by Laura Conaway

Whatever you want to say about those Austrian School economists from George Mason University, they're not afraid to bite. Here's the latest from Don Boudreaux, who talked Planet Money through the plus side of layoffs. Today, he's on about President Obama's move to limit executive pay:

[T]he most egregious problem with this salary cap . . . is that it sets a frightening precedent. Government is now increasingly in the business of determining salaries and deciding whether firms can have private jets. These matters — salaries and jets — are lightning rods for public attention. So they are, ipso facto, lightning rods for politicians' attention.

You can bet your grandchildren's share of the national debt, however, that other corporate matters will become lightning rods of attention — and, hence, objects of self-righteously imposed government restrictions.

Is Bank of America spending oodles of money on advertising? Horrors! Make it stop. Is General Motors planning to install machinery that will displace some workers? Never! Make it stop. Is Chrysler appointing yet another middle-aged straight white male as its president? Racist homophobic chauvinists! Make them appoint a handicapped lesbian of color.