Posts

Frank targets ALL employee pay – not just executives

Not only does Rep. Barney Frank (D-Mass.) want to slander corporate executives by dragging them in front of some stupid committee hearing and confiscate their pay retroactively, Frank wants to have control over all compensation of any employee who works for a company that may have received bailout funding.

My question is, will the Treasury secretary be able to retroactively change the union contracts negotiated with car manufactures who have received bailout funds?

My guess is that will be off the table. (More on this soon)

From Byron York at the Washington Examiner, with a hat tip to Michelle.

Beyond AIG: A Bill to let Big Government Set Your Salary
… in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the “Pay for Performance Act of 2009,” would impose government controls on the pay of all employees — not just top executives — of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies. …

It applies to all employees of all companies involved, for as long as the government is invested. …

… the bill gives Geithner the authority to decide what pay is “unreasonable” or “excessive.” And it directs the Treasury Department to come up with a method to evaluate “the performance of the individual executive or employee to whom the payment relates.”

Where are we going with all of this Congressman Frank? Just admit it congressman, you just want the government to control everything. When this does not work out – and it will not work out – I guarantee the problem will be the way the private sector does business.

If Government Motors fails, it will not be the fault of GM or the government, it will be the fault of Toyota, Nissan, Honda and Ford – the companies who have not accepted TARP funds yet.

Just watch…

Barney Frank on Religion and Taxing Executive Pay

Because he can … and because he’s been thinking about it since 2006. From CBS’ Face The Nation. By the way I am posting this because “I worry.” Read more

Chutzpah!!

Barney Frank now says he wants criminal charges laid against “the people who caused the country’s financial meltdown.”

I’m guessing that Barney gets his shaves in a barber shop… he certainly doesn’t look much at the man in the mirror. From CNBC…

Earlier in the day, Frank, who is chairman of the U.S. House Financial Services Committee, told reporters that he plans to move legislation this month on mortgage origination, predatory lending and credit cards.

Vowing to turn his focus from stabilizing the financial system to reshaping it, Frank said he will hold hearings to examine creating “a strongly empowered systemic risk regulator.”

Once upon a time, I seem to recall Barney telling us that Fannie Mae and Freddie Mac were “fundamentally sound.”  Now he’s out there telling us “happy endings are still possible despite economic mess.”

At the risk of playing with a loaded double entendre, I think Barney is a little too hung up on fairy tales…

Now, Barney isn’t exactly the most conventional market watcher.  A year ago, Barney was out there doing his regulatory dance, much in the same fashion a South Pacific cannibal, capering around the big black pot, saying:

“I am not talking about the holders of the loans taking a haircut,” the Massachusetts Democrat said. “I am talking about them having lobotomies.””

The obvious question — if the Cambridge head-hunter gets his way, either in his original model  or in the currently proposed judicial model, who in their right mind is going to want to write mortgage loans?  Be it a swing of Barney’s axe or the rap of a judge’s gavel, who would want to work in this market, if your investment disappears, not due to poor research or bad timing, but out of some misguided notion of the purpose of government?

The Experts

You’ll be stunned to learn that “Frontline” … bought and paid for with your tax dollars … and soon your stimulus money … has reportedly put together a documentary on the economic collapse that will air tomorrow night on PBS. The kicker is the expert list. Only two Congress people were interviewed.

Mr. Dodd and Representative Barney Frank, Democrat of Massachusetts,are the only members of Congress interviewed in the piece, which is a weakness. Many voters hold Republicans and Democrats equally responsible for oversight failures. “Frontline” holds these politicians up as reliable, unbiased witnesses, but some viewers may feel they don’t deserve that trust.

These two people are experts all right. They blocked the regulations that the Bush administration proposed for Fannie Mae and Freddie Mac, not to mention looked the other way as banks like Countrywide made billions in irresponsible mortgage loans to anything that moved, no questions ever asked. Thanks once again to Instapundit.

Here’s the video that PBS won’t air .. for fear of losing their funding.

httpv://www.youtube.com/watch?v=VgctSIL8Lhs

CEOs try to explain economics to man who helped destroy economy

For me it was classic. Not amusing, just classic. Two highly successful CEOs Fred Smith and Eric Schmidt try to explain why protectionism (Buy American Union Payback Clause) will cost jobs. Barney “FFANAP” Frank responds with something about social safety nets to keep workers from revolting but I am not sure the CEO’s understood a word he said. I now Frank didn’t understand them.

httpv://www.youtube.com/watch?v=eOymmVXR8ec

News Flash: STDs are a stimulus too

Barney “Fannie and Freddie Are Not A Problem” Frank, noted banking expert and mortgage specialist, explains to Obama adviser George Stephanopoulos how all that money for STD prevention ($335 million) is a stimulus.

As a bonus, FFANP Frank explains how tax cuts never saved a firefighter’s or police officer’s job. Only Government spending can do that. True, FFANP, true. But only thriving businesses that are not downing in tax liabilities can generate the revenue to send to Washington, so Washington can send it back to the cities topay for the city jobs with the money generated by the business. Whew, I should get an Obama fist pump for that.

httpv://www.youtube.com/watch?v=5bDLioq3A7s

Ya know … it acutally makes more sense than Nancy Pelosi on birth control. I think.

Frank gleeful about soaking the rich come Jan. 21

Here it comes. Since it is almost a given – for many liberals – that The One will be sworn into office on a cold day in January, the faithful masses of politicians on the left side of the aisle are getting a warm and fuzzy feeling as they prepare to stick to to the rich.

Of course, we still don’t know who’s rich, but I do know that the wealthy among us have the ability to relocate or just refuse to play the game anymore.

Read more

Walter Williams writes – Lessons from the bailout

Williams has another good column out this week, and it quickly sums up – for those of you who missed it – how this economic crisis started back in 1977 with the Community Reinvestment Act. Walter’s point gets right to the root of the problem.

Even though McCain and Obama want to lay the blame squarely at the feet of greedy people on Wall Street, this was not the fault of the free market. It was government providing – instead of promoting – the general welfare.

Read more