Posted on 03/31/2009 7:22:47 AM PDT by Danae
It was nearly two weeks ago that the House of Representatives, acting in a near-frenzy after the disclosure of bonuses paid to executives of AIG, passed a bill that would impose a 90 percent retroactive tax on those bonuses. Despite the overwhelming 328-93 vote, support for the measure began to collapse almost immediately. Within days, the Obama White House backed away from it, as did the Senate Democratic leadership. The bill stalled, and the populist storm that spawned it seemed to pass.
But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.
(Excerpt) Read more at washingtonexaminer.com ...
Agreed, and maybe the repubs should run with this. Whenever they are interviewed, just kind of benignly speculate that congress should look at Hollywood and professional athlete pay levels.
technically speaking, yes, it could. EVERY industry company organization that takes government funding. Conceivably even the STATES that accept Federal Dollars. From my understanding, which is admittedly fuzzy at this stage, it is open ended.
I think a bill ought to be propose to eliminate 90% of all bills ever passed, and we start from scratch.
This is a must see video between Cavuto and Grayson regarding the “Government determining salary”.
http://www.foxbusiness.com/video/index.html
Once at the site, hit the video tab and look for the video entitled:
Rep. Alan Grayson (D-Fla) on the bill before Congress that would cap excessive pay.
It was on today 3/31/2009
FYI: it is under latest video.
Indeed.
I don't know why everyone is so surprised and upset about it. This battle was lost decades ago. Our side surrendered this issue with every "go along to get along" or "compromise" vote for every minimum wage bill ever to pass through congress.
It was only a matter of time.
I wonder if they’ll ever go after the entertainment business...maybe we can again see a movie for $2.00 or a concert for $5.00. (Somehow, I doubt Hollyweird would ever let that happen.)
If jobs keep going the way they are-losses and wage reductions...no one will be able to afford to pay for the movies and/ or concerts. What the Chinese, the bankers, tech companies like IBM and HP (outsourcing) even the Japanese and Koreans don’t understand is that by destroying America’s manufacturing base, good tech jobs, the electronics-the list goes on-they are destroying the ability of the American people to buy their stuff. Eventually, even the top management of these companies will pay a price...because Wall Street can’t create wealth-only move it around and try to grow it...of course they have been unsuccessful. The real economy got in their way...with the down turn which lead to the mortgage defaults and other investments going bad, but these guys still believe it will be business as usual in the end, it won’t.
Yes, the mortgages and other risky investments were sliced and diced and eventually insured by AIG and others in the form of credit default swaps-no reserves when it came time to pay the piper...this is what caused the real problem...there are trillions of these things floating around the world. This is why AIG has to be wound down-...of course Countrywide and US banks are being stiffed by AIG who is paying back their foreign investor 100% on the dollar. There are also allegations that some of the foreign banks were involved in funding terrorism. It’s a mess, and anyone who believes this is just Freddie and Fannie has not been paying attention.
Yes, my company (web-based SBT application) has been thru 2 mergers and 4 lay-offs in the last 5 years. From our original nearly 100 employees (or so), we are down to 10.
Interestingly, my husband and I both work for the same company.
We recently cut spending by giving up the high-rise/high-priced office area and now we all work from home.
Last month - we were told our wages would be cut 3% as of today, April 1. I’m thankful it’s not more than that and I’m thankful I still have a job.
I read your profile page. Saying a prayer for you, too.
It really,really stinks...I do not think the Washington Pols understand the anger and desperation of many Americans who have lost job and have no jobs to go to...I am so done with this nonsense. It’s time for a new party, one that will actually work to benefit the American people...Japan’s stock market is up today...why? Because American is in the process of destroying the last great manufacturing sector...autos and they think they will benefit because they will...we will pull Japan out of recession while placing American in a permanent depression. The French are right,Americans need to stand up for America and take to the streets before the Wall Street thugs and pols destroy all that is good in America.
I am saying a prayer for you also. We are all in this together only some on this forum believe somehow they will escape the destruction of the American worker by our leaders and bankers, they won’t.
I wonder if this bill could be interpreted to include companies and industries that are regulated by the Fed, such as airlines and railroads.
...
You know...
You only have a certain amount of keystrokes to type before you die. You should make better use of them...
;)
OOooh, Cavuto used ‘profanity’ and was ‘rude’. What a donkey’s posterior that Congress’man’ was.
I thought I simulated the thought process of the marxist dictator rather well in that vignette... :)
Yeah.. sorry...
My sense of humor has evaporated over the last few months.
Seconded
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