Author Archives: Les AuCoin

It’s Damn Tough Being Master of the Universe Anymore

Courtesy of the Huffington Post: “On Wall Street, there’s some feeling that things just aren’t what they used to be.”

“The industry that many allege played a fundamental role in the financial crisis is now dealing with the ramifications of the meltdown, albeit in its own way. The prospect of smaller profits combined with public ire over banker pay — including that from the Occupy Wall Street movement — means that many in the finance industry are saying they believe that the culture of huge bonuses and paychecks may be over forever, at least according to one ex-Lehman banker.

“The feeling is compensation is never really going to come back, which is something entirely new,” an anoymous ex-Wall Street worker told New York Magazine as part of their Workplace Confidential series. “After the tech bubble, no one questioned it wouldn’t come back. We all knew it would. Now it’s different. It’s just no fun.”

Just no fun! Hell is this, a salt mine?

But, all’s not lost, Pilgrims. While banks’ executive compensation may be dipping, over there at Goldman Sachs, compensation as a share of revenue is slated to go up to 44 percent from 39.3 percent, according to the New York Times, a trend that is common on Da Street.


Calling a Brief Timeout

Not that it’s an earth-shaking announcement  or anything, but I’ve decided to dedicate all my available hours in the rest of the month and February to meeting a big editorial deadline.

My silence does not connote agreement or disagreement with any of the world’s madness that’s sure to transpire! My best advice: keep your heads about you and hold onto hope.

I’ll be back in March. Wish me luck, please, with the “Second Edit” of my much neglected manuscript

G’night and good luck …


Bonamici Meets the Wayne Morse Test

As I watch the special election campaign unfold in Oregon’s First Congressional District—the seat I captured for Democrats for the first time 38 years ago—I think of advice the iconic Senator Wayne Morse gave me in my first race in 1974.

In the darkness of his car at the end of a long day of campaigning, the old warhorse tapped me on the knee and said:

“Young man, always remember who you are and what you’re willing to lose an election for! The one who cannot will do anything to win. And that’s a dangerous man (sic)—because he will always put politics above principle and self above country.”

The reason the memory returns is that the Wayne Morse standard so perfectly distinguishes the Democrat in this race, Suzanne Bonamici, from her contortionist Republican challenger, Rob Cornilles. Bonamici is an unapologetic Democrat who will put government back on our side—to create “trickle up” policies, to protect the environment, to safeguard Medicare, to stop wars of choice rather than necessity, and to make the very rich pay a fair share of taxes to help reduce the deficit.

Her weather vane Republican challenger is posing as a moderate, for this season at least, because he knows it’s the only way he has a chance against Suzanne, a former Federal Trade Commission lawyer and state legislative star. So he talks about a flat tax when only 16 months ago—in a different political season—he supported the Bush tax cuts that added $2.5 trillion to the deficit to benefit the 1%.

Bonamici has explicit ideas for cutting the budget deficit: cancel Bush tax cuts for millionaires, bring the troops home from Iraq and Afghanistan and close loopholes for established industries like Big Oil.

Cornilles? His plan is to—ta da!—pass a Constitutional amendment to outlaw that darned red ink. Of course, he was instantly criticized because ratification of the amendment as part of the basic law of the land would in all probability force higher taxes and draconian cuts in the Pentagon. But wait! There seems to be no problem that Cornilles can’t solve with pixie dust; thus, he now says enforcement of the Constitutional no-no, once passed, (I’m writing this through tears of laughter!) would have to be “phased in” so as not to be too sudden of a jolt to taxpayers or the generals and admirals.

The differences go on: Bonamici, the steady adult, protected consumers as a lawyer with the Federal Trade Commission; Cornilles, the artful dodger, exploited his workers by failing to pay his share of their payroll tax, for which the government slapped him Continue reading


Bill Moyers is Back–With Woody Guthrie as a Metaphor

Predatory capitalism has aroused Bill Moyers to come out of retirement in the effort to take the country back from Bain Capital and return it to its people. His new show, Moyers and Company, premieres tonight on PBS. In this program announcement, Moyers uses the life of the iconic Woody Guthrie as a metaphor for the Rx needed to end our national sickness of income inequality. Enjoy, and be informed …

On Democracy: Is This Land Made For You And Me? from BillMoyers.com on Vimeo.


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