Posted on 02/04/2009 8:34:52 PM PST by Free ThinkerNY
President Obama's Wall Street salary cap may be well intentioned and it certainly taps into public sentiment, but it's a killer for New York.
"Without the talent of Wall Street to bring us back into a position of leadership in the global economy, we're going to be in bad shape as a world economic power," said Kathryn Wilde of the Partnership for New York.
Wylde says the Obama salary cap will lead to a critical brain drain – China and the United Arab Emirates have already come to poach Wall Street talent. She also says lower salaries in the financial industry will mean dramatically lower tax revenues for the city and state.
"We also depend heavily on the financial services industry to fund our economy and our tax rolls," said Wylde. "Last year 20 percent of our income taxes in the states – 12 percent in New York City came from Wall Street."
(Excerpt) Read more at wcbstv.com ...
Oops.
We have to stop this right away! We can’t possibly let the people who ran us into a trillion-dollar financial debacle get away...
BWWWAAAAHAHAHAHAHA.
Yep. Well - as they say - SOCIALISM can only exist as a parasite on the capitalist society. Hurt capitalism and free market, and what you find out is that people stop doing the high value things and then ‘tax rolls suffer’.
Deliciouis irony, this article.
We’re spinning out of control...
About the only good thing that can be said about the kenyan kommunists plan is that it would inadvertently put the screws to that cesspool on the Hudson.
These are the same guys who helped elect The Messiah. I think it’s called the law of unintended consequences.
Relax. The loophole is that Wall Street executives can still get stock options. Look for these executives to have majority stockholdings in the companies they run by the time TARP expires.
Obambi is a moron par excellence .... salary caps will guarantee that our best talent works for a company another country ... unless of course the Zero plans a new Berlin type wall ...
This only effects institutions that request further Tarp funds. Basically these bankers are the equivalent of over payed civil servents now anyways. We just shouldn’t let the unionize. Well not until their H1-B visa replacements get here of course.
And....every other major city in America. This is insane.
A new Liberal Chant ? I think the Next 4 years will be spent by BHO and Friends trying to avoid the Landslide in 2010, followed by 2012 Avalanche of angry voters. You get what you PAY for. European Campaign contributions may have bought us a Porky Pig.
Yeah they can go work for Iceland!
Of course it’s gonna suck when they’re resume says. I screwed the pooch out of trillions of dollars.
On the plus side, all of these annoying douchebags and golddiggers that have come to Mallhattan from Middle America and California post-Rudy will now go home to the cowtowns they came from. I do, however, feel sorry for the nice folks, including many Freepers, who have to put up with them once they “come home.”:
Are Bawny Fwank and Chris Dudd taking a pay cut?? What next salary controls on plumbers and electricians. Be careful all you angry conservatives, first they come for the rich’s salaries then they come after yours. This goes against everything this Country stands for.
Everyone wants to blame the fat cats, but what about the corrupt politicians like obama who forced them to take bad loans. What have they sacrificed. This is cheap theatrics that will cripple our economy in the long run.
Someday we can look at our kids and tell them how we remembered when we were a capitalist society and let the market determine wages.
Pray for America, Our Troops and obama’s Guidance
I think the irony of this article is that the Arsonist is blaming his big brother for setting the fire and threatening to burn down the house.
So when do we cap pro sports and hollywood?
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