I stumbled across yesterday's IBD (Investor's Business Daily) editorial entitled, Little Dictators while helping my daughter with her speech on bail-outs. I couldn't have said it any better myself. Here is an excerpt:
The spectacle of the very same people responsible for one of the nation's great financial calamities angling to be given even more control to fix the problem would be funny if it weren't so tragic.
Rep. Barney Frank, the Democrat who sits atop Congress' efforts to deal with the financial crisis, has enough chutzpah for 100 politicians — which is saying a lot.
In comments before testimony from both Treasury Secretary Tim Geithner and Fed chief Ben Bernanke Tuesday, Frank said he wants to regulate pay on Wall Street — even for companies that aren't getting bailouts.
And he called retention bonuses — a time-honored practice on Wall Street and elsewhere in America in which key employees are compensated for their enormous value — "extortion" and "bribes."
Frank, one of the chief architects of the housing mess that's brought us so low, isn't satisfied merely with pretending he and his Democratic pals aren't to blame for all this. No, exploiting voter anger over the now-infamous AIG bonuses, he also wants to dictate to American capitalism what it can earn and what it can't.
This is the kind of thing that normally happens in Third World countries ruled by tinhorn dictators, or in fascist states, where the democratic rule of law has collapsed. Not the U.S.
Yet, that's where we find ourselves today, isn't it? Democrats in Congress, who steadfastly rejected virtually all efforts to reform Fannie Mae and Freddie Mac as they went on the wildest, most irresponsible lending binge in the history of finance, now pose themselves as the saviors of fallen capitalism.
The hypocrisy is nothing short of stunning.
It's a frightening thing to see a once mighty, and free, capitalist economy placed under the heel of an incompetent government. But that's precisely what's happening now.
Executive pay, the focus of much public fury right now, is only the start. Your pay will be next, rest assured. So hold on to your wallets, sure, but also hold on even tighter to something even more precious that now seems at risk: your freedom.