The main argument for bankers earning vast amounts of money seems to be that in a global market, they’ll just bugger off somewhere else if we can’t match the money available elsewhere. But the odd thing is, for the rest of us, globalization has led to stagnating wages as jobs have been outsourced to countries with cheaper labour. Odd that the free market doesn’t work in the same way for the rich as it does for everyone else.
So if we assume that maybe this argument is a bit of a fib, and assuming we can find decent replacements in some far off land who are willing to work for a much smaller pay packet, can’t we just outsource all our bankers along with some of our well paid CEOs? That’s some offshoring I wouldn’t mind seeing.