Back in February, I commented on Obama's attack on CEO Comp (see full content in blog list to refresh your memory), and it sparked some criticism from some of the other local inhabitants of the 30022 zip code as being too far fetched and off target as I lamented on the expanding power being sought by the Obama team.
At the time, I questioned their motives to control private business and limit income potential. If I recall, I was chided for my comments that perhaps we should not teach our children to aspire for unbridled success since it seems that under such a plan ceilings on their achievement would be imposed. And I was also reminded that it had nothing to do with sales or motivation by all about accountability!
Now today, not more than 3 weeks later the Secretary of the Treasury went before a congressional panel to ask for unprecedented power so sweeping that it would virtually reach directly into the private business sector and could at their desire seize financial and physical assets of such companies, review compensation structures and even limit at their discretion any salary & bonus payments that they deemed to be disproportionate!
Now please tell me again how this kind of thought process differs from let's say 1950-60's Russia or Cuba or Communist China of today?
The argument I'll hear will be that it is only the financial institutions that will fall under this sweeping legislation since they pose the greatest threat to the economy.
Yeah to start with! But where will it stop? The financial sector is the core of all other business function. Without free markets within this sector and a business's ability the leverage debt stymied, it won't be long for the whole thing to come tumbling down.
And at the root of all of the control will be the Govt. They will mandate how and where we conduct business and what we are "allowed" to earn & save. Without wealth and the access to wealth the MASSES will be powerless. And without power and the wealth to sustain it, they will have no choice but to fall in line under the Govt.
Now tell me again what this is called...I seem to be at a loss!!!
(figuratively & financially)

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