Let's talk about the bailout one more time.
Obama said this week that there will be a limit of $500,000 for compensation to top executives at certain financial institutions. Critics are horrified. They don't believe government should be able to tell people how much they can make, nor should goverment be running businesses. I agree. The US government is pretty bad at business. And in a capitalistic society you can't put caps on people's salaries. However, this is different. Obama isn't telling Warner Brother's executives how much they can make. Because Warner Brothers hasn't taken a huge amount of money from the Federal Government to save it's movie studio.
Let me put it this way. If you lose all your money due to your own gross negligence and the only person who is willing to lend you money so that you don't become homeless is your down syndrome afflicted cousin. Well, then, guess what? You're going to be taking all types of advice from your cousin. No more spending money on cocaine and hookers. No more gambling or buying fast cars. It's time you spent money on striped shirts and candy.
Other critics say that if we limit pay to these bank executives and what not, they won't be able to entice the best and brightest to work for them. The best and brightest had been working for them for years and look at where that has gotten us. I think maybe it's time we let the D students run things for a while. D students are so competive. They're not looking to burn the midnight oil to best their collegues at all costs. D students spend time figuring out how to get away with napping at work. D students would never cook up crazy derivatives based off sub prime mortgages because D students can't do percentages.
Let the best and the brightest flip hamburgers for awhile. That's a fast paced industry.