Does everyone feel better now? According to the New York Times the O plans to limit executive compensation- and not just on Wall Street either. Congress intends to pass confiscatory taxes on the compensation already paid out to AIG execs, as well as others. We really showed those rich, greedy Wall Street bastards.
But while you’re reveling in your schadenfreude, you might want to consider that we have an avowed socialist ensconced in the White House and a complicit, if brain-dead, congress. The type of governmental meddling and confiscatory taxation in play has us half way down the road to European socialism. You might take delight in the plight of the Wall Street contingent, but this type of governmental oversight and taxation will quickly spiral downward to effect every citizen still inclined to work for a living. Because, as Maggie Thatcher observed, “The problem with Socialism is that sooner or later you run out of other people’s money.”
Since the centerpiece of the O’s agenda is the redistribution of wealth, confiscating it through taxes is a good way to start. They’ll also have to redistribute the money that will no longer be paid out to executives, now that there will be a mandated cap. Maybe the O can dictate that it be used to pay higher salaries to all the employees at the bottom of the pyramid. Or maybe congress can assess a special tax on companies that “previously paid exorbitant compensation” to their executives. Then they can allocate more money to ACORN, so they could hold more demonstrations and plan more bus tours to scare the crap out of the rich little kids caught in the cross hairs of carefully fomented class envy.
So thanks O great one; class conflict is much healthier than racial conflict. After all, we know there’s nothing wrong with hating "rich-white-people."
