The US government has totally betrayed its own people

From 2003 to 2007, average compensation to management by top US investment banking corporations has gone from $30 billion to $60 billion. In the same amount of time, their average net profits have gone from $10 billion in 2003 to $30 billion in 2006 to $5 billion in 2007. (I say this from looking at the chart posted in the recent issue of The Economist)

Shareholders normally voice against this, but who are the majority shareholders of these companies? The US government, of course. The ones who authorise and approve these companies to use their cash to pay huge bonuses to their management.

In Merril Lynch, the 2008 cash compensation was equal to 100% of the capital left over at the end of the year, meaning half the net assets available with the company were given to employees, with complete approval and subsidies from the US government. Goldman Sachs now is going to award a record $20 billion bonus.

Of course, it's somewhat legitimate for the owners of a corporation to decide what it does with its money (if you manage to convienently ignore the use of public wealth in this matter), but even so, the law is being skewed to favour these organisations with ban on short selling their shares, easier rules for collateral and debt guarantees, and much lower interest rates.

So I just want to ask - how is it possible to live with being an American these days? How can one even come to terms with this form of socialism for the rich (assuming there has ever been any other form of socialism)?

Prateek Sanjay:

So I just want to ask - how is it possible to live with being an American these days? How can one even come to terms with this form of socialism for the rich (assuming there has ever been any other form of socialism)?

Good question.  Switzerland looks more appealing with each passing day.

Prateek Sanjay:

So I just want to ask - how is it possible to live with being an American these days? How can one even come to terms with this form of socialism for the rich (assuming there has ever been any other form of socialism)?

You don't come to terms with it.  You put up with it because you're outnumbered and outgunned.

Byzantine:

You don't come to terms with it.  You put up with it because you're outnumbered and outgunned.

There's no unclaimed land left to start a new America/Libertarian Society on. We're trapped on the planet with these people.

Snowflake:

There's no unclaimed land left to start a new America/Libertarian Society on. We're trapped on the planet with these people.

America has never distinguished between 'nation' and 'state,' unlike, say, Italy, where the state comes and goes but the Italian nations remain.  I sometimes think the Europeans' experiment with propositional nationhood will end before ours does.

The same way its possible to be a member of any country, by realising that the entire premise is corrupt and nothing more than an extortion racket on the productive and a coercive monopoly. Nothing has changed, its just easier to see.

American socialism: stealing from the rich to give to the rich.

Snowflake:

There's no unclaimed land left to start a new America/Libertarian Society on. We're trapped on the planet with these people.

Perfect, Brilliant.

I say we move to Montana, you know, like an Austrian zionist type of movement.

is that better than New Hampshire?

I think anywhere is better than New Hampshire.

Whatever you do, stay the hell out of Massachusetts. If the taxes don't kill you, our dumb-as-dirt governor will.