Socialism Goes Global

Without going into details, I’ll say that I’ve got reason to be especially averse to news about exorbitant salaries for banking executives, but the international structure for market dictation that they’re proposing to build to control the salaries of the ultra-rich will prove to be a ratcheting constrictor:

The treasury secretary said the G-20 countries had reached a consensus on the “basic outline” of a proposal to limit bankers’ compensation by the end of this year. He said it would involve setting separate standards in each of the countries and would be overseen the Financial Stability Board, an international group of central bankers and regulators.
Until now, European countries had pressed harder than the U.S. for limits.
“We want to have very strong standards to limit the risks that compensation practices” encourage, Geithner said.
The issue of compensation has been one of the more difficult ones facing the summit.
Europeans in particular pressed for strict limits on salaries and bonuses for executives of financial institutions to keep them from being rewarded for the risky practices that contributed to the financial crisis.

National — and now international — governments are doing nothing less than absorbing the financial sector, which will prove to have calamitous consequences. If we wish to restrict salaries and restrain risk taking, we must allow the market to exact consequences for failure and ease the path by which small competitors may flourish.

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Mike Cappelli
Mike Cappelli
11 years ago

Couldn’t help but laugh at the dopes that bought into Obama’s big fat lie and what he really meant by “Change.” when I saw these headlines:
– The Obama administration is pressing the Israeli government to halt the expansion of Jewish settlements
– Obama to Drop Poland, Czech Missile Defense Proposal
– Obama: No plans for additional troop increase in Afghanistan
– Iran test-fires short-range missiles…’Could reach Israel’…
– Revolutionary Guards begins war games…
– Venezuela exploring uranium deposits with Russia…
– China to display upgraded missiles in Oct 1 parade…
It is everything you imagined in your worst nightmares when you contemplated the meaning of an Obama administration.
The imbecile would say Obama is naive but really, does anybody still question his hatred for America? The liberals shamed/scammed you into not daring believe the “God Damn America” rants of his pastor for 20 years, and his wife’s “for the first time I’m proud to be an American” slip might be the truth. But, deep down you always knew something was just not right. Now you can believe it – they’ve pretty much removed all doubt.

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