How far will YOU go?

[fantastic_jackie]

Do y'all remember when crazy cons like me were all outraged at the idea that the government would be controlling the salaries of corporations and the liberals were all like, "Oh, you fearmongers. It's only for companies that took the bailouts. It won't ever go any farther than that. You conspiracy therorists..."

Of course, they conveinently ignored the quote from... Barney Frank, was it? Who said that he wanted Congress to have oversight over all executive salaries and bonuses.

Well, the Fed - oh geez, I think I have libertarian-like knee jerks to just mentioning the Fed now... - is now stepping up to the plate with a plan...

Fed Outlines Plan to Police Bank Pay

The Federal Reserve would police banks' pay policies to ensure they don't encourage employees to take reckless gambles like those that contributed to the financial crisis, according to a proposal unveiled Thursday.

Unlike a Treasury plan to slash pay at certain companies that were bailed out with large sums of taxpayer money, the Fed proposal would cover thousands of banks, including many that never received a bailout.

The Fed would not actually set compensation. Instead, the central bank would review — and could veto — pay policies that could cause too much risk-taking by executives, traders or loan officers.

Okay. Exactly how FAR does this administration have to go before liberals finally say, "Uh... Hey... What? Now wait a second..."

You're going to tell me the only way you can ensure that this kind of economic recession won't happen again is for the federal government to control how much executives are paid?! You're going to tell me that such will even have an effect on preventing recessions?!

And it has to be the FED??!!

I thought we believed in freedom in this country!!

WHAT HAPPENED TO THE CONSTITUTION?!

Comments

[patriot-jackie.livejournal.com]

It started with the last administration and those bailouts. True, I don't think the Bush Administration was pulling strings and forcing those banks into a room to say, "You're taking this money," but still. This ball we're on now started rolling then.

But you're wrong about no one trying to stop it, and this might be hopeful for you. The democrats have Super Majorities in both houses, right? They should be able to bulldoze anything through without a whimper of a fight. But they haven't been able to, and that's because the People are standing up.

The TEA Party movement and 9.12 organizations across America are making a real difference to slow this administration down. Talk radio, the internet, and Fox News are also making a dent in Congress's and the Administration's secretive plans - they expose it, we find it for ourselves, we act.

Did you know that 1.6 MILLION people protested in a march on Washington DC on September 12? ABC, NBC, and CBS reported it as a few tens of thousands, but they were really a million plus strong. And they left the place immaculate, too. The march was the biggest ever on DC.

So we're out there. We're fighting. :) And we're growing in number every day. You should check out the 912project.com (http://www.912project.com) and find your local 912 group and see what they're doing to make a difference.

And one last thing about the rich and middle class: the rich are actually taking heavy blows in this recession. Usually the rich are "recession proof," but they haven't been this time worldwide. There are some executives in prized positions, such as GE's CEO, who, despite receiving bailout money, will NOT be seeing his pay cut like the rest of the other bailout recipients. There are benefits to marching lockstep with this administraion and carrying their water...