Diary

White House Decisions on Bank Executive Pay is an Augury for how they will handle Healthcare

                The bank bailouts were certainly not a no strings attached gift of government largess, and bank executives are finding out the hard way. The Obama administration’s decision to cut the pay of the top 100 executives at bailed out companies is typical of what happens when a company or an individual is dependent on the government. I suppose if the bank executives didn’t want their pay to be regulated then they shouldn’t have taken the bailout money. However, the decisions by the Obama administration reveal the contempt they have for private individuals, and the extent to which they will go to influence those who are dependent on them

                Kenneth Feinberg, Obama’s pay czar, has decided that he is more qualified to decide how much these bailed out company executives should be paid than the people who hired them and depend on them to perform well. Feinberg, a third party, has no place deciding executive pay. Executive pay is based on worth and how much the company is willing to pay the executive. As a result of deciding executive pay, Feinberg has also decided the worth of an executive to company shareholders whom depend on that executive to perform.

                This latest exercise in government intervention does not bode well for a possible government health plan. It would be incredibly naïve to believe the same government meddling would not extend to another sector of our economy that would be run by the government. Furthermore, the individuals enrolled in this government health plan would be dependent on the government, just like the corporate executives. Questions of worth will undoubtedly be placed on the lives of individuals who will then by dependent on government health care. Breaking with the mores of a capitalist economy has proven to be something this administration does well, and I have full confidence in their ability to exploit all those who are dependent on them.