Obama announced strict limits on pay to executives of bailed-out financial firms Wednesday, slamming Wall Street top dogs as "shameful" for accepting billions in bonuses last year. The new restrictions will cap pay for government-aided Wall Street executives at $500,000.
Obama's hypocritical salary cap for corporate executives is shameful and disgusting. And it won't help.
It is impossible for me to believe that Obama's has not been made aware of the fact that salary caps will hurt these corporations in their efforts to attract talented executives who can save their companies. (Unless they can lobby for loopholes—loopholes that Obama can open for them—if they will scratch his back—essentially putting Obama in control.)
Does arrogant Obama really think he should be running the economy, interfering with the free market, micromanaging the private sector, and setting minimum and maximum wages by pulling numbers out of thin air? Obama and his big government cronies clearly have delusions of grandeur, but they cannot summon the intellectual power to outperform the collective intellect of all the minds of the free-market. It's just not possible.
How do we explain what Obama is doing? Is he pandering to populist sentiment? Is this simply a power play? Is Obama trying to destroy the corporations so that he can nationalize the industry? Is he doing this because he is an incurable Marxist? Is it because Obama is ignorant?
Obama, if you can't control your compulsion to meddle, why don't you sublimate? Why don't you push for a law limiting the amount of money that can be spent on inaugural celebrations? Or put an end to earmarks once and for all? Better yet, show us how much you care about your country by leading by example. Forgo half of your salary! The median household income is $45,000, but you make $400,000 per year, not including handsome benefits. You should be ashamed of yourself.
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Observers say President Obama's new rules to limit executive compensation won't put a stop to corporate excess.
