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.
And people think Glenn Beck is "over the top".
Now that they have started....where will hey stop?
*shiver*
They are solely talking about companies bailed out by the government, right? There's simply no way they can legislate the pay of private companies generally ... unless they formally declare a dictatorship
By the way, all such talk is good ... for the Republicans in 2010, if they can get their act together. Electing Michael Steele was a great start!
Will the income cap apply to homosexual prostitutes, too?
Remember those relieved folks -- including some naive conservatives -- who thought, on the basis of some of his "solid" appointments, that Obama was moving toward the centre. Well, I certainly never bought it. Here's a good piece outlining Obama's methods which he has borrowed from the Soviet Union. Incredibly, the US now has a communist president. I'm guessing that Clinton will resign sometime in the first half of the term.
American Thinker: Obama may become a disaster
Vladimir Lenin pioneered a double-layered style of control by Soviet Party Commissars. Every government official and military officer was doubled by a Party Commissar, who wielded the real power. The result was wild swings between radicalization and stagnation in the USSR. Nobody could act without worrying about the local Commissars, who owed their real allegiances to the Kremlin. Obama is using a similar strategy by directing Samantha Power to go wherever new SecState Hillary Clinton goes.
Those two ladies hate each other, even before Power called Hillary "a monster" during the primaries. Power will report on Hillary to the White House. The Obamas are introducing a parallel staff for the major departments in the White House, to keep a jealous eye on its own appointees. The Clintons did this with the Justice Department, where Jamie Gorelick was the real power at Justice, and Janet Reno became the PR front. We know about the results in a suicidal anti-terror policy, the cynical return of the little refugee boy Elian Gonzalez to the Castro tyranny, and the Waco massacre.
Franklin Roosevelt owed much of his popularity to his relentless demonization of free enterprize and greedy capitalists. Before the Japanese and Germans came along, "profiteers" were the enemy, and this went over well during the hardships of the great depression. There were few who had the courage to make the case for a more laissez-faire economy.
Such populism helped prolong the depression and - perversely - keep Roosevelt in office.
Indeed, rabbit. If you haven't yet, read Amity Shlae's excellent The Forgotten Man: A New History of the Great Depression.. I just got my copy back from a friend. I will be re-reading it soon.
Dhimmi:
I have read "The Forgotten Man" myself, and - like you - plan to re-read it. It has renewed relevance in light of recent events.
I'm hoping it remains history, and not a roadmap to the future.
Just a different shade of the same old bullshit.
The reason 'profit is evil' right now is that you had a market meltdown compounded by idiots like Bernie Madoff with their $50 billion Ponzi scheme being ignored by the SEC when they were warned some 8 years ago by Mr. Markopolos. This is not the kind of rubbish that inspires confidence.
Nothing is 'wrong with the market' other than the SEC police are asleep. Moreover, it is the Dems that were aiding and abetting the sub-prime catastrophe with Barney Frank among those leading the charge.
They should be knee capping the salaries of the geniuses minding the store, not entire industries.
This is the shotgun approach where everyone gets plastered except those most responsible for enacting the mess.
Cheers
Hans-Christian Georg Rupprecht, Commander in Chief
1st Saint Nicolaas Army
Army Group "True North"
http://www.wpix.com/landing/?NY-Congressman-Gary-Ackerman-Erupts-At-S=1&blockID=206396&feedID=1404
High-ranking SEC officials sat quietly and stared blanking at Congressman Ackerman as he went off on a tirade claiming they did nothing to prevent this and were useless in providing answers to why this took place.
"You've told us nothing and I believe that was your intention. I figured you'd leave your blindfolds and your duct tape and your earplugs behind but you seem to be wearing them," Ackerman ranted at the stunned group.
"You couldn't find your backside with two hands if the lights were on. You have totally failed in your mission. Don't you get it?" he asked.
As SEC members squirmed in their seats he continued, " What happened here? That's a question. Do we start with hear no evil, see no evil or do no evil? Take your pick."
When SEC members tried to answer that they were unable to provide specifics due to the investigation Congressman Ackerman shot back, "If anybody made the case better than Mr. Markopolos, and I didn't think anybody could, about you people being completely inept, you've made the case better than him."
I think Hollywood might be a good place to extend this new edict to.
Zilla:
Now that they have started....where will hey stop?
*shiver*
When Obama declares himself the hidden Mahdi. The twelfth of the promised Princes to Islam through Ishmael. There have already been 11.
To the West he will declare his godhood.
That’s when it ends. President Hussein indeed.
JMO
Imagine that, telling George Clooney that he was only going make 500,000 per movie...yeah right.
Any company that takes the money should pay a price. It gives the incentive to keep your problems private or pay back the $$$ as fast as possible. I wish they would do that up here with Bombardier (yeah right)
FDR underpaid workers on the whatever that program was named, it meant that the government got the work cheaper AND the workers would naturally move to the private sector when they had the chance. Nothing wrong with that.
Steering America to socialism isn't "change"....pffft don't drop that one around FDR's grave or he's likely to rise up and kick your collectivist ass with an new deal.
For what it's worth, this kind of nonsense is what Herbert Hoover undertook during his tenure as the depression unfolded. In Amity Schlae's book The Forgotten Man, she noted how Hoover browbeat America's business community into cutting back on layoffs. The result was a plunge in business profitability and an acceleration of the depression.
Some days I can't believe how history is repeating itself in this financial crisis.
Barney Frank- en-stein is the poster boy for all that is wrong in the USA government. If Americans paid attention to details they would realize that all this sh@# is a direct result of government screwing with the free market. If you don't work, you are not qualified to have a mortage.
Most americans have no idea that all money spent comes from the House not the White House, thats where the real power lives.
Beck is over the top,admits he is ADHD and a recovering alcoholic BUT he cares , has a platform and rattles the cage in a way that awakens the few who can make a difference.
This matters, Canada thrives when the USA thrives ,the end.
we used to call this indian time. any appointment was morning afternoon or evening. getting it closer than that was a problem . late was having a morning meeting in the afternoon or the next day. this will be considered a blessing by the MSM in the near future. slow down bro' iz jus on the obamas schedule ma man.
http://www.foxnews.com/politics/first100days/2009/02/05/obamas-tardiness-sets-apart-predecessor/
janet
""",admits he is ADHD """"
and pray tell, what is the impetus to post that bit????????
He's an obese pig.
Does it matter that Barney Frank was the man with responsibility for congressional oversight of the fiasco of U.S. lending practises?
That's what the House Financial Services Committee Chairman's job would be.
He's the guy who should have made sure that mortgages were not advance to people with no income and other types of fun things that led to the sub-prime mess?
Now he's got the chutzpah to point out the obvious, that the U.S. taxpayer is p**d off at Congress?
It's no wonder they only have a 14% approval rating.
Has anyone read The Creature From Jekyll Island?
GYM ,I hope that you have a blessed life that allowes you never have to deal with anything out of the norm but many do. That high profile personalities like Beck and Howie Mandel speak about it helps many families that deal with everyday. how can that be a bad thing?
When Rush Limbaugh says on his show to "bend over and grab your ankles", you just knew that Barney Frank would show up sooner or later.
Bob:
Yep, nothing bugs me more than seeing some overweight queen tell everybody else they have to cut back. I bet they don't stop serving steak and shrimp in the Congressional restaurant, and I bet Barney won't be driving back to Mass. any time soon.
To paraphrase Bruce Cockburn "Some government gambler with a mouth full of steak saying if you can't find a job move to some other state".
I mean 236 of the SP500 companies increased their dividends last year. Granted, this was the worst performance in 4 years, but still - almost half the CEO's did a good enough job to return more money to their shareholders. Why should they be penalized because some Wall Street and Detroit CEO's messed up? Take Emerson Electric as an example - its share price, adjusted for splits, rose from $2.06 to $34, while delivering a steadily increasing dividend each year. (I admit that it's down from $56 in 2007, but a bear market drags down all stocks, especially this one where many funds were forced to sell their good stocks to cover their losses on their bad bonds.) That's approximately an 8.7% return for 25 years, not including the dividends that the company pays out. How is that bad management, or unfair to the shareholders? I think the CEO earned his $4 million.
the u.s. will soon look like canada, a socialist country. the only difference is socialist policies will bankrupt them. we have been able to totter along our road because we have great wealth and a small population. add another 30 million people to canada and we will go broke.
Barney "Sweet Cheeks", the dirt road warrior, is the first guy who should have his salary cut - right to zero.
hans, i was always fasinated by people who would invest in companies that were trading at 100 times earnings. a true reciepe for disaster.
For those of you that have read Ayn Rand there is an eerie similiarity between the leftist characters in Atlas Shrugged and people like Barney Frank (Wesley Mouch), Nancy Pelosi and Harry Read. When Hank Rearden confronts the government bureaucrats with "Why don't you take over my mills and be done with it", they react with "a jolt of genuine horror" and cries of "Oh no!", "We wouldn't think of it", and "We stand for free enterprise!". (Wikipedia)
I am not the only one that finds this to be an eerie similarity http://online.wsj.com/article/SB123146363567166677.html