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Wall Street Executive Becomes Chief Spokeman Of The Economy

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posted on May, 30 2006 @ 01:57 PM
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Today, Tuesday, May 30, President Bush announced that CEO Henry Paulson Jr. will become the chief spokesman of the economy. He is the CEO of Goldman Sachs. He has a hard road ahead of him to convince foreign nations to continue to invest in the US and other such issues. Low public opinion about the economy shows just how tuff this job is going to be. Data further shows the gap being created between the wealthy and the poor.
 



www.csmonitor.com
NEW YORK AND WASHINGTON – President Bush has lined up a Wall Street heavyweight as chief spokesman for the economy. He's Henry Paulson Jr., who has been running finance powerhouse Goldman Sachs - and as the designated next Treasury secretary, he'll have a big job ahead of him.

"His job between now and the election is to get out and tell everybody, I'm captain of the universe and I'm telling you everything's OK. Just trust me," says Stanley Collender, a Washington budget expert and a managing director at Qorvis Communications.

"This is all tied to gas prices," says Dennis Jacobe, chief economist at the Gallup Organization, based in Princeton, N.J.

"What the overall economic numbers show is that there's a particularly upper- and middle-income group that continues to do very well, and the economy reflects how that better-to-do group is faring," says Mr. Jacobe. "What is happening in terms of middle- and lower-income groups isn't reflected in average economic data as much as it is in polling data."




Please visit the link provided for the complete story.


I recommend reading the entire article because it contains much more information very worthy of reading.

I found the second paragraph a bit concerning "im the man in charge, trust me, no questions" type attitude was a bit of a alarm bell.

I also found it interesting how the upper class is benefitting while the lower class isnt so much. All in all it shows that as long as the economy is doing good, who cares what happening to the average person? I can sense the gap getting bigger and bigger by the day.

Related News Links:
today.reuters.com

Mod Edit: Fixed Title

[edit on 5/30/06 by FredT]




posted on May, 30 2006 @ 02:40 PM
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Paulson also comes to the job with no economic self-interest, says Mr. Chan. Last year, his total compensation came to $16.4 million, which ranked him 81st in executive pay. "He's already wealthy, so he's coming with a desire to try to make a difference versus to enhance his own value."


That’s an interesting one, isn’t it? Most of the wealthy people surrounding the bush administration (war profiteers and oil tycoons) that surround the government are already stupidly rich, and seek to make themselves even more wealthy. Whats to say Paulson will be any different to any other of Bush's crony’s?



posted on May, 30 2006 @ 02:46 PM
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Mr. Chan is basing that opinion on the fact he is rich. This has little to actually do with self interest though. You can be one of the richest in the world, doesnt mean you still wont screw people for their money. its called greed.



posted on May, 30 2006 @ 06:02 PM
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First I think that since this man got where he is, and does sound like he might be rather airagant, and perhpas self richess, he does know the econemy. So from that aspect is is probably as good a choice as any to take the position. But I also feel that he will work to increses his own forchen as much as he always has in the past. The thought that he is comeing with no desire to increse his own forchen I feel not correct in the least. Yes im being synical.

From the law enforcement end of his future tasks I would like to think that he would be smart enuff to listen to his senior agents in that regard.

I dont like the widening gap between rich and poor any more then any one else, but will interesting to see if he can help that any.



posted on May, 30 2006 @ 06:07 PM
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Here's an idea.. why don't they take someone who has worked for the Dept of the Treasury for say 30 years, someone hard working and intelligent and qualified, but who has chosen to forsake the riches of a private sector career and instead used his skills working for the government, a career public economist, and make him (or her) Secretary of the Treasury?

Who knows, this guy may be the right man for the job and turn out to be a good Secretary of the Treasury, but how many people from his 'previous life' is he now beholden to? And why do career civil servants so rarely get cabinet posts?



posted on May, 30 2006 @ 06:10 PM
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Originally posted by koji_K
And why do career civil servants so rarely get cabinet posts?


because they cant afford to pay the people off who would give them position. Rich people in business are quickly taken over the entire government. Thats the main characteristic of fascism you know? Government run by business.



posted on May, 30 2006 @ 06:20 PM
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Originally posted by grimreaper797Rich people in business are quickly taken over the entire government. Thats the main characteristic of fascism you know? Government run by business.


Well, Bush II is the first president to have an MBA.


George Bush, America's first President with an MBA, has been slapped on the knuckles by 169 concerned business-school professors. In an open letter sent on Oct. 4, the senior business and economics professors say Bush's economic policies are taking the country in the wrong direction. The academics, including two Nobel laureates, are especially critical of the budget deficit, which this year is projected to come in at more than $400 billion.


www.businessweek.com...



posted on May, 30 2006 @ 06:22 PM
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I do think we are seeing a consolidation of power. Mr. Paulson gives up thirty million dollars a year to take this job. He's not actually going to give up that income. It'll be "hidden" so that he appears to be giving up that monster income. You don't get a guy like that to take a pay cut.

When you couple this with the recent Hayden nomination to CIA director, you've got the makings of an interesting trend. Check out the thread I started on the future of the posse comitatus, and you'll see what I mean.



posted on May, 30 2006 @ 06:30 PM
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I also agree that in his new post he will show favors to those who helped him get there both in and out of Gov.
Historicaly speaking people who have achieved some amount of great power do offen seek Gov. power.



posted on May, 30 2006 @ 11:27 PM
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My suspicioun is that Mr. Paulson wants to hold this job just long enough to collect a Federal retirement check and health care benefits. It's not a well known fact, but most cabinet level offices only have to hold their job for three years beforethey can get a Federal retirement check with Executive Service medical benefits.

that may not sound like a big deal, but it is. Executive level Federal employess have full medical, vision, and dental. This includes long term elder care for those who live well in to old age.

Your tax dollars hard at work.



posted on May, 31 2006 @ 06:09 AM
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Originally posted by Justin Oldham
My suspicioun is that Mr. Paulson wants to hold this job just long enough to collect a Federal retirement check and health care benefits. It's not a well known fact, but most cabinet level offices only have to hold their job for three years beforethey can get a Federal retirement check with Executive Service medical benefits.

that may not sound like a big deal, but it is. Executive level Federal employess have full medical, vision, and dental. This includes long term elder care for those who live well in to old age.

Your tax dollars hard at work.


Justin,
I did not know the time frame but I did know about the ritirnment. Not only do the recive all that you menchened but they also recive %100 of there salery, pluss its adjusted for inflation every year! So they drom more in retirnment then they did when they were working!
I dont think thats the reason, the salery and benifits to some one of his wealth is probably no more then a few drops in the bucket.
Im also begining to think that what some one else said might be a better choice, a carear public servent, just maby that is.



posted on May, 31 2006 @ 09:10 AM
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Do you guys see monsters under your bed at night? Give the guy a break, he's giving up a job, wherein he earned about 300 times what he'll be making working for the government, just so he can give something back to the country. How many of you would do the same? And grimreaper797, read your own post, he did not say what caused an alarm bell to ring in your mind, someone else did in describing what they thought his job should be.

Furthermore, the interest on his last year's income alone would run to over a million dollars a year, I'm sure retirement benefits never even crossed his mind.

[edit on 31-5-2006 by Astronomer70]



posted on May, 31 2006 @ 02:16 PM
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There are no monsters under my bed that shouldn't be there.



posted on May, 31 2006 @ 02:31 PM
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you think he's taking this job for medical benefits? he's loaded. the paltry few thousand a year in benefits is not a motivating factor for a guy who made millions a year in salary and a hell of a lot more in bonuses each year.

it's the prestige of the post and the ego rub that comes with the title that he seeks.


and for those of you wondering why the head of one of the largest investment banks got the job over some 30 year paper pusher in the dept. of treasury, well, ask yourselves who is more qualified to speak on the state of the economy, a guy who ran one of the largest investment houses on the planet or......joe blow who, after 30 years, never got promoted past senior accountant and never had the drive to go out and make more money, probably because he didn't want to give up the federal pension and the benefits that accompany it.


sometimes you look too hard for a conspiracy. this is one of those cases.



posted on May, 31 2006 @ 02:51 PM
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Ah yes ..... Mr Paulson, former chairman and chief executive of Goldman Sachs, one of the big owners of the Federal Reserve.

Now Mr Paulson will have the authority to task the Federal Reserve to coin more and more money.

How long until the dept ceiling is raised again?

This doesn't smell so good to me.



posted on May, 31 2006 @ 03:13 PM
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There is every chance that Secretary Paulson might surpise me. If he does, I will be the first to give him credit when it is due. The fact is that we're getting used to the idea that our officials are corrupt. We're starting to quibble over just how much corruption is acceoptable.

As a published conspiacy theorist, I'll plead guilty to the charge of being jaded. We live in an age when there are no heros.



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