Frank Proposes wage controls on employees: Has he gone too far?
by Mortgage Rates on Tuesday, November 30th, 2010 | 15 Comments
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
Bawney Fwanks needs to pull his pants up and put controls on HIS automatic raises, don’t you think?
His unabashed power in Congress amazes me.
It doesn’t say much for his constituency, that’s for sure.
I can hear the Jackboots entering my building as we speak!
Hey! Gimme my money back!!!!
BANG!
Ow! they shot me!!!!!
Welcome to the real world. It’s cheaper to hire the Chinese or the Mexicans so if you want a job you better accept less pay. 99% of the crap you buy has no American involvement. You want job security? Work at Wal Mart.
More scary than that is Geithner and Obamas plan to seize legally private sector businesses they deem appropriate. If you want to cap someones salary which is still only around because of taxpayers money, fine but not seizing perfectly capable and operating US private companies.
If they want to set limits, I say limit themselves on receiving campaign contributions and do away with yearly mandatory raises for all of them. Funny how that one never gets coverage.
Best wage control is to let these failing corporations go under. Why take from the productive to give to the unproductive? Why should the guy hauling 50 lbs bags of dog food in a warehouse pay for an autoworker to have a job building a car nobody wants or can afford to buy?
Franks is an abomination. He should’ve been booted from congress ages ago for any of a number of moral and barely legal transgressions. But, he’s a hero to the left for coming out of the closet. Never mind the age of those he was with in there.
Let’s not forget who was ultimately responsible for the housing crisis.
I really hope the people of Massachusetts wake up and boot that bum.
Bawney has no rights to control how much I make. Oh I forgot. Liberalism is a mental disorder. Does anyone have any prozac so I can make it through the next four years without going crazy?
Give a link or don’t ask!! Your opinion means nothing! Did you read the Bill? Maybe you should have read the Bill before you spin your nonsense. http://www.opencongress.org/bill/111-h1664/text
Barney Frank is an idiot.
You’re right. This moron was, more than any one person, responsible for the mortgage crisis that still threatens to collapse our economy. He is a GD lawyer who has no training or understanding of business, economics or finance. All he knows is how to buy votes with our money.
Who is going to decide who gets paid what? Do we really want to have government set pay scales for private businesses so they will quickly lose their best employees? How are they going to pay us back if their employees leave for greener pastures?
No Bill…it’s nothing short of NAZI government planning….this is Fascism, not Socialism or Communism…it’s Fascism.
Bill, you need to attend the Chicago TAXDAYTEAPARTY.
The Second Revolution has begun.
Yes he has gone too far; and I agree with Free Country Or Fee Country that the plan to seize businesses is even scarier.
He’s gone too far. The next step will be controlling the wages of employees at companies not receiving government funds. I went through that with Nixon’s wage and price controls. It was not fun then and it won’t be fun again. Besides, my employer has effectively controlled my wages by stopping all employer contributions to 401K, limiting performance bonuses and freezing our annual cost of living for the past three years. Our CEO, however, did receive a substantial bonus. The buggar!
Impeach!
I agree with you. Grabby Hands Barney Frank has been signaling his salary control plans for weeks. In early February he told Business Week that compensation restrictions might be restricted to all US companies, not just TARP recipients.
But the first question is: Where are the limits on Fannie and Freddie corruptocrats’ executive pay? Have those been passed yet? Are they equal to the limits on private executives’ pay?
And the second question is: Where will it stop? Barney Frank has no intention of restraining his grubby government paws. Barney Frank: TARP’s comp curbs could be extended to all businesses.
http://www.financialweek.com/apps/pbcs.dll/article?AID=/20090203/REG/902039977/1003/TOC
Report from today’s Washington Times
http://www.washingtonexaminer.com/politics/Beyond-AIG-A-Bill-to-let-Big-Government-Set-Your-Salary-42158597.html
Barney Frank to Dictate Your Salary with pending legislation dubbed the “Pay for Performance Act of 2009. We’re not just talking about the “top executives” of companies receiving more than $5 Billion in TARP funds– we’re talking about all employees of all companies who have received government dollars. But what about the auto makers? Sounds like it. And retroactively, at that!
Elected officials who control the power of the purse dole out money to their favored interest groups. With this legislation, they’ll be able to favor employees in the same way. How frightened are you by what’s happening around us? Personally, I swing between utter rage and wanting to drop my head in my hands and sob. o_O