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Thread: Czar to substantially cut pay: Summers

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    Re: Czar to substantially cut pay: Summers

    This is the government's attempt to curb moral hazard. It does make some sort of sense considering not every TARP recipients will effected. Wonder how outraged Goldman is?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by Goldenboy219 View Post
    This is the government's attempt to curb moral hazard. It does make some sort of sense considering not every TARP recipients will effected. Wonder how outraged Goldman is?
    Why would they be outraged - their pay isn't affected. Also, how exactly is it "curbing moral hazard" if it's only applying to a tiny handful of people at each company?
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by RightinNYC View Post
    Why would they be outraged - their pay isn't affected.
    I was joking!

    Also, how exactly is it "curbing moral hazard" if it's only applying to a tiny handful of people at each company?
    Goldman, Morgan Stanley, and JP Chase did not ask for, nor need access to TARP funds.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by Phoenix View Post
    There is no standing in the Constitution to hand businesses Billions of dollars to keep them from going under either.
    There is actually, it's called the General Welfare Clause, however, I was opposed to the bailouts because I knew what it really was, IE nationalization of private industry for the state, rather than the bailouts we had under Bush with the airlines that didn't, also, come along with absurd regulatory conditions bordering on state takeover attached.

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by RightinNYC View Post
    Obama will cut pay by almost 50% for a whopping 25 people at each company. That will certainly have a huge effect on the thousands of people at each of these companies who will take home the exact same salary as they would otherwise.

    He's just doing this **** for show. It's embarrassing,
    So do you agree with the state dictating to private industry? This is the text book definition of corporatism in the fascist sense.

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by Redress View Post
    I don;'t think that word "fascist" means what you think it does. You sure do like throwing it around though.
    Then you have no damn clue how corporatism operated under Mussolini, IE labour and capital coming under the Iron fist of the state through corporates IE regulatory boards which would dictate how private enterprise is to operate.

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by TheNextEra View Post
    And who asked for the money again? Oh yeah, the firms. Don't let facts get in the way though of your fascist rants.
    I didn't support the bailouts to begin with, but these were not bailouts they were state takeover of private enterprises. Aiding the airlines following 9-11 were bailouts, this is nationalization.

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by Agent Ferris View Post
    There is actually, it's called the General Welfare Clause, however, I was opposed to the bailouts because I knew what it really was, IE nationalization of private industry for the state, rather than the bailouts we had under Bush with the airlines that didn't, also, come along with absurd regulatory conditions bordering on state takeover attached.
    *bold by me
    Debateable at the very least. It has been held that the GW clause doesn't grant any power but is merely an explanation of the use of power previously mentioned in the Constitution.

    "If Congress can do whatever in their discretion can be done by money, and will promote the General Welfare, the Government is no longer a limited one, possessing enumerated powers, but an indefinite one...."
    -- James Madison, letter to Edmund Pendleton, January 21, 1792
    The corps can avoid the pay cuts by paying back the bailout money.
    From the ashes.

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by Phoenix View Post
    *bold by me
    Debateable at the very least. It has been held that the GW clause doesn't grant any power but is merely an explanation of the use of power previously mentioned in the Constitution.
    Well then you must likewise oppose Social Security, Medicaid, Medicare, Food Stamps, Welfare, and of course the proposed health care reform agenda with the public option, amongst every other single entitlement program that there is.

    The corps can avoid the pay cuts by paying back the bailout money.
    Ya and a great way to get them back on their feet so they can pay back that money is to cut the pay to their most talented employees so they quit and go find employment elsewhere. Brilliant.

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by apdst View Post
    Why? Because he's a bad manager? Makes too much money and you you hate people who make money? Why, in this the freest country in the world, should he be run out of town on a rail?

    Please explain.
    possibly becasue he continues to take bonuses while our stock plummets, and he's run our company into the ground.

    his predecessors were great, and they made plenty. why would you assume i hate people who make money?

    please explain.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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