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$400k is a lot for most of us, but it's chump change for those execs.
Would they refuse the money and sink their companies as a result?
Would the board members step in and say "you're going to take it and you're going to take the pay cut."
Will the law even pass?
I'm curious to watch this one.
Incompetent MBAs are a dime a dozen.
It will take a year to ferret out these recidivist obstructionists, identify them, set them aside, and, if necessary, prosecte them.
Once they've been routed off to their hidey-holes in Paraguay and Róatan and the rest of their Caribbean hideouts, we can start to rebuild. As long as the obstructionists think they can resurrect Reaganism, it's going to be rough going. Defang those vampires and we can move on.
oh, and without big bonuses, NYC will lose more jobs!!! http://www.cnn.com/2009/POLITICS/01/30/giuliani...
/snark
integrity of Wall St? c'mon... the repugnicans removed oversight from Wall St because they thought they could 'trust' the market to govern itself.
integrity?? if you give the keys to a McLaren F1 to a 19 year old boy and tell him he can have it for the day as long as he doesn't break any speed limits... what do you think is going to happen. He's been drooling over pictures of that McLaren F1 for YEARS.
same thing happened with deregulation... it wasn't integrity that was destroyed, it was never there. there were just rules in place.
seriously, these things are no-brainers, guess I should be happy mcaskill is calling for it.
Although I would cut the cap down to the average teacher's salary. AND require that the CEOs volunteer 10 hours a week in a homeless shelter.
If they were contractually required to do that, I would not even reduce their salaries to below the President's salary. But, would also require that of our Congress members as an official duty. One of the things that is very encouraging about Obama is that he and his family have worked in the soup lines and homeless shelters. Aside from Jimmy Carter, I seriously doubt that any president in my times, Eisenhower on, has done that. My guess is that both Bushs as well as Reagan would not have taken the oath of office rather than do that sort of real charity work. And if the sernior Bush ever worked in a soup kitchen or homeless shelter, Barbara would refuse to ever allow him in the house again.
I hope I'm wrong...
I wonder what would happen to the economy? all that money in the hands of the people.
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Rudy's neck has disappeared as his head now kinda merges with his shoulders and I'm assuming this now filled space is where he stashes the payoff money???
the state gives him a raise, he uses it on a few whores... to him this is a microeconomic model of the US economy.
I remember him saying in the primaries that he would have to cut taxes to generate more revenue.
OK, typical Repub lunacy we're all used to hearing, so no surprise there.
But then he went on.
He talked about spending more for the military and said something like "Of course, I'd have to cut taxes again to pay for that."
He didn't seem to grasp the slippery slope he was on and, I guess, just assumed the government would be flush with money to spend on anything it desired if he just cut taxes completely.
Of course, right wingers will claim McCaskill is a socialist to insist that none within those bailed out companies should make more than Obama. But in theory, it's a good idea.
Executives are just hired hands. They don't own anything. They are just worker bees.
All of this was ALLOWED and ENCOURAGED by both parties in Congress.
The problem is the republicans are voting on party lines so they are not listening to any of us.
Of course that's when a Billion Dollars and $400,000 were actually worth more than today.
As for capping income at $400k, go for it. Just another reason for those companies to go offshore. Why not cap everyones income at 400k? Doctors, Lawyers, actors, atheletes, everyone. Right? I mean just think if compensation was capped at 400k years ago we would not be here now. Because all those companies would be offshore. Maybe we can get the rest of the world to cap the incomes of their citizens. I am sure England, Japan, Germany, I am sure everyone would want to play our version of neutered capitalism.
Its not fair what a few of the power players on Wall St did. But the answer is not to try to convince Americans that if the Pres can live such a comfortable life on $400k, anyone can.
Second, why the hell are you talking about doctor's lawers, ballplayers, etc? Strawman much?
Third, if a bank wants to take their marbles to another county because they are asked to show a little fiscal restraint after getting tax payer dollars, then they should go! I'm sure their new hosts will be more then happy to give them the $20 billion that they are begging for, along with all the green needed for the move.
Again I go back to mom and pop shops. If the govt is going to give 'bail out' money, I would rather see it go to the mom and pop shops.
In an interview with Fox News after the meeting, Nelson said he didn’t know how many Democrats, let alone Republicans, would vote for the stimulus plan “as it stands today”
source
I'll bet they're shaking in their boots all the way to the bank. Have Conyers send them a memo.
Meanwhile, the Repubs are <a href=" http://www.tv1.com/playlists/225”>lying their asses off to fight him. Maybe focus you're anger there, or wait for the Che Guevara/Noam Chomsky ticket so many people in the Internet tubes seem to be waiting for....Grrrr.
Let's see if the big boys in Washington followed her lead and this bill.
Since I know this will never happen since service members & their families qualify for AFDC and food stamps I cheer Sen. Claire McCaskill for her challenge to her fellow members of the senate to stand up and be counted.
I think they already did. This is shear and utter bullshit. If they meant it they would propose retroactively taxing these "bonuses" to ZERO. But they haven't the guts, they are all bullshit. They aren't going to do a damn thing about it but talk AFTER all the moneys gone.
If they had any real balls they'd start by passing this:
http://tinyurl.com/ccoc8x
What about a special income tax?
And hiring enough auditors would go a long way in itself to put people back to work...