To be honest with you, I wasn’t going to blog today. I was going to take a break. I had gotten all my work done at the office, and because I worked a buttload of overtime this week, I took off at noon. It was going to be a relaxing day, and then I saw this.
Congress will consider legislation to extend
some of the curbs on executive pay that now apply only to those banks
receiving federal assistance, House Financial Services Committee
Chairman Barney Frank said.
“There’s deeply rooted anger on the
part of the average American,” the Massachusetts Democrat said at a
Washington news conference today.
He said the compensation
restrictions would apply to all financial institutions and might be
extended to include all U.S. companies.
The provision will be
part of a broader package that would likely give the Federal Reserve
the authority to monitor systemic risk in the economy and to shut down
financial institutions that face too much exposure, Mr. Frank said.
Also included in the legislation: registration requirements for hedge
funds and proposals aimed at curbing conflicts of interest at
credit-rating agencies such as Standard & Poor’s.
The bill,
which the committee is working on in consultation with the Obama
administration, also will require financial institutions that bundle
mortgages into securities to share in potential losses. This would give
banks and mortgage-specialists an incentive not to make bad loans, he
said. Institutions that securitize loans improperly will incur tougher
penalties.
“There have been too few constraints on major
financial institutions incurring far more liability than they could
handle,” Mr. Frank said.
Now I realize Barney Frank is not the brightest candle on the Menorah. I’ve always been of the opinion that he should stick to what he does best: diddling barely legal male hookers and gobbling vast amounts of man chowder. Frank obviously spent his formative years soiling the pages of Das Kapital with his nocturnal emissions, because NO ONE in their SANE, RIGHT MIND would possibly think that this is in any way compatible with freedom!
Feb 07, 2009 @ 05:00:00
Nicki, I hear you – and in a way I was pretty depressed and thinking it wasn’t going to be any fun to blog in such times. Instead these monkeys are just giving us TONS of free material – it’s actually, in terms of mocking the powers that be – high times. This is kind of our most glorious moment. It is the time for genuinely educating people about the beautiful simplicity of economics and the lessons of what happens when you tamper with it. Of course it would be better that they learned from history, but this generation was bound and determined to reinvent the wheel and cause a stunning catastrophe all their own. We have to use it as an educational opportunity, and do it with panache and humor.And invective. I like invective as much as you do.
Feb 07, 2009 @ 06:03:17
Reinventing the wheel wouldn’t be an all bad thing, perhaps. But you gotta admit when the damn thing comes out looking like a river rock, it probably ain’t gonna roll real good.The above grammatical errors are not errors. They are in perfect keeping with the thought processes of our current rotational transport devices inventors.
Feb 07, 2009 @ 14:34:30
Barney Frank has never stated, to my knowledge, his beliefs are compatible with freedom. At least he’s open about his lust for fascism.
Feb 07, 2009 @ 16:43:09
Mark, the cocksucking whore can believe whatever he wants. He took an oath to abide by the constitution. He needs to abide by that solemn promise.
Feb 07, 2009 @ 18:17:21
While I am not, by any stretch of the imagination, attempting to defend the less-than-honorable Mr. Frank, you’ve got to admit his failing to honor his oath of office is not unique by anyone’s standard.Most historians agree the colonists took on the most powerful empire of it’s day over matters considered far less tyrannical than what we bear today.
Feb 08, 2009 @ 18:02:47
So there’s no incentive for them not to take the money, and by extension, there’s no incentive for them to be successful.Asshat. He’s going to get a big lesson in the law, specifically that of unintended consequences. The only problem is that we don’t need it, and he’s going to screw us in the process. Oh, and he won’t learn anything from it either.
Feb 08, 2009 @ 22:41:37
Um, I don’t think you people understand…the executive pay cap is for the morons who came with hat-in-hand begging for your tax dollars while they earned millions running their companies into the ground. Not for anyone else. You really have a problem with that? (By the way, capping posts at 3000 characters? MARXIST SOCIALIST FUCKHEADS!!11!!eleven!
Feb 09, 2009 @ 02:12:04
Unfortunately the imbeciles that vote in trash like b.o. and frank are still out there, to vote again and perhaps worse yet……….breed.
Feb 09, 2009 @ 16:16:51
You are all speaking of His Holiness and His Apostles, the Democrats, in a manner that is less than mindless adoration. I hereby declare you all to be Racists. The Democratic Office of the Inquisition has been notified. Their agents in the IRS will be in contact with you all shortly.
Feb 09, 2009 @ 17:11:11
“There have been too few constraints on major financial institutions incurring far more liability than they could handle,” Mr. Frank said.”The constraint is that they fail and go out of business. The government is first removing that constraint by bailing them out, then enacting further legislation to remove our liberties under the guise of protecting us from ourselves. Meanwhile, the press is broadcasting their propaganda keeping the masses in fear and willing to accept anything if the government will just save them. Have to give them credit, they are slick. Control of the press, education, business, almost there…..
Feb 09, 2009 @ 19:14:34
Hey, it’s all a part of the 5th plank of the ol’ Manifesto. I see that there’s an effort underway to make all government contracts only go to unionized companies. I feel like that’s most related to plank 8. BTW if you really want a “keyboard break” don’t watch the news or look at a computer. It’s the only way.