Pity the Rich in a Recession

One of my persistent bafflements of the past few weeks has been the public statements of the company owner with regard to financial information. In particular, when he described the layoffs, he suggested that everyone needed to do more with less. That, at least, is certainly true for me and my former co-workers who need to figure out how to pay our mortgages, to feed our families, and to manage our health insurance. Another interesting comment he's made lately is that many banking failures in the United States were the result of greed. Greedy managers subsidized risk by spreading it to individual investors and employees and privatized reward by taking it for themselves. I suppose the multimillionare owner of a private business who's just laid off a few dozen employees to recover from poor business decisions in the previous month would know a few things about that.