Tuesday, March 31, 2009

Then they came for middle management,

But I said nothing because I don't work in the financial industry.

Officials seek new power over financial companies

WASHINGTON – Pointing with dismay to the AIG debacle, the nation's top economic officials argued Tuesday for unprecedented powers to regulate and even take over financial goliaths whose collapse could imperil the entire economy. President Barack Obama agreed and said he hoped "it doesn't take too long to
convince Congress."

Yes, let's hurry up. Afterall, we wouldn't want there to be any time to debate all this. It might dawn on someone that it is unconstitutional.

Beyond AIG: A bill to let Big Government set your salary
By Byron YorkChief Political Correspondent 3/31/09 (Hat tip HotAir)

It was nearly two weeks ago that the House of Representatives, acting in a near-frenzy after the disclosure of bonuses paid to executives of AIG, passed a bill that would impose a 90 percent retroactive tax on those bonuses. Despite the overwhelming 328-93 vote, support for the measure began to collapse almost immediately. Within days, the Obama White House backed away from it, as did the Senate Democratic leadership. The bill stalled, and the populist storm that spawned it seemed to pass.

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.

Lordy, just when I think it is safe to take off, the tinfoil hat, stories like this start spilling out of the internet. How long did it take them to go from CEOs to regular Joes? One week, at the most, how long will it take to make the leap from companies recieving bailouts to any company they feel like? I thought I was wading a bit far into the deep end of the pool when I posted this about manufactured crisis, but it is hard to think of a more perfect example of:

1. manufacturing a crisis
2. expanding government to deal with the fake crisis.

First, they bail out AIG. Geithner knows all about the bonuses, but he doesn't touch them. Next, people become outraged that exec's got bonuses. Obama anounces "we won't reward failure," and now we get all this legislation about limiting bonuses and salaries. If you just let failing companies fail, you don't need to federal legislation to regulate their paychecks, but that's not the idea.

They keep using the same play over and over again. This is exactly the same thing that is going on with global warming. They announce that the world is going to end, and the only way to save it is if they tax you within an inch of your livelyhood.

I am going to need more tinfoil.

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