Here's a neat mugshot slideshow of what embattled Wall Street titans raked in just a few short months ago. What's that you're saying about limits on executive pay?
categories: Standard of Living
Planet Money
All Congress needs to do is tax excessive income. We are at war after all (anyone remember Iraq? Afghanistan?) A 94 percent tax rate for high "earners" like the one we had during WWII would be appropriate.
Once again this administration is using fear to promote a failed agenda that is out touch with the needs of middle America and contradicting their own beliefs of free market capitalism. It would be more believable if they backed up their assesment of the crisis with actual data. It appears that it's only the major players in the financials that are suffering because they are the ones who promoted practices that contradict the basic principles of finance so they could pass paper and make millions of dollars. Now that it has caught up with them they want middle america to bail them out. The smaller and more responsible banks who did not make these irrational and risking investments seem to be doing OK. By instilling fear into the markets with this latest fiasco they have stalled economic progress and prevented the free market principles from weeding the not so worthy players and making middle America pay for it. If things were as extreme as they say then why hasn't the market dipped beyond single percentage points? It's because the players in Washington are listening to their constituents who belong to these financial giants and some of whom were once part of them. If the availability of money flows down from the bigger institutions to the smaller ones then you can blame the problem on lack of oversight and failed policy. It's time to weed out the policy makers those whose police the markets (if that is even hapenning at all). Good thing there's an election comning!
When is enough, enough. Do these guys know how many houses they have??? The war cry is not DRILL, DRILL, DRILL It should be TAX EXCESSIVE INCOME,TAX EXCESSIVE INCOME, TAX EXCESSIVE INCOME.
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