Day after yelling at bank CEOs, Congress quietly removes compensation cap
The brilliant Cenk Uygur writes:
I knew what Congress was doing yesterday by bringing the Wall Street executives in and scolding them in public was a dog and pony show. But I had not realized how profoundly full of shit these politicians are.
They make a big display of yelling at the CEOs and then the very next day they quietly remove any cap on their compensation. These people are not on our side. This is why so many Americans are so damn frustrated. Everyone in power appears to be bought and paid for. There is a circle of people in DC and NY that keep passing the money around to one another and then come and collect it from us…
The constant non-sensical argument is that if we cap their pay they won’t want to participate in this system. Ooh, don’t scare us now. So, we won’t get the most incompetent and corrupt losers in America to participate in their own rescue? I’m shivering thinking about the possibility of losing out on the help of these geniuses.
We’re wasting our time here. Just nationalize the damn banks already. Almost all of the top economists are now in agreement that we should take this step. The people who put the money in are the people who own the company – that’s how capitalism works. I’m a die-hard capitalist. I don’t want the federal government owning banks for an extended period of time. But what’s worse is to continue letting these bankers rob us of our money day in and day out while we sit around like fools.
We buy it, we own it. Kick the clowns out. Run it for a limited amount of time while we stabilize the credit markets. And then sell them off in the free market. Instead of begging the bankers to loosen up credit, we take the banks and do it ourselves.
The most depressing thing is, this has been obvious for months. But we’ll waste more months throwing good money after bad before we take the inevitable step of nationalizing the banks or declaring them bankrupt and restructuring them.
I wish I could paste the entire article here. I encourage you to read it in its entirety.
Posted by James on Friday, February 13, 2009