Neil Cavuto Clobbers Sponsor of Radical Pay-Limit Bill

American Spectator ^ | April 1, 2009 | Matthew Vadum

[vadum]

Legislation that in earlier days might very well have sprung from the mind of Benito Mussolini or Fidel Castro is being debated on the floor of the House of Representatives right now. (live video stream available at CSPAN) The bill, HR1664, is sponsored by Rep. Alan Grayson, and would impose limits on compensation for "all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government," in the words of Byron York of the Washington Examiner. Grayson is a member of the extremist Congressional Progressive Caucus, which until fairly recently was run by Rep. Barbara Lee, a Marxist who once betrayed her country. (Lee was co-chair of the CPC with fellow California Democrat, Rep. Lynn Woolsey, whose primary qualification to be a congresswoman is the fact that she was once a single mother on welfare.) This Mussolini-style corporatist legislation handing President Obama's bumbling Treasury Secretary Timothy Geithner extensive control over salaries of employees who work for businesses that take in government bailout funds was approved by Barney Frank's House Financial Services Committee last week on a 38 to 22 vote. Grayson appeared on Fox yesterday and evaded question after question about this MASSIVE power grab of a bill, but Neil Cavuto wouldn't put up with it and ripped him to shreds. [VIDEO AVAILABLE AT AMSPEC BLOG]

[Ghost of Philip Marlowe]

The danger in all this is the precedent it sets.

By definition, any type of a tax break any company takes (even a “green” credit) could eventually be seen as a “capital investment” by the federal government, which would allow them to socialize the company.

And let me be the first to point out just how effing disgusting it is that these commie m effers dare to use the term “capital investment.” Capital is something generated in the free market and invested in the free market. The “capital” they are investing is from CONFISCATED EARNINGS, confiscated from the private sector and that should be available to participants IN the private sector if it is to be invested at all.

These Statists have no gumption, no shame, no limits. They must be stopped.

[reg45]

Will this “rule” apply to educational institutions that receive government money.

[liberty or death]

Yes but this might teach the “Den of Thieves” on Wall Street and in our financial markets to take their medicine and not cry to Big Brother.

[goat granny]

One can always hope....Anyone that takes money from the gov’t is owned by the gov’t...idiot CEO’s.......I have never been a CEO but even I know that......

[xkaydet65]

I think this will center on Ford Motors. If they refuse bailout money and seek to develop profit by actually making cars people want to buy once GM and Chrysler are reduced to green machines, the Treasury will declare them insolvent and cite the fact that Ford has federal contracts, probably defense related, and move in and take over the company. Once this happens the USA will be reduced to the level of Harold Wilson’s England. But we won’t have a Maggie Thatcher to rescue us.

[Tuketu]

I wonder if the cause of these “high bonuses” and salaries etc are the product of the Corporate Tax RATES and double taxation of payments to shares holders (DIVIDENDS) are at the roots of all this???? And who made that stupidity Law?

It seems today some GOPers suggested a 20% Corporate Rate as opposed to 40% (Plus the above indicated double taxation, plus City, State and then personal taxes.) A good idea, BUT why not a ZERO tax rate, honoring Obama, President ZERO? All know that Corporations do not pay taxes! The clients, customers, users, share holders and employees pay the taxes in terms called PRICE. IF a ZERO rate were guaranteed for 2 years, giving the accounting boys a chance to change things around, all that evaded tax stashed off shore would wash ashore eliminating the need for credit, causing the need for capital expenditures, hiring people and putting people to work. Thus we end the Trillion Dollar emergencies. But I guess as President ZERO wants a Federal Europe, he intends to cause as much mayhem as possible making it possible for One Worlders to take over (Yes, he hopes he is "The One", ZERO)

[Ghost of Philip Marlowe]

You’d hope it would. But they are in collusion with the Federal Reserve. The Fed was created to protect the den of thieves, which encourages them to take high risks.

As far as GM and other companies, they are lured into needing such “bailouts” by draconian regulations and unions. So, they are not functioning in a free market. They are like swimmers who are forced to compete while wearing ankle weights.