More Political Terrorism - Obama, Frank, Geithner Plotting to Extend Pay Caps to ALL Companies

Evil Conservative Radio ^ | 10 Feb 09 | EC

[nysuperdoodle]

I guess I was hopeful on some level that our politicians here in America were different somehow from the politicians in other countries who spawned Hitler and Stalin and Mussolini and on and on......

...I am starting to think I may have been wrong.

What is going on now is nothing short of political terrorism, that can only destabilize and undermine our free markets. Take this news from Barney Frank, in Financial Week.

[Yo-Yo]

Hey, it worked for Nixon in '73.

</sarc>

[Diogenesis]

[DonaldC]

It works for Japan.

[databoss]

Read this Excellent Analysis of the Problem

[silverleaf]

Check my new tagline

To change our America into a 2d class collective, the marxist need not only to use this financial catastrophe to extort massive wealth to fund their scheme, but also to make common man blame “the rich” for the crisis

and to make the “rich man” (anyone actually paying taxes or trying to start and run private businesses) blame “the poor” for not paying their mortgages

And for everyone to be assured by the spokesperson president that they are helpless, only the government can intervene to save them

America is being sliced and diced before our eyes

[ZULU]

They only have the right to cap bonuses and pay for people who take taxpayer dollars in a bailout. Nobody else.

Barney Frank is a disgusting communist and so are his buddies in the Congress and the Obama Administration.

[KarlInOhio]

They only have the right to cap bonuses and pay for people who take taxpayer dollars in a bailout. Nobody else.

They can also change the business deductibility of executive pay. I think that they already say that pay above $1 million is not deductible as a legitimate business expense, therefore companies might have to pay an extra $0.40 in taxes for every dollar above a million dollars in pay. That pushed a lot of executive pay to stock options. All they need to do is lower it to $250,000.

They can also put in rules to contracts the government lets out? Does Xerox want to sell a copying machine to the Air Force? Bam! The pay cap is in the contract. This will give foreign companies a competitive advantage over US companies.

[Lazamataz]

Excessive hyperbole:

“Treasury Secretary Timothy Geithner said last month that he might try to extend to all U.S. companies a restriction that prohibits bailout banks from taking a tax deduction of more than $500,000 in pay for each executive. “

Only the tax writeoff for the compensation. If your company values your work enough, they can still pay you 12 million a year. They just cannot write off the full amount.

It discourages higher pay, but it doesn’t prevent it.

Further, the very first Republican that gets into office will immediately reverse it.

[Joann37]

I still don’t get why everyone is upset about this. It is ONLY for the companies who take a bailout.

No bailout; no salary cap.

Do people really want these execs to be rewarded for running a company into the ground? Why should they be rewarded, when the companies stockholders are left holding the bag? Shouldn’t the pain be equally distributed?

[ZULU]

You can't expect companies coming hat in hand to the AMerican Taxpayer wanting tax dollars to bail them out of trouble and then give hefty bonuses to executives. Its simply not fair. IDEALLY, we should let the companies just collapse. The free market will eventually correct the problem. But once again, we have one of the dumbest Presidents in history to thank for this precedent. Just like his father with the tax increase, Bush II let the Democrat Congress sucker him into a big bail out of insolvent financial insitutions and the American Public by a wide margin opposed it. Barack supported THAT bail out too, but unlike the fool who ran against him he stayed in the background and pulled the strings while McCain made himself look foolish and become unpopular. Once again, the Dems are attempting the same thing and they found THREE simple fools to help them: Snowe, Collins, and the irreparable Spector. Everything proceeds by degrees and the vast error of the government bail-outs led to corporate idiocy among the already irresponsible which gave Obama the excuse to regulate salaries. From that he will very likely progress to the unalloyed socialist measures you elaborated on. Once again, the Democrats are not the problem. They are just acting like what they are - unreconstructed socialists and crypto-communists. The REAL problem is the liberal wing of the Republican Party as personified by Collins, Spector and Snowe. The only thing which surprises me is why the fool McCain and his little buddy Lindsey Graham didn't jump on board on this. My suspicion is that they will ALSO be working hand in glove with Obama in future on other issues. Pathetic. An opposition party which is incapable of opposing.

[GrouchoTex]

“Treasury Secretary Timothy Geithner said last month that he might try to extend to all U.S. companies a restriction that prohibits bailout banks from taking a tax deduction of more than $500,000 in pay for each executive”.

What he is saying is that he would extend the same cap he placed on the bailout bank execs to apply to ALL U.S. COMPANIES.