The phony executive compensation provisions in the bailout bill that failed today are my primary sticking point. I've investments that lost money today. I lost about $90k. That's not true, actually. I haven't sold and I'm in a pretty safe sector. I've lost nothing. But this isn't about my ivestments or anyone else's. This is about our economy. So let me be clear.
We need this bailout bill.
I can live with every single portion of it EXCEPT the OBVIOUSLY phony executive compensation provisions. This bill still allows CEOs to be rewarded with tens of millions of dollars FOR FAILURE.
Paulson maintains that executives won't participate if it means giving up their huge compensation packages. So basically, the plan won't work if Congress puts real teeth into the exec-comp provision.
Paulson is basically acknowledging blackmail and class warfare.
If I'm going to throw around a term like "class warfare", I should define it. It's not rich people against poor people or even rich people against the middle class. It's persons of the executive class against everyone else. These are people who insist they're to be afforded premium treatment BECAUSE OF WHO THEY ARE.
This is a class war. We're talking about people who think of themselves as royalty -- perfect humans -- genetic fastlane -- divine infallibility written into their contracts. Nothing will be right in our society if this persists. Time after time after time, they fail in their primary responsibility of safeguarding shareholder value. They're rewarded for this failure to the tune of tens of millions of dollars BECAUSE OF WHO THEY ARE. They're a separate class of human. By observation, a superior race of human.
This is a class war and for once, finally, we're winning a battle or two.
No one in the MSM is talking about the fake executive compensation provisions included in the bill that failed today. God bless each and every Democrat and Republican who voted against it.
And unless teeth are put into these executive compensation provisions, God damn any Democrat or Republican who votes for it.