Dolla, Dolla Bills!

I've decided that I agree with all the new government policies regarding executive compensation. I would like to add one more which I think makes perfect sense. People on Wall Street who push paper should receive little to no compensation. The only people who should earn significant salaries are those who actually make money. By "making money", I mean individuals who work for the U.S. Mint. Bonuses will be paid based on how much money you make. While there will be immediate uproar from those working on the George Washington line claiming unfairness because they do the same exact job as those who work on the Ben Franklin line, those are the breaks. Think about the guys working on nickels and pennies! Clearly making money is the most logical way to encourage people to work harder. It will encourage growth in the U.S. Minting industry which is poised to reap significant benefit from the bailout plan...why should these workers not be compensated accordingly? We should encourage people to make more money. Forget about working for some evil bank, work for the U.S. Mint and make money! We should also pay auto workers based on how many cars they make. Who cares about the quality or whether they can actually be sold because there is no financing available...(or whether they can actually be driven because there's a bag of Sakrete where the engine is supposed to be). The auto worker did his job and he should be paid at the expense of others. After all, the auto industry is what drives our economy.  

Revisionist History

I just read this on the Huffington Post:

It is a rather curious spectacle to see congressional Republicans express outrage at the exorbitant bonuses being handed out by bailed-out companies and blame the Obama administration for failing to curb the practice with AIG. Because when the first installment of the Troubled Asset Relief Program was passed it was the Bush administration and GOPers in Congress who were insisting that caps on executive compensation not be part of the legislation.

As the New York Times reported at the time that TARP was being crafted, "Congress and the administration remained at odds over the demands of some lawmakers, including limits on the pay of top executives whose firms seek help."

Former Treasury Secretary Hank Paulson said that while he was upset with the levels of salary afforded to top executives, any cap on such would dissuade companies from participating in the TARP.

"If we design it so it's punitive and so institutions aren't going to participate, this won't work the way we need it to work," he told Fox News Sunday on September 21.

Senator Richard Shelby, the top Republican on the Senate Banking Committee, told CBS news that: "It should be up to the board of directors of a private corporation to set the compensation of an executive; it shouldn't be Congress's role."

Senator Mel Martinez told CNBC that: "While it is very appealing to think about executive compensation as being a part of this, one of the drawbacks to that is perhaps that we would have fewer entities participate in what is essentially a voluntary act."

And House Minority Whip Eric Cantor, "outraged" over AIG's issuance of $165 million in bonuses, said he was not in favor of "the federal government be[ing] able to set salaries across the board," when the issue of executive compensation arose in September 2008.

Funny. Politicians used to lie about stuff that happened 100 or 50 years ago. Then they started lying about stuff that happened 10 years ago. And then, the size of their cojonez finally surpassed that of their heads, and they started lying about stuff from 5 years ago. All of this, mind you, in a world where we are now capable of punching in a few keystrokes to dial up pretty much whatever our hearts may fancy on, in the words of Jon Stewart, the interwebs. Missed octomom's crazy interview? Youtube it! Wanna watch last weeks' episode of LOST? Youtube it! Searching for an analysis of 80's sitcom intro's? Youtube it!

And now? Well, as you can see, apparently now politicians have taken to lying about stuff that happened merely 5 months ago. Pretty soon, it'll be 5 weeks, days, minutes, seconds?

I can see it now. Pretty soon, Eric Cantor will be doing an interview on CNN:

Eric Cantour: "I guarantee you that Stem Cell research will not result in any medical miracles and that's why I think we should stop all funding..."

Wolf Blitzer: "Sorry to interrupt you congressman but we are getting breaking news that a private laboratory in Michigan, specializing in stem cell research, has just released proof that they have discovered the cure for cancer!"

Eric Cantour: "As I've been saying for years Wolf, stem cell research is the most promising medical research in the world."