to 20 billion, New York City had a 2, 3 billion surplus. And it’s because that money gets spent. … It does have a reverse effect on the economy, if you somehow take that bonus out of the economy. It really will create unemployment. It means less spending in restaurants, less spending in department stores. So everything has an impact.
Bullshit in a chef's salad, Mr. "Noun, a verb and 9/11." These whales spend practically enough money for one lunch at Spagos to stimulate the entire New York City economy--with or without bonuses. Ghouliani is acting like without these bonuses these poor Wall Street high-rollers won't still live lavishly. Pure, grade-A, high octane, extremely flammable bull shit. As someone on the Think Progess board aplty put it:
So.. bonuses for the people who’ve run the economy into the ground… no tax relief for the people who are actually doing the work. And they wonder why they lost the election….
TPJ: I like Senator Claire McCaskill's idea that none of these CEO's should make more than the president of the country ($400,000) while accepting federal bailout dollars. If the Republicans don't go along then all their talk about being "fiscally responsible with tax payer dollars" will fall on deaf ears and lead to them being embarrassed in the next election yet again. They still just don't get it even after a landslide election. If they keep acting like this they'll end up being the modern day Whig party and that's fine with me.
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