REP. MIKE PENCE, R-IND.
You know, it was back in 2007 that Barney Frank authored a bill that capped executive compensation across the board, well before any bailouts, well before any crisis on Wall Street. And I believe that then-Senator Barack Obama had the companion legislation in the Senate. And now we read this morning that the administration’s talking about broad-based caps on compensation.
http://www.cqpolitics.com/wmspage.cfm?docID=news-000003081509
They won’t be happy until they can tell all of us how much money we can make. That way, they can be the lords and we can be the peons.
You know, if they cap employee compensation across the board, capitalism will find a way. The next thing that will happen is that there will be two tiers of talent. The lower tier will be administrative talent (secretaries and administrators). They will be paid within Obama’s coming new comp rules. The more important tier will be the independent contractors (senior level talent). They will be doing everything they did before Obama and Frank got involved but they will be paid as consultants who own their own one person consulting business.
There’s not much the government can do about that unless they outlaw sole proprietorships.
As for Barney Frank, he will be revered in the way McCarthy was after the 1950’s. If not, the alternative is that we are finished as a nation that was exceptional.