There’s a lot I could say about this. But what I will say is that I think this gets at the heart of my beef with Occupy Wall Street. The Occupiers of Wall Street by and large do not understand and/or respect property rights. Instead they advocate for the dumb idea known as positive rights, aka “what the government owes me.” And we know the government doesn’t have anything it didn’t borrow from another country or steal from its productive citizens. I mean isn’t that the basis of the furor over executives’ salaries? So, in a way, OWS is all about the idea that a coercive power isn’t doing a good enough job at taking from productive citizens and giving to entitled socialists.
What they don’t understand is that the government isn’t set up to take from the rich and give to the poor. It’s set up to take from the middle class and give to the permanently dependent lower classes and the well connected. That’s why executives’ salaries are out of control. Because market forces that would bring an executives’ salary in line with the profitability of his or her corporation are skewed by rent seeking and bailouts.
Get with it. These guys are not your friends. No one’s looking out for you but you.
And more importantly: No one owes your ass a hot dog, a job or a high salary.
The sooner you get that, the sooner you can start making your own damn hot dogs or starting whatever profitable business you want, making us all richer with your innovations and value adds. Or, you can keep standing outside yelling at the banks for taking bailouts your precious government offered them. Your choice.