Skip to main content

Most of you have probably seen the recent news about the Federal Reserve releasing the transcripts of the 2008 meetings of the Federal Open Market Committee.

Almost all commentary has been about how utterly clueless and wrong the bankers who are Fed officials were about the economy. I just wanted to point out that America's vaunted, highly paid, value-creating, job-creating, making-not-taking, corporate executives are just as dumb, clueless, inept, and useless as the bankers. From the New York Times interactive page:

(January 9, 2008, 5 pm conference call)
Mr. Fisher [Dallas Federal Reserve Bank]: "While there are tales of woe, none of the 30 C.E.O.s to whom I talked to, outside of housing, see the economy trending into negative territory.... None of them... see us going into recession."
Tell me again why these guys get paid 200 or 300 times what their janitors and maids and other employees get paid?

I really believe getting overpaid as much as they do makes it impossible for them to see economic reality.

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site