Rep. Sean Duffy Complains About His $174,000 Salary: ‘I Drive A Used Minivan’ (via ThinkProgress)

I have seen this kind of talk from people who make much more than this. Frankly, I don’t understand how tone deaf you have to be to say these things. It’s very clear that most Americans make much less than half of his salary. But to hear him  tell it, he’s working in a salt mine for pennies.

There is one line I hear most often and this is it from this article – I walked into this job 6 weeks ago..um that I worked incredibly hard for. There is always some version of it in the diatribe the person making large sums of money and it goes like this – “I work very hard for my money.” It has countless perambulations but it always boils down the same thing: “I work hard for my money and I deserve every penny of it.”And that would be okay, if it stopped right there, but it always has the implication usually directly stated “unlike you lazy freeloaders” or in this case, “unlike you lazy teachers, etc.”

I’ve seen it over and over again. These individuals making hundreds of thousands of dollars or millions, have it rough. That’s right. The world through their eyes is trying to tear them down. If you only knew the suffering they go through. My favorite suffering, heard not once but twice, is how difficult it is to get a good nanny. I almost cried for the poor guy.

They think they are some kind Randian heroes and if the world had to live without another half talented political doctrinaire hack, we would all cry and wonder what to do – finally begging them on our knees to only come back and we’ll be good boys, pay all their taxes and give them the love and respect their rich mummy forgot to lavish on them.

They bore me.

James Pilant

From ThinkProgress

At a townhall meeting in Amery, Wisconsin last week, the “Real World’s” Rep. Sean Duffy (R-WI) exposed just how out of touch with ordinary Americans he is. According to progressive blog Rightguardia, one constituent — an underemployed construction worker — explained that his wife, a teacher, may have to take a cut in wages if Wisconsin’s draconian budget bill goes through. “I’m just wondering what your wage is and if you guys would be willing to take a cut,” he asked Duffy.

Displaying that delicate sense of empathy characteristic of conservatives, Duffy whined about his $174,000 congressional salary and his “used minivan.” When the man pointed out his salary was “three times what I make,” Duffy reassured him that “I have more debt than you.” “I’m not living high off the hog,” he added:

Constituent: But a hundred and seventy-four thousand, that’s three times — that’s three of my family’s — three times what I make.

Duffy: Well our budget…I moved to cut by 5 percent. I did. You know what, I have no problem..let’s have a movement afoot. I walked into this job 6 weeks ago..um that I worked incredibly hard for. And I can guarantee you or most of you, I guarantee that I have more debt than all of you.

With 6 kids, I still pay off my student loans. I still pay my mortgage. I drive a used minivan. If you think I’m living high off the hog, I’ve got one paycheck. So I..I struggle to meet my bills right now. Would it be easier for me if I get more paychecks? Maybe, but at this point I’m not living high off the hog.

We Bankers Said We’re Sorry — Now Buzz Off

Alain Sherter writes a column called Financial Folly. His latest essay is entitled – Barclays CEO: We Bankers Said We’re Sorry — Now Buzz Off.

New Barclays (BCS) CEO Bob Diamond is tired of apologizing for the economic damage big banks have wrought in recent years. As he told members of Britain’s Parliament during a hearing on possible restrictions on banker pay:

“There was a period of remorse and apology for banks. I think that period is over,” Diamond told the Treasury Select Committee.

“Frankly, the biggest issue is how do we put some of the blame game behind us? There’s been apologies and remorse, now we need to build some confidence,” he added.

Seems to me Diamond, who took over last fall as chief executive at the U.K. banking giant, is skipping a step between expressing regret and rebuilding confidence. Tip of my tongue…. Ah, yes: reform. That includes restricting the kind of compensation that inclines bankers to let it roll. And since we’re nitpicking here, I don’t remember many financial executives exactly hanging their heads in shame over their role in the meltdown.

I don’t recall any real apologies or confessions of wrong doing or regret for what happened.

The general perception of the financial community is that they were profitable before the disaster, they didn’t really need the bailout and what was all the fuss about in the first place?

You may think I am exaggerating or misinformed about that my analysis of the attitude of the banking community. I truly wish I was wrong.

We have a financial class that not only can do no wrong whatever, but have no responsibility for anyone in this country at any time, under any circumstances. In their minds, they are worthy, the rest are not.

Their sense of entitlement is beyond most American’s comprehension.

If I had not heard these things said myself, I would have difficulty believing them.

James Pilant

Narcissistic Mindset in Financial Institutions (via Sonia Jaspal’s RiskBoard)

I exchanged e-mails with Alain Sherter and asked him what he thought about the amazing sense of entitlement among Wall Street executives. Although, he replied very politely and tactfully, there was a certain element of “What planet have you been on?” And he was right, I should have picked up on it a long time ago. Once I did, I encountered more and more examples of this phenomenon. It was astonishing. These individuals who had every advantage from birth could swear on a Bible that every last atom of their success had been earned through their hard labor. They knew that they were the important producers of value in this society and flew in unimaginable higher intellectual circles than the poor ingrates beneath them. They know that everyone who is not in their class is lazy and undeserving. They know that any, down to the tiniest amount, of taxation is a blow to their productive capability, totally unfair, and an unearned charity to the great mass of lazy, unmotivated citizenry.

Sonia Jaspal blogs on this mindset. It’s a fine article. She writes a blog from an extremely well educated background, not an assumed or pretentious academic style, but an educated approach as hard as stone. You know that her evidence is strong and her facts correct.

I recommend the article to your attention.

James Pilant

Financial institutions are again grabbing headlines for the wrong reasons. This time it is because of the foreclosure of mortgages without adequate due diligence.  As Senator Robert Menendez wrote to the heads of JPMorgan Chase and Co, Bank of America Corp and Ally Financial Inc- “It is simply inexcusable that proper oversight proceedings were not in place, especially when dealing with matters as monumental as the seizure of a family’s home.”  Wh … Read More

via Sonia Jaspal's RiskBoard