BlogExplosion

Tuesday, October 07, 2008

There's a Main Street in the Roxiticus Valley, Too...

Many of my Roxiticus Desperate Housewives know that I'm not just a blogger and a mom, I'm an investment banker...my husband Rex and I own a small mergers and acquisitions firm in New York City. Whether I'm out and about in the blogosphere, reading someone else's newspaper on the train, or watching TV, I hear investment bankers and the employees of some of the failed banks getting a bad rap. "Why should we bail them out? Look at those bonuses on the books...surely we don't have to pay these frauds?" I don't work for one of those big banks, but I have plenty of friends who do... many of them work for a small division on Main Street, not Wall Street. Believe me, the little people in the card processing group or even the financial managers who help individuals and small businesses to set up their retirement plans had nothing to do with the mortgages or securitized instruments that caused the credit crisis....yet they're watching their stock options or the employee stock in their 401(k) plans tank and wondering if they'll ever see the bonuses they earned earlier in the year.

And before you start playing your tiny violin to mock the "rich people" who won't be able to take a luxury vacation or keep their kids in private school or dine at the finest restaurants, remember the "trickle down" theory... if these "rich people" stop doing all those things, who will pay the salaries of the teachers at the private schools, or the hotel employees at the resorts and spas, or the guy who buses your table at that fancy restaurant? I'm not saying the bailout is right or wrong, I'm just saying that it is bigger than all of us right now.

4 comments:

Mariuca said...

Roxy! Finally watched ep 1 of DH! Looking forward to seeing ep 2 now! :)

Mariuca said...

Roxy! I decided to join an early morning BOTB and guess whose blog I saw on a BOTB too? He he! here to vote vote vote, good luck! :):):)

The Prince of Centraxis said...

I know all about the 'trickle-down' effect. That's where rich people drink champagne like water on the balconies of their penthouses and PASS it onto all the people below.

Please don't moderate this out of existence.

Blair said...

I don't know about the trickle-down theory, I think that's mostly been debunked. I am inclined to agree with you about the bailout in general though. People are annoyed they're paying for other people's mistakes (rich or otherwise) but it's stupid when you think about how the economy is tanking at this point. We can't afford not to have this bailout. Although I don't know yet how useful it will be.