- Step one: Bail out companies that should have died away in the first place, because those companies gave a lot of money to your campaign fund. Check
- Step two: Create a public out rage at executive compensasion, yet keep the fact that the companies gave heftily to your campaign fund. Check
- Step three: Use that public outrage to pass legislation for even more government control of wages. In Progress.
But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.
Of course this leaves the Obama administration as the sole body to determine what pay is "reasonable" or "fair." Hmmm...smells like Chicago politics to me.
Let's see, if you gave money to the Obama campaign and are a good foot soldier, I'm sure your pay will be "reasonable."
If you voted for the other guy and don't have a lot of nice things to say about Obama, I'm sure your pay will be made more "reasonable."
Let's recap. The banks get off, except for a few strawmen at AIG. The car companies get hostilly taken over by the government. Now the Fed can dictate what a person can get paid.
Yep thats small S socialism. I don't know about you, but I have a craving for Tea.