Bank executives are easy targets given the current economic climate. But don't think Frank and others like him will stop with the executives. You want government health insurance or other government handouts? Be prepared for regulations which govern how you live, what you earn, what you spend, and eventually, what you say.
The bank executives are setting a bad example by staying put. They have alternatives. They would do this country a great favor by telling Frank: Take This Job And Shove It.
Frank wants to help the banking sector. Great. Do it. But don't use it as an excuse to dictate how much people earn while your buddy Chris Dodd gets sweetheart mortgage deals, and you just passed a "stimulus" package which steals hundreds of billions from future generations. Absolute power corrupts absolutely, and right now Barney Frank thinks he has absolute power.
The government -- with Messrs. Frank and Dodd in the lead -- caused the banking crisis by forcing banks to make bad loans for social engineering purposes, then forced the banks to take federal money, and now use the acceptance of federal money as a means for further social engineering.
Taking federal money to help your company solve problems caused by the federal government does not make you an indentured servant. Leave. Now.
Apparently, some executives are contemplating taking this advice:
The Obama administration pledged to work with Congress on implementing tough executive-pay limitations at banks that get federal bailout money as critics said the few restrictions in economic-stimulus legislation will prompt talented managers to leave.You go banking guys and gals. Please.
There's a lot of talk of going "Galt". What do you think? Should we cut our losses and shrug?
ReplyDeleteCan you cite any specific laws which required banks to make risky loans? I need some concrete information to share with a class.
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