President Barack Obama has announced a $500,000 limit on executive pay at US firms that need substantial fresh government aid.
The move follows widespread public anger over the levels of pay on Wall Street, but is not expected to be applied retrospectively.
President Obama said it was "shameful" that top bankers had awarded themselves giant bonuses last year.
He added that taxpayers should not be "subsidizing excessive compensation".
In addition to the limit on basic pay, Mr Obama said if affected executives receive any further bonuses, they "will come in the form of stock that can't be paid up until taxpayers are paid back for their assistance".
At first glance it looks like a common sense virtual no-brainer that those who beg for government bailout money must have their company's spending regulated. No more company jets! No more executive retreats! No more outrages bonuses! No more freedom!
Wait, no more freedom? Yeah, the bailout slippery slope was a bad idea (who said that?) and is costing Americans their freedom. I know that's not what you want to hear, but that IS what's happening. When the government tells you how much money you can make, whether or not to give bonuses to your employees or how to spend your money in general...you are not free. You are merely slave of the government.
A little logic for you:
The government owns and then dictates how companies operate.
The people are the owners of the government.
Therefore, the people own and dictate how companies operate.
"We want to take money and put it back in the pocket of middle-class people," Biden said in an interview on ABC's "Good Morning America."
Noting that wealthier Americans would indeed pay more, Biden said: "It's time to be patriotic ... time to jump in, time to be part of the deal, time to help get America out of the rut."
What is it called when the people share ownership in their country's means of production?
Communism (American Heritage® Dictionary):
A system of government in which the state plans and controls the economy and a single, often authoritarian party holds power, claiming to make progress toward a higher social order in which all goods are equally shared by the people.
Equality & Fairness is an absolute must for social issues. Equality & Fairness in economic issues is not CAPITALISM, but it is CHANGE YOU CAN BELIEVE IN...Comrade.
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4 comments:
Couldn't agree more...do you think I look better in pink or should I go all out and get red?
what, no mention of the "fact" that if the "bailout" was disbursed to every man, woman and child, each person would get half a mil apiece? you let me down sir!
Well, the "Fact" is that every citizen (@330 million)would receive about $20,000. It'd be a good thing to hang on to that money though, rather than stimulate the economy by purchasing American goods, because $20,000 will be spent on plane tickets to Switzerland when healthcare is needed since President Obama's socialized healthcare will be a disaster. Can you list the things the Federal Government has controlled that has worked well? At least there's money in this "Stimulus" Bill for bridges since if there weren't bridges and socialized healthcare America would crumble. Change - you thought it'd be a good thing.
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