According to today's Washington Times, the House of Representatives has passed a bill to limit executive pay packages on Wall Street. First of all--Wall Street did not cause the economic crisis--Congress did. If you doubt this, please watch the YouTube video called "Burning Down The House." The video is about 10 minutes long, but it is well worth watching.
Anyway, the article points out:
""The sweeping compensation mandates in the bill, which were not subject to any committee review prior to its consideration, will have far-reaching and unintended consequences that will drive capital away from our financial markets," said Rep. Spencer Bachus of Alabama, the top Republican on the Financial Services Committee."
This is not an area for government intervention. Government intervention in the mortgage market, although well-intentioned, gave us the mortgage meltdown. People who could not afford to make mortgage payments were given mortgages, and those loans defaulted. Very few members of Congress have ever owned or administered a business, very few of them have studied economics or how the business sector of our economy works. Their job is to uphold the Constitution--they don't seem to be doing that very well.
This is the proverbial camel's nose under the tent. Do you really think that if this legislation passes, at some point in the future, your wages will not be governmentally regulated?
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