When Obama announced he was planning on denying AIG the use of TARP funds to pay bonuses, too many people sat back and said nothing. "The country is angry," slammed Mr. Obama, "and he will see to it that these greed mongers suffer!
Of course, even when the news came out that not only were these executives contractually promised these bonuses, but that Chris Dodd knew about them and okayed them - before he went to the House floor damning AIG for doing exactly what he had told them to do. "But the people are angry!" said the President. So the people demurred and let the populist view seize the day.
But did anyone really believe that all Obama wanted to do was punish those mean, greedy dudes from AIG? Well, unfortunately, many of you who voted for him probably agreed with him. Also, populism wins elections, right?
But then, the President had another idea. "I must make sure that GM fires their CEO," said Obama. "I have no interest in running the show there, of course," he added. So for the first time in American history, the President of the United States dictated to a non-government company who should (or shouldn't) be their CEO. Do you really think he won't appoint the new CEO?
But even that was not enough. "I must meddle more!" he bellowed.
So, for those keeping track, since becoming President, Obama has mortgaged our children's future to the tune of $9 trillion dollars - using the ruse of "stimulus" spending as his verbiage. Yet, I still don't understand how - and this is according to Obama, Dodd and Frank (and Pelosi and Reid) - for every dollar spent you buy $150 in growth. I mean, if that's the case (and by the way, it has never proven successful in the history of the world), why stop at $9 trillion? Why not $90 trillion?
I mean, if we are going to turn a 50% profit, why stop at any point? The more you spend the more you make. Right?
Sorry folks. I didn't mean to be logical and spoil your Kool-aid.
So now along comes Barney Frank. You remember Barney, don't you? He was the guy who constantly blocked President Bush's attempts at reigning in Fannie Mae and Freddie Mac. You know, the reason we got into this whole economic collapse in the first place?
Yes, the same Barney Frank who got us in this mess is the same Barney Frank who Obama believes can get us out. And they call ME naive.
So here comes Barney who thinks that clearly Obama is not doing enough to destroy the nation's economy. From the Washington Examiner:
That's right. Now, the Obama administration wants to determine ALL salaries.
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.
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.
The purpose of the legislation is to "prohibit unreasonable and excessive compensation and compensation not based on performance standards," according to the bill's language. That includes regular pay, bonuses -- everything -- paid to employees of companies in whom the government has a capital stake, including those that have received funds through the Troubled Assets Relief Program, or TARP, as well as Fannie Mae and Freddie Mac.
The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.
Where in G-d's name do they get this power? What I find amazing is that for all the crazy talk that Bush was a fascist and that Bush wanted to take over the country with brownshirts and the like (remember the Bush=Hitler nonsense?), it is exactly what the Obama sycophants are doing. They are on a power-tear and it is ripping this country apart.
I'm no longer fooled by the tactics employed here. Changing the name of terror acts to "man made disasters" or calling these animals "clients" is right out of Saul Alinsky's playbook.
Blurring the lines between right and wrong only confuses the masses and stops us from recognizing what's plainly right in front of us. just remember, if Obama succeeds in determining the pay of regular employees, where does the meddling stop?
I hate to use the "S" word here, but this kind of European-style socialism is a failure everywhere it's been. And for those of you who claim Bush did it first, remember this - you guys beat him up for it, I hated that he did it and what Bush did in the initial bailout is minuscule compared to Obama. He is bankrupting this country and that will eventually lead to raising our taxes to European levels. By that time, it will be way too late to save us.