Thursday, October 22, 2009

All Hail The Mighty Pay Czar!!!

I know many people have bought into the Obama/McCain/Pop-Media explanation of the "Community Credit Crisis" and can see the logic of limiting the pay of reckless and greedy executives who got billions in government bailouts.  Problem is, that's not what happened!  In my upcoming best-selling book and companion Oscar-winning documentary, "The Community Organizer, The Community Organization, The Community Re-Investment Act, and The Community Credit Crisis" I carefully document that it was in fact Washington's policy of making home ownership an entitlement, through tax policy (mortgage deduction, etc.) legislation (Community Reinvestment Act, ACORN, etc), GSEs (Government Sponsored Enterprises like Fannie and Freddie), and monetary policy (FED easy money and then too tight) that caused the crisis and not greedy bankers.  Limiting the bankers pay is populist TYRANNY plain and simple.

Besides, what if hypothetically it was the bankers fault?  Shouldn't Obama just fire all the old greedy ones and hire a bunch of new "smart" ones and let them earn whatever the market will bear?  After all, they just inherited the mess!  Don't hold your breath...

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