Big Bad Ass Government
Take a look at Rep. Claire McCaskil on CNBC for an excellent object lesson of the problem of big government. I'll try to find the video...when you see it, you'll have no doubt she is thoroughly enjoying her 15 minutes of fame. She and a couple other congressmen are proposing a bill to limit executive pay at companies who took TARP funds. I know, I know...Obama is with them...(boo).
If government gets involved with "fixing things" they tend to throw their unlimited weight around...These guys are clueless on the subject they are addressing...which is compensation levels in capitalist markets.
Hey, I think Lawyers make too much. Maybe there should be a law.
This is price fixing pure and simple. We will loose talent. I already saw one European bank CEO say the top talent should just come work for foreign banks. Some form of that will occur. The government tends to do this kind of thing whenever they involve themselves. It is a result, partially of ignorance, and partially of ego. Politics is a huge ego trip. And to get on TV suggesting something popular (even if unwise) is a bigger ego trip...
On the bright side, this ends TARP. I saw Ken Lewis (CEO Bank of America) on CNBC today say he would not take any more TARP...(note the TARP he is in got crammed down his throat, he did not want it), and that his bank would pay down the TARP they had in 2-3 years. Way to go! I applaud him for this...really.
OK, one more thing here...executive pay does seem extreme to me...but it is a function of markets, and director boards to correct it, not Claire McCaskill....how much does she make anyhow, (including PACs)? :-)
If government gets involved with "fixing things" they tend to throw their unlimited weight around...These guys are clueless on the subject they are addressing...which is compensation levels in capitalist markets.
Hey, I think Lawyers make too much. Maybe there should be a law.
This is price fixing pure and simple. We will loose talent. I already saw one European bank CEO say the top talent should just come work for foreign banks. Some form of that will occur. The government tends to do this kind of thing whenever they involve themselves. It is a result, partially of ignorance, and partially of ego. Politics is a huge ego trip. And to get on TV suggesting something popular (even if unwise) is a bigger ego trip...
On the bright side, this ends TARP. I saw Ken Lewis (CEO Bank of America) on CNBC today say he would not take any more TARP...(note the TARP he is in got crammed down his throat, he did not want it), and that his bank would pay down the TARP they had in 2-3 years. Way to go! I applaud him for this...really.
OK, one more thing here...executive pay does seem extreme to me...but it is a function of markets, and director boards to correct it, not Claire McCaskill....how much does she make anyhow, (including PACs)? :-)
posted by Jim at 6:48 PM
3 Comments:
And didn't the congress just vote themselves a bit of a pay increase recently? This is a good post. I agree totally!
Thanks for reading, and thanks for the comment!
AIG!!!
I'm not saying all those AIG bonuses should have been paid...but it is another example of "Big Bad Ass Government"...do we want govt. running the show to this degree, and throwing their unlimited weight around? What if they don't like how you get paid? Or anything else for that matter...I'm not defending AIG...they are stupid to do this...I just don't like government officials acting so "fascist"...ever, now or when we got it from the Bush crowd...let's push back! Bitch!
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