All right investment bankers, have it your way…with one caveat: you get your big pay checks if and when national unemployment reaches a comfortable threshold (4%). When that happens, and you make it happen because you believe in trickle-down economics, then and only then will you get your outrageous bonuses and paychecks.
Until now the investment bankers have pursued short-term profits and bonuses based on those profits. Why not get bankers to think patriotically as a means toward boosting the economy as a whole with their eye on broadening the economic benefit first and then getting their reward because it benefited their country first and themselves eventually. Instead of instant gratification, which is fleeting at best, give them the opportunity to produce genuine social benefit ahead of personal gain. After all, these investment guys aren’t like Pavlov’s dogs or even their own AKC hunters; they don’t need a billion dollar biscuit tossed to them for every trick they perform. They are human beings with long-term planning skills and a need for long-term fulfillment. By keeping an eye on reducing unemployment, they can have sustainable rewards for their conscientious and benevolent work, be seen as heroes by the public, and put truth in the belief that trickle-down economics actually works.
Up to now these bankers have chased the illusion that he who dies with the most money wins. Research has shown that excessive income does not buy happiness. Somebody always finds a way to earn more, acquire the bigger private jet or yacht, or purchase the more exotic island paradise. You can’t get ahead forever, even if you get ahead for awhile. There is always a Trump to make you feel bad. Therefore, knowing you are working for others as well as yourself will be far more satisfying because the benefits will be longer-lasting and genuinely meaningful.
Reducing unemployment and keeping it low will benefit investment bankers tremendously because it will remove the hue and cry to tax the daylights out of their bonuses, a cry that is always heard when times are tough. These “masters of the universe” will be able to keep their disproportionate share of the economic pie because their taxes will remain lower than they would be otherwise, the economy will be stable and growing, and the public will be shown that trickle-down economics can work.
Putting a ceiling on banker earnings without leaving some incentive would pull the tires off the vehicles that can truly generate speed and set the pace for economic development that can benefit the rest of us regular folks. By looking out for the little guy through the pursuit of low unemployment, the big guy is looking out for himself as well in the long run. He’ll also feel a lot happier because he won’t have to build that even bigger castle with the deeper moat in order to hide his shame or arrogance. He can stride around in public with pride because he has done good as well as done well. His deferred gratification might be hard to get used to in the beginning, but his pain will be a mosquito bite compared to the tiger mauling of unemployment. Since unemployment affects millions of Americans and investment bankers number in the thousands, the overall pain reduction would be astronomical. See, real trickle-down costs less in every way.
Friday, June 19, 2009
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