From what I understand from past debates here on skybox we are now all in a world of hurt because all of the brilliant Wall Street banking and finance wizards, being the selfless, irreplaceable leaders that they have been in the last few years..... will now pack up their toys and go home: http://online.wsj.com/article/SB126035896213083357.html .....I say.....see ya.....good luck making a real, honest living.
The Pay Czar. That doesn't bother you, Comrade Dave? A bureaucrat with no experience in an appointed job deciding compensation for others. And this afternoon , The Kommissar's Senate will officially take on another $1.1 trillion in debt. But hey, we're getting even. Right?
If these companies had not been so mismanaged into the ground......making their executive structures extremely wealthy in the process they would not have needed bailout money and could get back on that fat cat fast train if so desired.... Actually I fully believe firms or industries that can have a severe, negative impact on the rest of our collective well being should be stringently monitored anyway. I guess you could say the DOT and the FAA and the NTSB are socialistic agencies that should be abolished in the name of free market capitalism. Or you could say they are absolutely necessary to protect the well being of the rest of us. After what you have witnessed in American business over this decade would you get on a commercial airliner if there were no one on the federal level to assure you that your safety wasn't compromised for the benefit of some inept executive's 10 vacation homes? I sure as hell would not. Without those pesky, meddling, federal watchdog agencies I would hate to see the mayhem in the transportation industry that would develop all in the name of making a profit ( with executive wealth high on the list of priorities). Well.....financial mayhem on Wall Street has severely, negatively affected many, many lives, some in very tragic ways and maybe the people responsible should have had a tad bit more federal monitoring and control over poor and public endangering business practices.
And who does the monitoring? Our government? Aagin, name me one government program that achieved its stated objectives on a timetable and at or below budget? Just one and you may go back to 1783. Today these zealots passed a $1.1 trillion increase in our debt ceiling. They sent it to Obama to sign, which he will in spite of over 5,000 pork expenditures. Remember, he campaigned on NO pork in any legislation. In did not take him long to master the Washington two step, did it? The point here is that Bush and Obama have put this country in imminent danger of collapse through reckless spending. And these are the very people you want to exact your revenge against big business. I don't get it.
It has been done successfully as I mentioned George with the DOT, NTSB and the FAA. They have had a pretty good success rate keeping transportation safe and reliable in America. As essential as they are and as much impact that they have on the rest of Americans why shouldn't the financial markets have the same kind of quality control mechanisms?
So....I guess most people would agree that they wouldn't trust the private sector to be in control of their physical well being when traveling in our nation's transportation system such as air travel or while on the highway in front of a gasoline tanker that you hope doesn't run over you because of lax safety maintenance. So why should our financial well being be any different? It is just as important that reckless profiteering, greed and mismanagement doesn't severely damage our financial health so why not take steps to insure that those elements are weeded out of the system?
You're missing the point. In order to get even you apparentlty are willing to surrender your liberties. We have 34 Czars under Obama. All high level bureaucrats, unelected, not vetted who answer only to the president. In some ways they have more power than he does. One is a pay czar, whatever the hell that is. At the moment he is doing something you and many Americans like.... he is capping salaries and cutting or omitting bonuses on execs at financial institutions. maybe next week he'll turn his attention to naother industry, then another. All this from a president and administration who openly talks of income re-distribution all in the name of his vision of "equality" via salary styructures, targeted tax hits etc. Are you ot even a little concerned? At no point have I ever defended the banks or other financial institutions who in many ways rape the people of this nation to a fair thee well. But I have questioned the bailouts to begin with and government intervention in general. We just had a chance to let the free markets be the judge and jury of these folks and instead we bailed them out.
And here it is....the CFPA: http://www.msnbc.msn.com/id/34416646/ns/business-us_business George when a credit card company can arbitrarily raise my card interest rate on existing balances to an exorbitant rate without any cause I am all for that company losing it's liberty to do so.
While some of those at the epicenter of the financial meltdown personally prosper....and some aspire to prosper in spite of poor job performance and results.....many millions pay a real cost: http://www.msnbc.msn.com/id/34428644/ns/business-the_new_york_times