Posted on 01/30/2009 11:55:19 AM PST by Red in Blue PA
WASHINGTON (CNN) -- One day after President Barack Obama ripped Wall Street executives for their "shameful" decision to hand out $18 billion in bonuses in 2008, Congress may finally have had enough.
An angry U.S. senator introduced legislation Friday to cap compensation for employees of any company that accepts federal bailout money. Under the terms of a bill introduced by Sen. Claire McCaskill, D-Missouri, no employee would be allowed to make more than the president of the United States.
Obama's current annual salary is $400,000.
(Excerpt) Read more at cnn.com ...
BS. It is the MSM and the Dems creating the perception that these “greedy” Wall street types and bankers are responsible for the recession cum Depression. In reality, it was the government that imposed regulations like redlining that helped create this mess. It was not the lack of regulation, but too much regulation that created the problem. Fannie Mae and Freddie Mac became Dem vehicles to fund their various constituencies and reward the hacks like Raines, Reno, Emanuel, Gorelick, et. al., giving them big pay checks using incentives that increased bad business practices.
You might be surprised at the intelligent, well educated, experienced, hard working people you can find for $400K a year.
I think everyone is probably on the same page here. The bailout is not a bailout, it is a huge power grab. I am disgusted by all of it. Acorn gets 4 billion, what!!?:?? 350 million for STD prevention. Nancy Pelosi said that her 150 million for condoms was her way of saving the people 700 million! Holy crap! And some people actually believe this garbage! I own a company and pay well and enjoy immensely giving big bonuses, it means we are doing very well. An insolvent company paying out millions in bonuses at this time is a very bad move. I also have 4 kids in private school. I will not nor will my kids school be given any help, hell I don’t want anything other than some of my taxes back since I do not use their school system. To you and me the government schools are failing but to them it is all coming together exactly as they envisioned. These are very dark times, try to not take anything from the government, that is how they own you, just like they now own CITI, AIG,Bank of America, etc.
If your balance sheet looks like these companies who took the money, then the only way you are going to get a loan is from the Mob, and yes, they are going to tell you how you are going to spend your money.
Does this count all of the expenditures for the presdients travel, housing, security, etc.???? What about “in-tangibles” like ready access to foreign heads of state and a lucrative post-prez speaking career?
Silliness.
Exactly...what will satisfy this broad? Everyone is pissed about the bonuses, but she’s talking about capping regular salary/compensation. Foolish indeed.
Based on Congressional effectiveness their salaries should be zero. Government is the biggest ripoff in America. They run the largest Ponzi program and even indulge in a little conterfeiting. And they want to control the private sector? What a bigger mess than today that would be.
Based on Congressional effectiveness their salaries should be zero. Government is the biggest ripoff in America. They run the largest Ponzi program and even indulge in a little counterfeiting. And they want to control the private sector? What a bigger mess than today that would be.
We agree. Companies that are poorly managed deserve to fail. The marketplace should be picking winners and losers, not the government.
They were set up for a fall just so the gubmint could come in a wrest control via "bail outs"
There is indeed a lot of blame to go around, but IMO, the majority of it rests with the likes of Frank, Dodd, Schumer, Raines, Fanny Mae ACORN, etc.
No one will ever convince me the the economic "crisis" and the installment of 'the one' was not an orchestrated coupe.
>>when you compare the Reps to the Dems on these issues, clearly the Dems should be held more responsible.
Do not agree. Not clear at all.
If Dubya hadn’t signed the first Welfare bill, then the impetus and reasoning for another would not be there.
There is no intellectual honesty to the Republican opposition to this bill.
After all, it was a Republican President who got the ball rolling.
The Gift that keeps on Giving.
Simply impose the federal pay scales (there are several) on all companies in which the federal government achieves a majority position.
That's certainly a serious level of control.
Let's say we had 3 million federal employees. That would be 18,000,000,000/3,000,000 pr 18,000/3, or 6,000 per federal employee.
That's not exactly the kinds of bonuses those bankers got!
BTW, whatever part of his federal pay a federal employee might get as a "bonus", it's still gotta' be under the federal employee paycap.
Then, there's this trick. The reason they give someone a "bonus" is because that's a one time payment. It doesn't count in your retirement computation. The federales don't have to pay TSP on it either.
Bonuses for mid-level federal employees are designed primarily to cheat them out of retirement credits.
I thought I made it quite clear that I was not excusing Bush. However, there is still a difference between the two parties on the issues that count, including national defense.
Yes, but that is the only control. As long as I meet my mortgage payments, they could care less how I spend my money.
Yes, you are right.
It is so unbelievable to me that we even pretend that this is the country that our Founding Fathers created. They signed their own death warrants when they signed the Declaration of Independence, they took on the world’s superpower because of 8% in tax. We have been enslaved by this government. You paid off your house, do you own it? NO! Try not paying your property tax and see what happens. We are merely renting their land. We work more and more each year just to pay their tax. We are not free. This government has grown into an absolute corrupt entity. You don’t pay your taxes you go to jail, if you are in the club you become the Treasury Secretary. Martha Stewart went to jail for selling her own stock, Bernie Madof gets to live in his luxury Manhattan condo for stealing billions of other peoples money! Do you think we have gone past the tipping point? I am starting to think we have.
True, but that is a part of the contract that the interested parties enter into freely and of their own will
AMEN to everything you have said, and yes, I too think we have.
What is going to be very interesting to me is how far this war with Rush is going to go.
The fact that they have gone as far as they have should send chills through everyone in this Country.
These are not dem tactics, this is pure fascist play in action.(I dunno, maybe that's redundant)
I have posted here a couple of times that I don't know what will start first, a civil or world war.
One thing is for sure, this administration is going to start one of them.
Well I certainly don't have anything to worry about! LOL! This is nice in theory, but I don't think Congress can legislate salaries in the private sector.
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