Giuliani: Wall Street bonuses trickle down!
Rudy Giuliani warns that cutting corporate bonuses will lead to cutting jobs. He adds that when he was mayor of New York City, he based the city budget in part on Wall Street bonuses.
"If you somehow take that bonus out of the economy, it really will create unemployment," Giuliani said on CNN's "American Morning." "It means less spending in restaurants, less spending in department stores, so everything has an impact."
Lemme see...where have we heard this before?
An even better question: Where has this theory actually worked before?
Here's a better idea, Mr. Giuliani: Take those fatcats' billions, give the money to the workers who helped make them rich, and let the workers do with it as they choose. Who knows, maybe they'll choose to spend some of the money and it will eventually trickle up?