Reupholstering the Deckchairs on the Titanic

The boneheaded bonuses controversy is not about just the money. The people who say that this is a distraction and we shouldn't worry about 165 million dollars when we are giving them 165 billion dollars are only partially correct. The money is small potatoes--well, for the government anyway.

Here's the issue and the mantra to replace or refine "It's the economy stupid!" New mantra: "It's their judgment stupid!" It is also their stupid judgment. The so-called retention bonuses for people who have left anyway, the contractual bonuses not based on performance, the money for corporate jets, the money to redecorate corporate offices of otherwise bankrupt institutions, leads some reasonable observers to believe that the corporate leadership is rudderless, clueless and incompetent.

This is not even about criminality--other than near criminal stupidity. This is about being so disconnected from reality that the public can have no confidence that you will do anything even vaguely useful or in the public interest with the billions we're giving you.

Our populist rage is not based on our know nothing inability to understand the complexities of economics but our strong sense that you are equally unqualified to fix your mess. We are pouring out billions and you are not rearranging the deck chairs on the Titanic, you are reupholstering them which is just as useless but far more expensive.
©2009 Jonathan Dobrer
www.Dobrer.org