They're going to market this plan as a way to cap CEO pay, but the actual plan applies this cap to all employees. What does this mean for you? It means that if you work at a company that has accepted federal bailout money, the federal government would control your salary. Oh, sure, they'd start with the people at the top...but do you really believe they'd hesitate to take aim at employees a little lower on the totem pole if it gave them some political advantage? When has the government ever ignored an opportunity to exert control over the people it supposedly serves? If you can name one time, I'll be impressed.
Now, read the following from an interview with Barney Frank, the Democrat Chairman of the House Financial Services Committee and the guy who oversaw/ignored the Fannie/Freddie debacle...it gets even worse (emphasis mine):
Congress will consider legislation to extend some of the curbs on executive pay that now apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said.
"There's deeply rooted anger on the part of the average American," the Massachusetts Democrat said at a Washington news conference today.
He said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.
The provision will be part of a broader package that would likely give the Federal Reserve the authority to monitor systemic risk in the economy and to shut down financial institutions that face too much exposure, Mr. Frank said.
"There's deeply rooted anger on the part of the average American," the Massachusetts Democrat said at a Washington news conference today.
He said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.
The provision will be part of a broader package that would likely give the Federal Reserve the authority to monitor systemic risk in the economy and to shut down financial institutions that face too much exposure, Mr. Frank said.
This is pure insanity! This guy is proposing nothing less than a full-out Communist regime where the federal government can walk into any company in the United States and dictate the salaries of anyone working there -- even if they haven't accepted bailout money -- and even shut the place down!
Of course, this kind of blatant power grab is precisely what we predicted would happen if Democrats were voted into power, but 'I told you so' just doesn't seem to help me sleep any better at night.
Stalin would be proud of Barney Frank. We, on the other hand, should fear him and watch him like a hawk.
There's my two cents.
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