Saturday, March 21, 2009

Regulate, Regulate, Regulate

Just in from the Drudge Report:

"Obama will call for increased oversight of 'executive pay at all banks, Wall Street firms and possibly other companies' as part of sweeping plan to 'overhaul financial regulation', NY TIMES reporting Sunday, newsroom sources tell DRUDGE... Developing.."

Never let a crisis go to waste, says Rahm Emanuel, White House Chief of Staff. Well, the guy sure lives by his words. Now that AIG has become the whipping boy for the hypocrites in Congress who actually created the mess for which they claim to be outraged, a bill is being considered to claw back the bonuses paid under contracts approved by Congress . Ahhh, but we knew it wouldn't end there. We've reached the slippery slope, my friends, on which Congress and the Obama administration will push through part of their socialist agenda on the sled of populist outrage at any company associated with those greedy Wall Street types. Let's get 'em! says Obama. Let's regulate their bonuses, let's get the government to step in and determine how much people should be paid in our free market society. Oh wait. When the government controls who gets paid what, that's no longer a free market, is it? It's a government controlled market, otherwise known as socialism.

Forget for a minute that this intrusion into the free market system is the antithesis of what our country stands for and the foundations upon which it was built. Forget Obama's determination to turn the USA into a social democracy. What we cannot forget is that we are in the midst of an economic crisis in which the financial sector will play an integral part in our recovery. Until the credit markets and the underlying toxic assets which plague the system are addressed, our economy is going nowhere, no matter how many talk shows Obama appears on. Don't get me wrong: I'm as outraged as anyone about the unbridled greed on Wall Street which, along with the complicit folks in DC created this financial perfect storm. But who is going to run these companies when they are being targeted by the government as the bad boys who go to detention and don't get their lunch? Just as Tim Geithner cannot find people to staff his Treasury Department, nobody in their right mind is going to work for the very companies upon whom our economic recovery rests. So we have nobody in the government coming up with a solution (except for Obama and Congress who's solution is to punish) and nobody in the private sector who will want to work for the companies who need to help unravel the mess. Hmmmm. So who exactly is going to save our economy? Maybe ACORN can look up Mickey Mouse from their voter registration drive and he can fix the whole thing for us.

8 comments:

Michelle said...

They have "Truth in Advertising" laws, but not "truth in politics" laws. Hmmmm . . .

NU Wildcat said...

Colleen, it’s time to speak out for term limits. Congress is a self-perpetuating organism that feeds on donations and returns those donations in multiples via “payoffs”, pork spending, earmarks, etc. Both parties have been in control of Congress in recent years and both have spent like drunken sailors. The urge to hold on to power is simply too great and power can only be retained by buying votes. Yes, if we enact term limits the good ones will be purged from the system along with the bad ones. But for every Tom Coburn, there is a Chris Dodd and a Harry Reid. We need a serious house cleaning, pure & simple. And when we send these folks home, we should cancel their “special retirement program” and force them to join Social Security with the rest of us.

Mad Mom said...

Totally agree NU. Term limits has got to be on the agenda of the revolution. The power conferred on our leaders turns even the most idealistic ones corrupt. I see it like a cancer, and we've got to get them out of power via term limits before the cancer has a chance to spread and wreak havoc. The job of congressman or Senator should be one of service to the people, not a career to cozy up to special interests.

Kathy said...

This whole "outrage" also just stirs up the class warfare and need for unions debate as well. Again, more of the planned chaos that is all part of their plan.

Mad Mom said...

Right Kathy. It's nothing but a distraction. What I hope it will do is wake up some of the mindless minions out there and put the brakes on Obama's plans to fundamentally transform the country.

Nanzola said...

I totally agree it is time to not only put term limits on the agenda - but at the top of the agenda. This may be an excellent time. (After all, we shouldn't waste a good crisis!)

USWeapon said...

This is exactly the type of move that I was afraid we would see from the Obama/Pelosi camp. We need to be flushing them all from Washington post haste.

I will be writing about this topic tonight on my site as well MadMom. I had heard about it this weekend and planned on doing so then.

Elizabeth said...

I completely agree we need term limits for Congress for many reasons.
A. It would introduce new ideas/strategies into legislation B. It would allow for new members to take a more prominent role in special committees rather than those who have been appointed to them based on length of service. Seniority does not measure ones ability. and C. Would make it more difficult for lobbyist and special interests groups to buy I mean educate Congressman on why they should vote for their special interest.