President Barack "World" Obama is going to limit the executives of bailed out corporations to $500,000--mainly financial institutions and Wall Street firs. Obama cirticized Wall Street bonuses over the weekend.
Now, readers of this blog know I have know sympathy for Wall Street, banks, or GM (to name a few). These are the stupidest people on Earth, and they generally don't deserve bounuses or huge salaries.
However, let us be honest. Does this action by Obama create ONE job? Does it create ONE loan? Does it "help" the conomy in ONE way? Of course not. It is, as one critic quoted on Drdge said, "political grandstanding.
"But," you say, "if the government (taxpayers) is going to bail these people out, shoudl that not give the government the right to control how these corporations spend their money? Do not banks loaning money to businesses routinely set requirements for executive salaries, etc. (for small businesses)? Of course. However, this merely extends the evil of governmernment bail outs, and does not mitigate the evil. With governmment "investment" comes government control. That is why this whole thing is a lurch toward socialism.
That said, we are back to bmy brother, again, the co-owner of that trucking company employing (at least until very recently) 200 people. My brother, and his co-owner, earn less than $200,000 each. I recommended that they should earn more, but they wanted to build their business (the idiots; they don't understand the modern way where executives get rich even as they drive their companies into the ground). Even though my brother recognizes the socialist evil here, he is desperate. Therefore, he is willing to accept this $500,000.00 limit in exchange for a 2 million dollar government babilout (you only have to loook at the "stimulus" bill to see how good a deal this is for the government--cost effective in comparison). I told my brother way back when his compnay was making money that he should take a $500,000 salary. Surely, he was worth it, while the CEO of GM was making some 28 million.
Yes, both my brother and I understand the problem. How can the government bail out EVERYBODY. However, why do Wall STreeet people and banks deserve to be bailed out more than my brother, especially since some of these bailed out entities may end up foreclosing on my brother (rather than work with him)? This just illustrates the absurdity of the whole "bailout" business. The Wall STreet people now running the country get to choose the winners and losers, in conjunction with Obama and the leftist Democrats in Congress. That means my brother is left out tin the cold. And there is no theoretical way to justify the government choosing the winners and losers.
Of course it is political grandstanding on the part of Obama. He is trying to conceal the evils of the whole government takeover of the economy. He is letting Wall Street direct our economic policy, along with other failures, at the same time he is trying to convince the people he is "on their side". What a loser (Obama)!!!!!!
P.S. 1: yes, I am perfectly aware the the people on Wall STreet and in financial institutions know how to get around government limits. Wht about stock options (Lee Iococa--sp.? Who cares) took a salary of $1 from Chrysler, but made millons on the stock. As this blog has told you, Wall Street is now copoased totally of computer gamers. To imagine that the government can "manage" these people is absurd, and yet the government is claiming the ability to "manage" the entrie economy!!! That is beyond absurd.
P.S. 2: Yes, the Senate INCREASED the "stimulus" bill by 17 billion dollars today (to 905 billion, on the way to a trillion). At this rate, the Senate will soon be spending real money. Menanwhile, Republicans like McCain are "threatenting" to limit FUTURE government spending as a "price" for CAVING on this outragesous pork bill. Repubicans have done this before--over and over again. In echange for FUTURE promises--promptly rescinded--Repubicans cave on principle. Remember George Bush 41 and "Read my lips", who agreed to an increase in taxes based on promises of spending cuts that never happened? And then he spineless wimp Republicans in the Senate blame the Democrats for misleading them (like the Democrats blamed President Bush--equally ridiculously--for misleading them on Iraq. Nope. Republicans should have no illusions here. If they cave on this pork bill, that will just confirm the resolution of people like me to never vote Republican again in my lifetime--at least unless there is a total conservative coup in the Republican Party in essence throwing these people out. Political games are not going to work anymore. The Repubican Party is going down for the routh time (having already gone down for the third time, and now clinically dead). Each further betrayal by those wimp Republicans in the Senate merely puts another nail in the coffin (as I deliberately mix metaphors). These are other people I have no sympathy for (Republicans in the Senate). It is this kind of stuff that DEFEATED McCain. And I, for one, am GLAD he lost!!!! If McCain were President, the bill would be the same, but Repubicans would be even more spineless. Message to McCain: Just go away. I am tired of you.