Via Ian Welsh, Dr. Peter Morici, a SUNY business professor, puts banker bonuses into perspective:
How much is $140 billion?
The U.S. economy grew at a $89 billion annualized rate in the third quarter. That was the first growth since the second quarter of 2008 and came to $22 billion in actual growth in the third quarter.
The bankers, after causing the greatest economic calamity since the Great Depression, are rewarded with six times the growth accomplished so far in the much heralded “economic recovery.”
Meanwhile, seven million families face foreclosure and 25 million Americans can’t find full time work.
Oh yeah, I'd give that a "solid B plus"!
