Since taking office President Obama has been busy taking control of the economy. He has fired the head of General Motors and taken control of it. He has increased the debt in that short time more then all previous 43 presidents combined. He claims he has either “created or saved” 600,000 jobs even as unemployment has risen to a 26 year high of 9.4%. Now Obama wants to take away our freedom to earn money. Never mind the little fact that Obama does not have the authority to do so.
Secretary of Treasury Timothy Geithner
He wants to appoint a “Pay Czar.” They would monitor what people are paid. If they think it is too much, they will adjust it. For now it is for companies that have received TARP money. But remember that the Income Tax only affected the top 3% of wage earners when it started. The problem with the government doing this is that once they start, they expand. For you that think it is a great idea, be careful. What is to keep Obama from setting the pay for burger flippers at $20 an hour? Sounds good if you are the flipper, but do you want to pay $50.00 for a burger? You have to be worth what you earn.
Every time the government comes to the rescue, there are always strings attached. While I understand the need for oversight, I still think having the U.S. Government setting salaries and bonuses will not help these companies survive. If they are restricted by how much they can pay, then it will be difficult for companies to attract the best and brightest to help turn the companies around. A contract between me and my employer should be just that.
And yes I know some will say if they were so good, then why did we have to bail them out? Had the government not forced companies to lead money to people that had no way or plan to pay back the money, then none of this would have happened. I don’t want some government career bureaucrat telling me I can only earn a certain amount of money. This will end the American Dream.
Once we are told what we can make, we will be told what car to drive, what house to live in, how many children we can have. I know you think I am saying the “sky is falling.” But it takes one step at a time to gain control of every area of our lives. We are moving to communism while most of the world is moving to capitalism.
Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke want to give the government greater powers to set compensation guidelines across the financial sector. Tuesday Mr. Geithner said, “”I think boards of directors did not do a good job, I think shareholders did not do a good job in terms of discipline and compensation practices.” So blame the management and the people and let the government fix it. Wrong. Wrong. Wrong. I never thought I would live to see this happening to my country.
If you think this is great, it shows that either Obama and or you do not understand how business works. We have to stop looking to Washington to save the day for us. If we could apply this rule, we would stop the government from entering our lives.
June 10th, 2009 at 9:58 pm
This is a gross distortion, of course. CEOs get, what, 10 zillion dollars, while no one else gets nothin’. Just what them Republicans always wanted, a Republican wet dream.
Time to waaaaaaaaaaaaaaaaaaake up!
June 11th, 2009 at 6:48 am
Apparently Klo, you are not versed in economics. Why do CEOs make the money they do? Because they work hard to earn it. Capitalism, work hard and you have limitless earning potential. Look at what capitalism and the right to earn has done for innovation. Internet, computers, medical advancements…competition and private gains help bring about all of our modern day advancements.
It’s a slippery slope when you allow the Gov’t to interfere, severe Keynesian economics aka Communism. Equal results not equal opportunity.
“no one else gets nothin’” – intelligent quote.
June 12th, 2009 at 5:13 am
I cannot believe our fellow countrymen have become so ignorant, selfish, and stupid enough to allow the Obama Administration and his supporters to do the things they are doing.
I find it ironic that nothing has been mentioned about Fannie and Freddie’s Gov’t bailout and the coming consequences.
Even more troubling is the fact that GM is now Gov’t Motors with only a theory to drive them forward from here (no plan whatsoever has been announced, only speculative theory). A brutal frontal attack on taking over healthcare has already been initiated. Now this attack on corporations and what they can pay their executives is just what Tom stated. . .Government Interference!!! I remember during the 90’s under clinton the Gov’t ran out of money and from 1 Oct until about mid November Congress wouldn’t approve the budget, yet, Congress had no problem giving themselves a 150% pay raise. Obama is determined to bring this nation to it’s knees at all costs and the masses are willingly allowing him to do it under the guise of evening the odds!
I don’t understand how KLO can complain about CEO salaries given that their companies employ thousands of people and give to charities and pay exhorbitant taxes for people just like KLO. However, KLO won’t mention how distorted the justification is for Democrats giving welfare and multiple other unearned benefits to liberals who are determined to hold their hand out for a freebie instead of hold their head up and take advantage of the opportunity in front of them (many of those are opportunities very similar to the ones those same CEO’s used to get where they are – education). Instead they prefer to follow ill-educated leaders who tout a bogus “victimization” status of their followers and proclaim to be fighting for equality. Such idiot follower’s.
June 16th, 2009 at 5:58 am
I DON’T THINK THE RUSSIANS HAVE SEEN AS MANY CZARS AS THIS ADIMINISTRATION!
OBAMA IS A DISASTER!! ALL YOU DOPES THAT VOTED FOR HIM REMEMBER THIS. WE DO NOT EVEN RESEMBLE AMERICA ANYMORE.