Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
One step closer to Fascism...
Old 06-10-2009, 12:35 PM   #1
Full time employment: Posting here.
 
Join Date: Feb 2007
Posts: 595
One step closer to Fascism...

I saw the following article this morning...

Geithner: No caps on pay for corporate executives - Yahoo! Finance

Interestingly enough.... just an hour before I saw another article that said Obama was going to seek a limit of 750k max for executives. I guess someone told him that would not go over too well.

I would love to know though.... where exactly in the constitution does the Pres or some Czar appointee who is not elected by anyone, have the power to start tinkering with someone's pay? Where is the Supreme Court here? Will no one make a consitutional challenge on this one?

If the govt has the right to set a private companies executive pay, then they also have the right to set anyone's pay that they choose. It can be argued whether exec pay is fair or outrageous, etc. But I would think it could not be argued that legally this govt move is illegal, and without precedent. I just want to hear the Supreme Court try to justify this one.
__________________

__________________
armor99 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-10-2009, 12:53 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 5,160
Minimum wage is an example of the government's power to tinker with someone's pay.
__________________

__________________
RunningBum is offline   Reply With Quote
Old 06-10-2009, 02:53 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
dex's Avatar
 
Join Date: Oct 2003
Posts: 5,105
"An official said the administration will appoint a "special master" to oversee compensation at firms receiving large amounts of government assistance. The pay overseer would have the power to reject excessively generous pay plans."



Maybe those affected will go to another company. Wouldn't that be the lesson if there was a flight of those people to other companies or start their own. Then the remaining janitor takes the head job and the government heralds it as a Horatio Alger story.
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
dex is offline   Reply With Quote
Old 06-10-2009, 03:50 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Feb 2006
Posts: 1,183
I wonder what the new CZAR's get paid and how many assistant number crunchers they each have. Let's just humor me for a moment.

16 CZAR's @ $250,000 x 4 years = $16,000,000.00
4 number crunchers per CZAR @$150,000 x 4 years = $38,400,000.00

CZAR cost would equal $54,400,000.00 for this term.

I detest the word CZAR and do not like government in our banking/auto system the way they are now.

I am fearful that the Supreme Court will roll over on everything going forward. There appears to be a good bit of Socialist Idealogy imbedded there.

Just my 2 cents worth.
__________________
crazy connie is offline   Reply With Quote
Old 06-10-2009, 04:08 PM   #5
Thinks s/he gets paid by the post
ls99's Avatar
 
Join Date: May 2008
Posts: 4,792
Ah, the Romanoffs have taken up residence in the administration. Welcome to Mother Russia. Is there a proposed cap on the pay for all this high powered administration help, perhaps they should work for performance pay.

I guess whoever appointed the first Tsar, which IIRC was the drug Tsar, set a bad precedent. Hey, so far no Tsarinas.

All these Tsars are way too much. Good thing is that since I and DW retired, federal taxes are way, way down, so are my state taxes. So my direct cost for all these Tsars is negligible.
__________________
There must be moderation in everything, including moderation.
ls99 is offline   Reply With Quote
Old 06-10-2009, 04:16 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,526
I'd like to propose a czar czar. This individual would regulate creation of new czars and regulate pay of the current czars. After all, we have to monitor closely the ever-increasing czar population. Please spay/neuter your czar.

Uncontrolled expansion of the czar supply can lead to hyperinflation of czars. And if there is anything I fear more than the current czars, it is mounds upon mounds of worthless czars in the future.
__________________
FUEGO is offline   Reply With Quote
Old 06-10-2009, 04:48 PM   #7
Full time employment: Posting here.
 
Join Date: Feb 2007
Posts: 595
Quote:
Originally Posted by dex View Post
"An official said the administration will appoint a "special master" to oversee compensation at firms receiving large amounts of government assistance. The pay overseer would have the power to reject excessively generous pay plans."



Maybe those affected will go to another company. Wouldn't that be the lesson if there was a flight of those people to other companies or start their own. Then the remaining janitor takes the head job and the government heralds it as a Horatio Alger story.
Yup.... that is about the way I see it. Like I have said before.... it is only a matter of time until you start seeing the govt begin to say things like... "You will not be allowed to quit.... for the good of the country you will be forced to (fill in the blank).... and so on..."

The belief in a utopian like society must be abandoned if we are to survive. That is what is really driving most of this nonsense. The prevailing wisdom (if you want to call it that), is that "if only all the people would do XYZ, then everything would be great for everyone..." And then comes the inevitable... "Well if there are some people that will not go along with the program then (as the govt), we will force them to comply!... after all it is for their own good!". This is the theme that I am seeing about to be played out.

Cars are not fuel efficient enought? No problem... we will just FORCE the automakers to build a more fuel efficient car. What... people are not buying those cars because they do not like them for some reason? No problem... we will make the import taxes on foreign cars so high that no one can possibly afford to buy other than what we tell them to.

This is exactly the sort of thing that the founding fathers tried to protect the country against when it was formed...
__________________
armor99 is offline   Reply With Quote
Old 06-10-2009, 04:52 PM   #8
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,068
It appears this thread is drifting towards a purely political discussion which will result in the thread being closed. Please keep this in mind as you get back on a FIRE related topic.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 06-10-2009, 05:09 PM   #9
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,372
Quote:
Originally Posted by FUEGO View Post
I'd like to propose a czar czar. This individual would regulate creation of new czars and regulate pay of the current czars. After all, we have to monitor closely the ever-increasing czar population. Please spay/neuter your czar.

Uncontrolled expansion of the czar supply can lead to hyperinflation of czars. And if there is anything I fear more than the current czars, it is mounds upon mounds of worthless czars in the future.


So funny, Fuego.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 06-10-2009, 05:32 PM   #10
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 10,137
Quote:
Originally Posted by armor99 View Post
Yup.... that is about the way I see it. Like I have said before.... it is only a matter of time until you start seeing the govt begin to say things like... "You will not be allowed to quit.... for the good of the country you will be forced to (fill in the blank).... and so on..."

The belief in a utopian like society must be abandoned if we are to survive. That is what is really driving most of this nonsense. The prevailing wisdom (if you want to call it that), is that "if only all the people would do XYZ, then everything would be great for everyone..." And then comes the inevitable... "Well if there are some people that will not go along with the program then (as the govt), we will force them to comply!... after all it is for their own good!". This is the theme that I am seeing about to be played out.

Cars are not fuel efficient enought? No problem... we will just FORCE the automakers to build a more fuel efficient car. What... people are not buying those cars because they do not like them for some reason? No problem... we will make the import taxes on foreign cars so high that no one can possibly afford to buy other than what we tell them to.

This is exactly the sort of thing that the founding fathers tried to protect the country against when it was formed...
Your turntable appears to be non-functional.
__________________
Living an analog life in the Digital Age.
Gumby is offline   Reply With Quote
Old 06-10-2009, 05:58 PM   #11
Full time employment: Posting here.
 
Join Date: Feb 2007
Posts: 595
Quote:
Originally Posted by Gumby View Post
Your turntable appears to be non-functional.
And it also appears that you are an admin.... so I must remain silent.... do not worry... I will be quiet now...
__________________
armor99 is offline   Reply With Quote
Old 06-10-2009, 06:33 PM   #12
Thinks s/he gets paid by the post
ls99's Avatar
 
Join Date: May 2008
Posts: 4,792
Things have a way of getting out of hand..... So...

__________________
There must be moderation in everything, including moderation.
ls99 is offline   Reply With Quote
Old 06-10-2009, 08:11 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,526
So in a nod to FIRE relating this thread before the overlords lock it, anyone in the financial sector worried about their incomes being capped? It seems like a few folks that post here make multiple hundreds of thousands of dollars in finance related careers. Those that are still employed, are you worried that your fast track to FIRE is about to have the brakes applied?
__________________
FUEGO is offline   Reply With Quote
Old 06-10-2009, 08:16 PM   #14
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
While I'd love to be earning enough to have that concern (I'd be FIREd already, I hope), unless it's a company that (a) takes taxpayer money AND (b) has a choice to refuse it, the feds have no business setting a "maximum wage."
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 06-10-2009, 08:46 PM   #15
Thinks s/he gets paid by the post
JPatrick's Avatar
 
Join Date: Jun 2005
Posts: 2,494
Quote:
Originally Posted by armor99 View Post
And it also appears that you are an admin.... so I must remain silent.... do not worry... I will be quiet now...
I feel your pain my friend..
__________________
JPatrick is offline   Reply With Quote
Old 06-10-2009, 10:00 PM   #16
Full time employment: Posting here.
 
Join Date: Jul 2008
Posts: 619
As I understand it, not ALL executive compensation will be capped. Only the companies that are receiving govt bailout funds. Just sayin.
__________________
SarahW is offline   Reply With Quote
Old 06-11-2009, 01:38 AM   #17
Thinks s/he gets paid by the post
target2019's Avatar
 
Join Date: Dec 2008
Posts: 3,705
Quote:
Originally Posted by SarahW View Post
As I understand it, not ALL executive compensation will be capped. Only the companies that are receiving govt bailout funds. Just sayin.
You're reading beyond the headlines. What a curious thing to do!
__________________
target2019 is offline   Reply With Quote
Old 06-11-2009, 10:46 AM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,255
Quote:
Originally Posted by SarahW View Post
As I understand it, not ALL executive compensation will be capped. Only the companies that are receiving govt bailout funds. Just sayin.
Yes, but some of those banks that took TARP funds did not want them. They were coerced into taking them, and now they fit under these rules.

A slippery slope says I.

-ERD50
__________________
ERD50 is online now   Reply With Quote
Old 06-11-2009, 11:17 AM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
Quote:
Originally Posted by armor99 View Post
I saw the following article this morning...

Geithner: No caps on pay for corporate executives - Yahoo! Finance

Interestingly enough.... just an hour before I saw another article that said Obama was going to seek a limit of 750k max for executives. I guess someone told him that would not go over too well.

I would love to know though.... where exactly in the constitution does the Pres or some Czar appointee who is not elected by anyone, have the power to start tinkering with someone's pay? Where is the Supreme Court here? Will no one make a consitutional challenge on this one?

If the govt has the right to set a private companies executive pay, then they also have the right to set anyone's pay that they choose. It can be argued whether exec pay is fair or outrageous, etc. But I would think it could not be argued that legally this govt move is illegal, and without precedent. I just want to hear the Supreme Court try to justify this one.
Does using the word "fascism" invoke Godwin's Law?

I think the Supremes can't just willy-nilly decide that something is unconstitutional. Someone must challenge it in court first...

Quote:
Originally Posted by FUEGO View Post
I'd like to propose a czar czar. This individual would regulate creation of new czars and regulate pay of the current czars. After all, we have to monitor closely the ever-increasing czar population. Please spay/neuter your czar.

Uncontrolled expansion of the czar supply can lead to hyperinflation of czars. And if there is anything I fear more than the current czars, it is mounds upon mounds of worthless czars in the future.
This is bi-czar...

Quote:
Originally Posted by REWahoo View Post
It appears this thread is drifting towards a purely political discussion which will result in the thread being closed. Please keep this in mind as you get back on a FIRE related topic.


Quote:
Originally Posted by Gumby View Post
Your turntable appears to be non-functional.
No, it's the record that's broken...
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 06-11-2009, 01:14 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,526
Quote:
Originally Posted by HFWR View Post
This is bi-czar...
I've heard that is illegal in 43 out of the 48 lower states.
__________________

__________________
FUEGO is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Getting Closer.... SteveR Life after FIRE 20 02-10-2007 07:57 PM
Getting closer.............................. Dawg52 Other topics 4 01-29-2007 08:08 PM
Film: "America, From Freedom to Fascism" johnlw Other topics 0 06-25-2006 07:11 AM
ANWAR Drilling one step closer laurence Other topics 10 03-21-2005 01:11 PM
One step closer Jeremy Ison Young Dreamers 7 11-04-2004 03:54 AM

 

 
All times are GMT -6. The time now is 07:41 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.