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Well, this was about as secret as Adam Lambert's being gay was. But now it's coming out of the closet more officially: The Obama administration wants to control pay scales, not just in companies that received Federal bailout money as they claimed, but also in private businesses across the board. He has the same Constitutional authority to do both: Zero. So don't expect the Constitution to stop him.
Of course, these are being floated merely as "guidelines" now. If they don't get followed, anyone want to guess how long it will take before they become mandatory?
This has been tried before, of course. In socialistic countries everywhere, government has thought it knew better than the free market, how to set wages, prices, etc. (anyone think price controls will be far behind, if this takes hold? I can hear the rhetoric now: "Since these people's pay is limited by government, how can we let them be subject to the whims of "arbitrarily" increasing prices?"). Needless to say, those socialistic countries fail one after the other, often preceded by oppressions and mass deaths among the population.
But now, the Obama administration wants to try it again, under a disguise of "Change", as if they were doing anything differently from regimes elsewhere. Oddly enough, that was the exact rhubric those past regimes used, too. Where are they now?
Last November we voted for extreme liberalism. We're getting exactly what we voted for.
US government seeks to rein in executive pay - Yahoo! Finance (http://finance.yahoo.com/news/Administration-Rein-in-pay-apf-15500519.html?.v=6 - broken link)
Administration: Rein in pay in US private sector
Obama administration: Executive pay needs curbs, better management, across US private sector
Jim Kuhnhenn, Associated Press Writer
On Thursday June 11, 2009, 10:40 am EDT
WASHINGTON (AP) -- The Obama administration says executive compensation must be better managed to prevent the sort of risk-taking that jeopardizes the economy.
Gene Sperling, who advises Treasury Secretary Timothy Geithner, said Thursday the administration does not want to impose caps on executive pay. But he also laid out for the House Financial Services Committee a list of guidelines calling on publicly-held companies to link compensation to long-term performance, not short-term gains.
Sperling said in prepared testimony that the administration believes compensation practices "must be better aligned with long-term value and prudent risk management at all firms, and not just for the financial services industry."
in the 50's, 60's , 70's executives made 30 to 40% more than the average worker.
Now they make 400 to 500% of what the average worker makes...how's that economy doing???
Most of the people in this country are average people. They are "C" students as you might say. And they are sick of the overachievers taking more and more of the pie and leaving less and less for them. 20 years ago, they were sick of the underachievers doing the same thing which led to things like "welfare refom". Now we are going to have "wealthy people reform" too. In the end it is still the "C" students that run things in a democracy. You treat them badly and threaten their rather meager standard of living, they will unleash political Hell on you.
Thanks, Castro, for that lecture. I'll give it a "C" for callow.
Why didn't he treat them like the banks and give them a loan outright to be paid back when they feel like it ?
Uh they are kaput. Do you think the UAW value in the companies are the same as the bond holders?
When they come out of bankruptcy the UAW will have a taxpayer financed piggy bank and the bond holders nada.
Well many banks have actually paid the money back. How about the billions we poured into the car companies, when will we get that back?
By the way the UAW was given a stake in the car companies to cover their legacy costs. What happens when we get universal health care will they give part of their stake back?
How about the Hollywood harlots (actors)? And the sportitutes (athletes)?
Wait a minute are you suggesting dems would hurt their donors?
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