Rick Williams’ (2/8, Letters) recent criticism of Claire McCaskill’s branding corporate executives as “idiots” is laughable. Comparing limiting executive bonus pay to an American descent into socialism couldn’t be more off the mark. I would say rewarding failure and non production with any compensation is really the framework of a non-capitalistic society.
If Williams is so worried that his grandchildren will suffer from the ill effects of socialism creeping into American culture, I recommend that he tell them never to drive on the interstate, call the fire department, use the library or go to public schools. Oh, and please rip up his Social Security checks, too.
Here in the United Kingdom they are taking similar measures to limit executive bonuses. So if bankers can’t cope with their measly base salaries, then let then move and orchestrate other financial catastrophes in a nation that rewards incompetence.
Brian Quarnstrom
Belfast, Northern Ireland
... I'm confused, Pub. So, now you're admitting that the credit/mortgage crisis was put in motion by the Dems - but that Bush's inaction on this issue (while running a war) during his first two years in office are to blame?
I stated earlier that Bush could have acted more strongly - but it's hard to use the "bully pulpit" on this issue - and appealing to the logical and patriotic side of politicians can be an exercise in futility.
Posted by: JUNGLE JACK | February 14, 2009 at 03:47 PM
And with total control of Capitol Hill in 2003, the Bush Administration did what?
Posted by: Pub 17 | February 14, 2009 at 02:16 PM
Go back further, Pub. A few months ago it was already too late - here's what Bush proposed five years ago:
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print
Posted by: JUNGLE JACK | February 14, 2009 at 02:03 PM
No, they actively ignored calls for reregulation in 2006--Google it. Part of the problem was that Chuck Hegel was leading the charge, and neither the administration nor McCain wanted anything to do with this RINO.
Posted by: Pub 17 | February 14, 2009 at 01:21 PM
... I believe it was the Bush administration who was calling for the reforms - though not strongly enough.
Posted by: JUNGLE JACK | February 14, 2009 at 12:51 PM
Friedman and Greenspan. And McCain for his run-and-hide on reform legislation. And the Bush Administration for ignoring explicit warnings and calls for reregulation.
Posted by: Pub 17 | February 14, 2009 at 12:31 PM
"...idiots who destroyed the banking industry."
... Dodd and Frank?
Posted by: JUNGLE JACK | February 14, 2009 at 12:21 PM
Hilarious, Rouge. You've let yourself get backed into a corner where you have to defend the seven- and eight-figure salaries and privileges of the idiots who destroyed the banking industry. Bravo.
Posted by: Pub 17 | February 14, 2009 at 11:20 AM
The "best and brightest" are rarely the CEOs. Ask the doctors and research scientists what they think about CEOs. I'm not sure what a reduction of autoworker's salaries to $14 per hour will do when your competition is paid less than $1 per hour. Pay for line workers is a pretty small part of the price of a car. I can find lots of computer programmers for less than $6 per hour. Oh yea, they also get no benefits and live in 3rd world countries.
Posted by: yahoo! | February 14, 2009 at 11:00 AM
I thought a career politician standing in the Senate and calling CEO's "idiots" was classic pot calling the kettle black. When I saw Barney-the Banking Queen-Frank, and Maxine-Frank Rains is doing a wonderful job-Waters on their high horse with the banking CEO's it was enough to gag a maggot.
They had the audacity to ask them about private jets...have you ever seen the fleet of private jets maintained at Andrews for members of Congress!? Hypocrisy is a way of life in DC. Heaven help us.
Posted by: BudRog | February 14, 2009 at 09:58 AM
If a company accepts bailout money - then they have no choice but to listen to Washington. Limiting anyone's pay who is not taking rescue money is un-American and counter productive.
Posted by: JUNGLE JACK | February 14, 2009 at 08:38 AM
We have to protect the multi-million dollar bankers' salary/bonus packages to keep these important financial people on the job. If they're forced into pay cuts, these "best and brightest" of us will only leave and then who will run the banks and guide us all to incredible Wall Street riches?
The $28/hr autoworker is an overpaid slacker. His wages must be reduced to $14/hr so that American autoworkers can be competitive in the global economy.
Posted by: whispering_to_kc | February 14, 2009 at 01:15 AM