...Among ideas being discussed are Fed rules that would curb banks' ability to pay employees in a way that would threaten the "safety and soundness" of the bank -- such as paying loan officers for the volume of business they do, not the quality. The administration is also discussing issuing "best practices" to guide firms in structuring pay."
Holy Marxism Batman! Are they saying that they want to determine how private banks pay their employees? This can't possibly be! This is America! Fortunately, Ben Bernanke clears things up. No need to panic.
"During a recent congressional hearing, Chairman Ben Bernanke said the Fed was working on rules that will 'ask or tell banks to structure their compensation, not just at the very top level but down much further, in a way that is consistent with safety and soundness -- which means that payments, bonuses and so on should be tied to performance and should not induce excessive risk.'"
They just want to tell the bank how to pay everyone from the CEO to it's tellers. No need to panic, nothing to see here folks.
Now I know what you're thinking. This kind of policy could spread beyond the banks, and spill into a full blown government controlled market! Silly hatemongering conservative. They wouldn't do that. They're the government, we can trust them! Only the banks will be affected. Look at what the FDIC Chairman said.
"Federal Deposit Insurance Corp. Chairman Sheila Bair said regulators need to examine compensation practices in the mortgage industry, suggesting new limits could stretch beyond banks."
Huh. Well, I'm sure they'll stop at the mortgage industry.
The real question, though, is is this socialism? Let's check with Uncle Sam...
Whew! No socialism here after all. That's a relief.
(Thanks to Ace of Spades for the story)
2 comments:
Let me get this straight. The government, in its infinite wisdom, is now saying it has the right to hire & fire private company employees, nullify private contracts it doesn't like, and determine how private company employees will be paid? Excuse me???
And let me guess - if anyone callenges this on constitutional grounds, they will respond with "the commerce clause let's us do it". Gah! If I could go back in time I'd tell the FF what a horrible clause they included in the constitution. I'm sure once they realized what the government has been able to do in its name they'd be sure to never include it. *sigh*
The "interstate commerce" clause has been stretched, bended, contorted, and tortured to be something completely unrecognizable. There is no doubt in my mind that if Jefferson even knew a tenth of what the government would use it for he would have changed the wording to prevent it. It is shameful.
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