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 ...
I guess Obama is trying to boost the economies of Tokyo and London.
What a guy!
Money and people moving offshore, women, children and minoritys hardest hit, soon to be NYT’s headline, if they last long enought.
When we give them a bailout.
Socialism sucks.
“Without the talent of Wall Street...”
LOL - stopped reading the article at this point.
Sounds like it’s time for Another Magical Exception
Oh, I forgot: Obama will "define down" what it means to be rich. The high income tax bracket will get lower and lower until you and I are considered "rich" and will have to pay huge percentages of our salaries in taxes--taxes until now paid only by the top 1% of the population.
China would have executed the people responsible for this financial collapse. Salary caps would've been the least of their worries.
Sorry Free ThinkerNY, but NYC Liberals asked for their time in the ole toilet bowl. Any of them bitching can call their Liberal God, Pelosi, Reid, or one of their community organizers. Oh, I forgot, that’s Chicago corruption rather than New York Liberal corruption.
Sure, you could probably run Bear Stearns.
If we cede this to him, there is no telling what authority he will assume next.
$500K is probably too low ($1M is better), but this plan does have the advantage of scaring away Wall Street Crooks from asking for bailouts.
Notice Obama’s secret plan: “China and the United Arab Emirates have already come to poach Wall Street talent....”
Ha, and here we thought he was a socialist and a closet Muslim. He’s actually running a brilliant operation to destabilize the world’s biggest socialist economy and the money centers of the Arab World. By the time the Wall Street boys get through with them, they’ll be begging to become U.S. colonies so they can qualify for a bailout.
Already been done.
Major league sports have an anti-trust exemption.
If that isn't a "bailout", I don't know what is.
Now what?
Great. May these masters of the universe do to China what they did to us.
L0L!
Since the Government Believes they can set a MINIMUM WAGE, I figure it was Only a MATTER OF TIME before they tried to set a MAXIMUM WAGE.. and there will come a day when both are $37,500!!!
We must stop this RIGHT NOW.
SOMEHOW!!
It seems to me that if they can cap salaries, they can cap stockholder dividends. And even in the unlikely event that the companies eventually repay the bailout money and start making a profit, now that ‘the camel’s whole head is in the tent’ the corporations will never be released from their bondage to the government.
Once more people figure this out, Lookout for the DJIA at about 500.
Man, I’m glad I’m completely out of “The Market”.
It’s what medicaid/medicare did to the medical profession a generation or two ago.
You mean our "best talent" who ran are largest corporations into the ground? Good riddance!
BTW, they never cared about what country profited, or lost, because of their decisions.
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