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)Tell me again why these guys get paid 200 or 300 times what their janitors and maids and other employees get paid?
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."
I really believe getting overpaid as much as they do makes it impossible for them to see economic reality.