Rudy Giuliani this morning provided his unique insight into Wall Street’s $18 million in bonuses that President Obama had slammed as irresponsible.
According to Rudy, stimulus packages don’t necessarily have to be government financed. The Wall Street bonuses represent a privately-financed stimulus package. (And, as everyone knows, whatever government can do, private enterprise can do more efficiently.)
“Those bonuses, if they are reversed, are going to cause unemployment in New York,” the self-described fiscal conservative said. “I remember when I was mayor, one of the ways in which you determine New York City’s budget, tax revenue is Wall Street bonuses.
“Wall Street has $1 billion, $2 billion in bonuses, the city had a deficit. Wall Street has $15 billion to $20 billion, New York City had a $2 billion, $3 billion surplus, and it’s because that money gets spent. That money goes directly into the economy.
So, really, Wall Street was just doing its civic duty, doling out those bonuses.