Government Ready to Control Executive Pay Across the Board

The mere suggestion that Democrats would attempt to control executive pay across the entire private sector would’ve been laughed off as fear mongering during the campaign. In fact, I believe very similar claims were labeled fear mongering from desperate Republicans. But much like the prediction that President Obama would be reading Miranda rights to terrorists, this one has come to fruition.

Democrats on the House Financial Services Committee said Thursday the administration’s efforts to hector the private sector into reining in executive pay might not go far enough.

The administration contends that excessive compensation contributed to the U.S. financial crisis, but rejects direct intervention in corporate pay decisions.

Instead, the administration plans to seek legislation that would try to rein in compensation at publicly traded companies through nonbinding shareholder votes and less management influence on pay decisions.

“I do differ with the administration in that hope springs eternal and their position seems to be that if we strengthen the compensation committees we will do better,” said the committee chairman, Rep. Barney Frank, a Democrat…

Democrats and administration officials agreed that companies across the private sector need to adjust compensation practices to avoid damaging the economy.

That’s exactly what I want: A bunch of morons who rejected Bush Administration attempts to regulate Fannie Mae and Freddie Mac, including the moron who claimed repeatedly that neither was in financial danger, telling me how to avoid damaging the economy. I honestly believe these people are living in their own universe, unaware of how ridiculous they sound to those around them.

While the administration has approached the issue with caution, a top Republican said the plans amounted to “incessant government intervention.”

“The president cannot continue his heavy-handed meddling in the private sector and expect it to function, much less flourish,” said Rep. Tom Price, chairman of the Republican Study Committee.

And yet he will continue his intervention in the private sector, regulation the pay of executives, firing CEOs he no longer likes, telling companies what products to produce and, most of all, taxing the crap out of whatever profits companies can pull together after all of that.

As the article in Pravda said, socialism is on the march. And it’s getting here quickly.