That's the excuse not the reason


Another power grab because Obama feels like it
Those companies that are lucky to find strong political patrons will survive, but at dreadful costs. For every dime of debt the companies lose, they might spend five dollars in new costs, favors, or outright bribes.

The corporate executives, the board of directors, even the stockholders will have no voice in how the company is run.

The once mighty Masters of the Universe will be reduced to lapdogs.

Neutered lapdogs. With only two legs. And dyed obnoxious colors.

The companies that get assistance will be subject to the whims of a Congressman, or the bullying of a few technocrats.
NeoWayland, Fiscal Porn

And here's the next step. Emphasis added.

The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.

The outlines of the plan are expected to be unveiled this week in preparation for President Obama’s first foreign summit meeting in early April.

Officials said the proposal would seek a broad new role for the Federal Reserve to oversee large companies, including major hedge funds, whose problems could pose risks to the entire financial system.

It will propose that many kinds of derivatives and other exotic financial instruments that contributed to the crisis be traded on exchanges or through clearinghouses so they are more transparent and can be more tightly regulated. And to protect consumers, it will call for federal standards for mortgage lenders beyond what the Federal Reserve adopted last year, as well as more aggressive enforcement of the mortgage rules.

Imagine that. The President wants power to regulate executive salaries.

Do you honestly think it will stop there?

After all, this is an administration that wants to control the medical care you get, the car you buy, and your mortgage.

And every thing so far indicates that no one in the government has competence to make these decisions.

It's not about saving you.

It's about controlling you.

— NeoWayland

Posted: Sun - March 22, 2009 at 01:43 PM  Tag


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