Most of his former colleagues probably can't fathom why Wall Street bankers make
tens of millions of dollars in salaries and bonuses each year. How would he
justify these fat pay days? "It's simple," he lectures, sounding very much like
the Texas A&M economics professor that he was in the 1970s: "In economics,
we define labor exploitation as paying people less than their marginal value
product. I recently told Ed Whitacre [former CEO of AT&T, who retired with a
$158 million pay package] he was probably the most exploited worker in American
history because he took Southwestern Bell, which was the smallest of the former
Bell companies, and he turned it into the dominant phone company on earth. His
severance package should have been billions."
Barack Obama may have a hard time connecting with white working class Americans, but it is hard for me to believe that they are a going to vote for McCain whose economic policies are going to be driven by a guy who thinks that CEO's are the most exploited workers in the America.