My final thoughts for 2008.
On Executive pay and parachutes. I would love to see a salary cap but that is really nothing that could be made into law. We have a hard enough time passing minimum wage laws that provides for a living above the poverty line how could we pass a law that restricts how much a person can earn.
What we can do is change the climate that promotes these excessive packages.
First reinstate the tax cuts for the rich. Next add more tax penalties and tax these large packages and salaries , close loopholes and limits on tax shelters. If you make so much that after giving to charities and paying all your bills, all your Yacht or private plane and crew expenses and your three mansions, you still have to shelter your left over money or find some way to avoid paying taxes you just make to much period...
3rd Provide tax breaks to companies who instead of supporting and paying these excessive executive packages and salaries divert or use these funds back into the company to further cover expenses including healthcare, pensions or retirement plans and employee salaries. I am amazed that the Airlines and Auto Industry as well as others complain that they have to cover all these pensions or provide insurance and are struggling to cover their funding but at the same time funds are there to pay the executives those needed millions they are so short on.
We have created and allowed the climate of greed to run rampant. Taxing the greed is probably the best way to curb it. White collar crimes also need to be prosecuted. They are doing just as much if not more to destroy the economy. Just because someone is rich, a sports figure, celebrety or politician should not give them any more priveledges that the middle classs have.
Bailouts... We as taxpayers are footing the bailout. If the banks that took the money don't want to open credit. Take the money back. They have no problem being part of the problem that caused this mess and continue to escalate it by ramping up interest rates to credit card holders, (The next sub prime bubble to burst).
If they only want to take the money but don't want to be part of the solution, take the money back and let them fail. People want to refinance and consolidate and get back on foot. The banks are preventing this and maintaining the environment to cause more failures and defaults to happen.
I Hope this next years sessions and the shift in controls can start doing things to shift us back into the great world leader and great economy that created this country.
Dec 31, 2008
Dec 12, 2008
Greed Oink Part 2
Ok, so the help package to bail out the Big 3 Auto companies did not pass. Why must the UAW see a cut in pay to save the companies with this bailout. Oh I forgot they are only blue collar middle class.
The Wall Street bailout did not require any cut in pay for those workers or the CEOs.
Tell me why in a bailout package telling the UAW workers they have to take a cut in pay is there a pay provision, which would give federal judges a raise of almost $5,000, Members of Congress, however, who presently make $169,300 a year, will automatically receive a raise of almost $5,000 on Jan. 1. But they are not cutting their pay either. Funny how this barely made it in the news and was never really mentioned together with the bailout not passing.
Here is a noble idea. Have congress make it into law that every worker in the US get a 2.8% COLA raise every year just like they automatically get or vote themselves to receive every year. While at it, give everyone the same health and benefit packages they get as well. And raise the minimum wage. Do all that and unions can deal with workplace issues and grievances.
Double standards keep getting in the way of getting our country and Economy on track. We still have to protect the rich folks. Now we have the Bernard L. Madoff Investment Securities LLC Pyramid scam that bilked up to $50 Bln and he may only have to do several years and pay a couple million in fines. Here we go again I see another bailout coming to recover another $50 Bln lost to greedy CEOs and White Collar rip offs.
The Wall Street bailout did not require any cut in pay for those workers or the CEOs.
Tell me why in a bailout package telling the UAW workers they have to take a cut in pay is there a pay provision, which would give federal judges a raise of almost $5,000, Members of Congress, however, who presently make $169,300 a year, will automatically receive a raise of almost $5,000 on Jan. 1. But they are not cutting their pay either. Funny how this barely made it in the news and was never really mentioned together with the bailout not passing.
Here is a noble idea. Have congress make it into law that every worker in the US get a 2.8% COLA raise every year just like they automatically get or vote themselves to receive every year. While at it, give everyone the same health and benefit packages they get as well. And raise the minimum wage. Do all that and unions can deal with workplace issues and grievances.
Double standards keep getting in the way of getting our country and Economy on track. We still have to protect the rich folks. Now we have the Bernard L. Madoff Investment Securities LLC Pyramid scam that bilked up to $50 Bln and he may only have to do several years and pay a couple million in fines. Here we go again I see another bailout coming to recover another $50 Bln lost to greedy CEOs and White Collar rip offs.
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