I don’t like the idea either, but when business decides to use public money instead of letting capitalism work as intended, then, as a “shareholder”, I agree with caps on salary. Who was it drove the company into this situation in the first place?
Well, the gov't mandated CRA stuff had a lot to do with it.
I agree. The bailouts were of course a bad idea to begin with and should be frozen ASAP. However, the bailouts are a reality for the time being and it seems right to me that executives feeding at the public trough should have strict limits placed on their compensation. Only after they have stopped collecting public money are they entitled to whatever pay is approved by shareholders and the board of directors. And in fact strict limits on pay is a good motivator for these executives to put their businesses back in order and stop begging for public funds, even if its not as good of a motivator as ending the bailouts immediately.
In order of culpability:
1) The Federal Reserve
2) Congress
3) Fannie Mae, Freddie Mac
4) ACORN
You should be ^far less^ comfortable with Obama’s use of fascist economics.
Presumably, he can eliminate all stock dividends for “shareholders”, in the name of government directed recovery.
Then, you and your fellow shareholders should put a cap in place for every company whose stock you own.
I have to wonder how many CEO retirements will result from this cap. The loss of business leadership certainly won't help these companies.
Thank God you are not a CEO.
The the government needs to act in the role of a shareholder, and pressure both management and the board of directors. That's not whats happening, the government is issuing a mandate outside their role as shareholder. That's not capitalism, it's central control.
The only salary cap that should apply is the one imposed by the Judge presiding over the bankruptcy.
How much money do you make?
Please, please, please tell me it's none of my business, because that's the point.
What business is it of anyone, even (especially) the President and/or Congress to decide what someone else makes in a free-market economy, particularly considering that most of them fly around in those "evil" private jets and have millions of dollars themselves.
And please don't use that "public trough" canard. This is about far more than just some Wall Street "welfare queens". The govt. essentially forced a number of institutions that were/are otherwise solvent and healthy to make risky loans, then forced them to take govt. money. Ask yourself, "Why?". Was it so they could then force them to comply with new rules because they "took taxpayer funds"? Where does that end? With your job?
This entire thing was engineered from the start to create panic, distrust in the economic engine of America (and thus the world), and erode confidence in the foundations of free market Capitalism. Salary caps are just another age old Marxist/Socialist tenet. Don't think for a minute that this "just happened" and they are trying to "rescue" us. Don't think that Obama doesn't know anything about economics, he just believes in a different economic principle than you do.
Unlike the govt., at least the folks on Wall Street actually work, and the work they do generates huge profits. No-one bitched about Wall Street when their 401k's were riding high. It wasn't Wall Street that knocked them down, it was Pennsylvania Avenue (before and after 1/20/09). Profit is the solution to the economic mess we are in, not the problem, no matter how much the Communist in Chief, and his accomplices demonize the "exchanges" (an age old Communist canard to force their agenda, BTW: read Stalin, Lenin, Trotsky, and Malenkov). Compensation, proportional to profit, is the best incentive for making higher profits. BTW, the "bonuses" the media is crying about are, for the most part, actually commissions for work already performed.
This crap will ultimately limit compensation for executives in any industry that gets any government money, and that will stifle economic growth in all sectors (they are all interdependent). And, it is just the beginning. What will you say when they come for your salary? Don't think that isn't on the agenda. And don't think the Dems aren't enjoying us supporting their assault on Capitalism with your complaints about Wall Street. So what if a Wall Street firm buys a corporate jet. At least the guys who build jets and their suppliers and vendors got paid for that, right?. If Chase spends a million dollars to redecorate their offices that means someone gets paid for the work, right?. Where I'm from, that's just called commerce, and commerce is the only real stimulus this economy needs. Quite frankly, who the f*** are you to determine how anyone, other than yourself, spends money? How would you spend it?
The CEO of the company I work for (w/many government contracts) is responsible for the livelihood of over 55,000 people. I want him very well compensated for that responsibility, with plenty of incentives to do even better so our company will expand and thrive, and I don't begrudge him a single penny of his salary/bonus/whatever other compensation he gets. To do otherwise is veiled class envy. His high salary is no more my business (nor yours) than are the lower salaries of the Janitor, my Secretary, or one of our Engineers.
BTW, there is no such thing as "government" money, only tax payers money.
You can't let government say how much someone can earn. The bottom line is this: The so called stimulus bill is unconstitutional and should be stopped forthwith, no funds should be given to businesses by the government for any reason what so ever.
The BS screaming over bonuses by the Senate and Bozo is smoke screen designed so they can do what they want without anyone making a fuss over it. Scare people or outrage them, that is a typical communist tactic and needs to have the brakes put on NOW.
I can't really agree. What if that rule is applied to ALL entities that take public money - not just those in the spotlight now because of "bailout" money? That would include universities, federally underwritten insurance companies, every state government, any company that wins a government contract, banks that use the FDIC, any business that recieves a federal grant, . . . Where would this end? How many industries do NOT use federal money to some degree?
Other than the Soviet Union, what was the last major country to have maximum wages? Is that distinction ours now?