Posted on 03/22/2009 7:33:54 AM PDT by pabianice
Charlie Rangel, one of Congress' Dem professional criminals, was just interviewed by Chris Wallance on "Fox News Sunday."
Among other bombshells was his answer to Wallace's question about the AIG bonus kerfuffle. Rangel suggested that, regarding private businesses that take no bailout, he is planning on limiting the pay and bonuses received by ANY business manager, whether the company involved has received any government money or not, to ensure the "fairness" of the system.
Barney Frank has already stated as much although we haven't heard much on this from Frank since the beginning of the year. But it seems clear to me that legislation is already written and awaiting filing that would allow Congress to set the compensation of all American workers.
On the other hand, Charlie Tax Cheat has no problem with Geithner despite Geithner's clear involvement in oking the AIG bonuses and then lying about it.
More fun was had with budget numbers. Dr. Somers said with a straight face, that The Messiah will indeed cut the deficit by 50% during his term.
Wallace then hit Charlie with Rangel's multitude of tax crimes. Rangel replied that the evil news industry -- esp. Fox -- had created these scandalous allegations as a personal vendeta against Rangel. Rangel insisted that he has done nothing wrong and that the Dem Congress is "carefully studying" the allegations and that there is no there there.
So, what about it? How much do you think Congress will let you earn, and how will you express your gratitude?
This could come from the Communist Manifesto.
Welcome to China.
Atlas is shrugging
So much for the fake outrage over AIG bonuses the rats included in the stimulus bill in the first place. Was this “the plan” all along?
Hey dumbo Charlie, what part of “It’s none of your dumb-ass (and sorry your ass is superbly dumb) business.
Go do something equal to your lack of talent - say , cleaning outhouses.
The end of our country as we know it is at hand.
When the government gets into the business of mandating and controlling wages of individuals in private businesses, it’s over.
Excellent point . . . and my guess is “yes.”
I believe so. It's called a slippery slope and once on it, there's no stopping.
the ONLY thing that will slow it is an outright revolt (NOT in shooting terms), but at the ballot box and other actions (Marches, Tea Parties, etc..)
Good thing my Pop has went to his eternal reward. He'd have another stroke.
No matter how long you point at AIG, etc. you still have your own financial issues outside the norm for your constituents and the public in general. Heal thyself.
Actually more like Benito Mussolini’s Fascist Italy. Allow private ownership of the means of production but simply decalare that some arbitrary figure is all the profit that can be made and anything in excess of the stated max.allowed profit will be confiscated for the “common good” so instead of comparing Obama to Hitler or Stalin we should be publishing him in the image of Il Duce.
The choice is to throw in the towel or fight back with respect for our forefathers and our Constitution....
What will it be my fellow American Capitalists?
That's what union members have, already. And most don't seem to mind as long as they feel "taken care of".
Dangle the prospect of "free" health care in front of the average voter these days and the entire Communist Manifesto is on the table.
Economic Stabilization Act
http://www.econreview.com/events/wageprice1971b.htm
1974 Time article:
http://www.time.com/time/magazine/article/0,9171,942756,00.html
No Charlie they’ll come a day when we will have our day in court
They are beginning to back peddle on the 90% AIG bonus tax, and “looking at the bigger picture.”
http://news.yahoo.com/s/ap/20090322/ap_on_go_pr_wh/biden_economist_aig
VP adviser: AIG bonus tax may go too far
WASHINGTON – Vice President Joe Biden’s economic adviser warned Sunday that a congressional plan to tax American International Group Inc. executives’ bonuses may go too far in using the tax code as a tool for retribution.
President Barack Obama has not said whether he would veto some version of a House-backed plan to heavily tax the $165 million in bonuses. Biden economist Jared Bernstein said it’s important to look at what version of the proposal comes out of the Senate.
“I think the president would be concerned that this bill may have some problems in going too far — the House bill may go too far in terms of some — some legal issues, constitutional validity, using the tax code to surgically punish a small group,” Bernstein said in a television interview. “That may be a dangerous way to go.”
(snip)
Obama and his top advisers called the bonuses outrageous and condemned them. Bernstein said the administration must be focused on the big picture, not just one company.
“What happened at AIG, vis-a-vis these bonuses, is a symptom of a much larger problem,” he said. “And we cannot lose sight of the larger problem, which is stabilizing financial markets,”
Bernstein appeared on ABC’s “This Week.”
Sadly....the enlightened capitalist protects the socialist fool.....when he risks everything.....it is the summit of unintended consequences.
I agree the government should keep their nose out of private sector compensation but, on the other hand, why not set the pay scale in accordance with the government GS pay grades for any company that receives taxpayer money? Perhaps that would be an incentive for all executives to keep their hand out of the taxpayer’s kitty.
Bluto: Over? Did you say “over”? Nothing is over until we decide it is!
I quote this not so much in jest either.
Should this become law, it must be universally ignored.
And what happens when companies are forced to accept taxpayer funds like has happened recently with a couple financial institutions?
Communist.
Why, 52% of us will vote Democratic, comrade..
The Gospel according to Rangel, per this mornings talk shows, is that in the interest of “fairness”, this maximum wage policy should be implemented across the board whether or not a company received bailout funds..
Socialism advancing to Communism; and all under the guidance of Soros, 0bama, Pelousy and Reid the Feckless.
This is fully out of hand, now, and the very future of the nation is at stake. We simply must take back the country, reinvigorate our freedoms, demand accountability from government officials, and rein in the Federal leviathan.
WHAT A GREAT IDEA!!!!! WHY HASN’T THIS BEEN THOUGHT OF BEFORE?????
Let’s cap actors at no more than $200,000 per year, regardless of how many films they make or what the box office is.
Baseball pitchers at 120,000, position players at $80,000 and DH’s at $2. NFL quarterbacks at $250,000.
Full professors at state schools at $50,000 at Ivy League schools $20,000. They are allowed up to $10,000 a year of on outside income, but only if they earn it as pizza delivery men and then only in tips.
Airline pilots are allowed only $20/HR plus OT about 1.5X what cabbies make (they’re just glorified cab drivers, after all) and cabbies don’t get OT. Less any outside income from military retirement pay, since we paid for their training, after all.
Sadly, with 52% of the electorate (with the aid of ACORN manipulation) voting Democratic, the "revolt" will be hard to see at the ballot box.
Part of the problem that caused the financial meltdown is that executives, who are supposed to be fiduciaries (or to use an old word, stewards) for the owners of a corporation, the shareholders, have stopped working for their shareholders and started working for themselves (either personally or as a class—Burnham predicted the ‘managerial class’, and Djilas called it ‘the New Class’ in the Communist east).
A simple fix: no caps on executive compensation, but the only compensation that executives can receive other than salary is in the form dividends paid on a large block of common stock without voting rights that is assigned to them while they are working for the company. Deliver value to the shareholders by making enough of a profit to pay dividends and executives of large corporations can get millions and millions of dollars, don’t deliver value to the shareholders and they’ll have to be content with their six- or low-seven-figure salary.
We don’t want executives to work for the public, nor even for their board of directors (more members of the New Class), but for the actual owners of the company they manage, even the ones who only own fractional shares through their pension fund or mutual fund holdings.
Disgusting. I don’t know what it’s going to take to stop this coup but I have a feeling it’s not going to be pretty
Great post. Atlas need to quit shrugging and start stomping on these socialists.
A common formulation, but what is the unstated meaning? That the chairman is powerful due to his ability to bestow tax favors on those who contribute financially to his personal political career.
It's just taken for granted that Rangel is essentially a thief.
I disagree somewhat..many of his most ardent backers now have a severe case of buyers remorse..
Case in point, my girlfriend works in a financial services office and her boss (a black guy) WAS one of ears fanatical backers, insisting he’d govern more from a “center-left” position once elected..
He recently walked into the office and said, (Remember, he was a huge backer), “What the %$#%@ is that &$#$& doing????”
This doesn’t mean he won’t vote for him again, but it’s now HIS pocketbook that’s being hit simply because people are closing accounts, shifting funds etc..he’s losing commissions..
Your dictatorial handling of executive compensation would provide executives with an out-sized incentive to pay out in dividends what high-growth companies would better have reinvested in that growth.
How about the old-fashioned idea of allowing shareholders to decide how to compensate their hired help?
This is self-defeating, you'd think even the idiot Dems would see that limiting incomes will reduce their beloved tax revenues. What a bunch of morons.
Lock and load!
These people have predictably overreached as they always do.
Do WE have enough knowledgeable, Freedom loving Americans left this time around to vote these idiots out?
I doesn’t matter what version comes out of congress, they are all unconstitutional.
They could have gone slowly, but they have decided on a sudden coup, which means they will be removed, forcibly, from office by those who really run things.
I don't think their primary concern is revenues, or the programs the revenues fund, or even the people who purportedly benefit from those programs.
Those things matter to them, but, above all, the rich must be punished. Obama even admitted this in a discussion on capital gains taxation.
The fix is to get governments butt out of business. To suggest any type of tampering with compensation of private entities is unacceptable and for you to suggest it is ok shows your deep liberal leanings, no other word for it. Anyone who thinks the feds should have the power they are trying to cement for themselves can only be called a liberal. A more truthful word would be Marxist.
Nossir. 20,000 per annum.
Baseball pitchers at 120,000, position players at $80,000 and DH’s at $2. NFL quarterbacks at $250,000.
Nossir. 20,000 per annum.
Full professors at state schools at $50,000 at Ivy League schools $20,000. They are allowed up to $10,000 a year of on outside income, but only if they earn it as pizza delivery men and then only in tips.
Nossir. 20,000 per annum.
Airline pilots are allowed only $20/HR plus OT about 1.5X what cabbies make (they’re just glorified cab drivers, after all) and cabbies don’t get OT. Less any outside income from military retirement pay, since we paid for their training, after all.
Nossir. 20,000 per annum.
I wonder what the limit might be?
And did people like Frank Raines, Jaime Gorelick, Tom Daschle, and Rahm Emmanual exceed this limit?
You, sir, are blessed with fabulous analytic powers and infinite goodness and free from prejudice or bias, so, of course, you, and you alone, are allowed to determined what different trades are worth.
Still, I say publick skewl teecher are entitled to at least twice what an airline pilot makes.
We are out of the market right now. We may re=enter to shield against inflation,but not sure where to put it.
Zero is a disaster, Congress is a disaster.
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