On Value

Recent headlines like this:

And this:

And this:

Are enough to make you ask: why are we still pretending that these people produce anything of value whatsoever? That their hyper-inflated ‘MegaJob‘ salaries are anything close to realistic compensation? When will we publicly acknowledge that the vast majority of the American finance sector is completely full of shit and damages the reputation and capabilities of this country?

Manipulation of numbers produces nothing. It contributes nothing. If you want to do that, download R and make a graph. But don’t make $500,000 a year to do nothing.

Supposedly the recession is ‘over’ and we’re beginning to recover. But if ‘recovery’ means restoring the finance sector to its previous pedestal atop the grand pantheon of economic bullshit, then that kind of recovery leaves us worse off than we were before. Nothing has changed. It could take ten years to restore unemployment levels to what they were before the recession, and all the while new immigration will be rewriting the face of the country. Much as Elizabeth Warren tries (bless her heart) to change the culture of Wall Street, she is fighting a losing battle. Who would voluntarily surrender an obscene paycheck ‘for the good of the nation’?

We have never been particularly good as a country at rewarding the right kind of work – at paying firemen and manufacturers and miners and the other types of employees that produce something tangible. But the current state of inequality is mind-boggling. And for those like Matt Ridley, who would seek to lull us into a sense of complacency by comparing human life not to that of our parents, not to that of the last three decades, but to the entirety of human history, that’s not where we get out benchmarks for today. We misplaced our priorities a long time ago; are we ever going to find them?

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