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WesternHunter's picture
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Obama Wants to Cut Executive Pay 90 Percent

I agree with Critter on this one. Big Daddy Government should bud out of the private sector, but corporation should not be running to Big Daddy to begin with. It's a two way street.

As far as executive salaries being cut and people of non-talent taking the new jobs. You mean to tell me that you think these execs had any talent or control to begin with? They horribly mismanaged these large corporations and you think that someone getting less money would be less talented? I think not my friends.

I think we need to quit giving incentives to these execs for screwing up on the job. I don't know of any airline captain or ship captain who would be honored if they deliberatly crashed their craft. These execs should be fired and black-balled for the future.

I guess the private sector has thrown it's ball into the governments court. Relinquish power and control and ask for a bailout from big daddy government and you guys think that the government is going to be nice with the control we've given them. These corporations and banks getting bail-outs are exactly like the 25 year olds who can't make it on their own and eventually run back to mommy and daddy's safety net for financial support and a home, now they find themselves having to live according to their parents rules in the house!!

BTW how do you figure Expatriate, that the government forced the banks to loan money to people who should not be borrowing?

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Obama Wants to Cut Executive Pay 90 Percent

Expatriate is exactly right. When you have understanding on how the whole mortgage crisis with Freddie Mac and Fannie Mae took place they were forceing banks to give mortgages to people who were not qualified to get mortgages . This forced the realestate prices to climb at an unrealistic rate . When people that bought houses that could not make payments on them got foreclosed it caused the markets to collapse. Meanwhile Reid , Dodd , and Obama were receiving financial support from these companies . The regulations were actually put into effect during the clinton years . This is only one example . The problem is the average voter does not have enough time to research all the bs their canditates are giving them. Being in a union I would listen to my my union and vote they way they told me till I started to weigh everything in my life these bums I was voting in effected.

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Obama Wants to Cut Executive Pay 90 Percent
WesternHunter wrote:

BTW how do you figure Expatriate, that the government forced the banks to loan money to people who should not be borrowing?

Google "Fair Housing Act of 1968", and "The Community Reinvestment Act of 1977" and "Redlining". this is where it all started.
Clinton pushed it even farther down the banking throats with mandates to Fannie and Freddie Mac.

Banks are regulated by the Federal Government and therefore are at their mercy to follow their 'suggestions'.

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Obama Wants to Cut Executive Pay 90 Percent

The Fair Housing Acts were passed in regards to anti-descrimination of ones race, background, sex orientation, etc. They have nothing to do with financial resources and say nothing that the banks have to load and excessive amount of money to people who don't make enough income. The Community Reinvestment Act was set up to "meet the needs" of lower income loans and mortages. Meaning that exsessive amounts of money should not nessearily be loan to those who can make the payments. If the banks went overboard with the freedom of these acts, then shame on them. It's their own damn fault. I know of people who were lend half a million dollars to someone who only brings in seventy five grand per year income. Has nothing to do with those housing or credit Acts. They (banks) thought that by keeping Americans in debt and charging them high interest rates that they (the banks) would profit on individuals for the rest of those people's lives.

Look guys I'm no friend of Obama or the Dems, but I will say that you guys need to quit blaming the government for everything and start looking at who is really responsible for all this mess. The banks and the borrowers. Plain and simple. When I say the people I don't nessesarily mean you and I. Can't speak for you guys, but I've always been financially responsible with my hard earned money. It's evident to me that a lot of Americans today are not. People need to stand up and start taking responsibility for their own lifestyles, their own spending, and their own actions. I'm realy shocked that in a group of such right wing conservatives I've heard none of you guys talks about the American people taking financial responsibility for their own spending. You all want to blame the government? Just ask - Did your hero George W do anything to curb this mess? The whole damn thing spun out of control and started to fall apart under his watch.

I understand that even in a financially sound world some Americans are always going to have hard times. Sometimes (often times) bad things happen to good people. I understand that. What I'm criticising about are the countless financially irresponsible Americans out there. They act like the banks and the credit card companies are their crack dealers. So if the banks loans you 1 million dollars yet you can't afford to make even a fraction of the monthly payment, does that mean you have to take the money if you can't pay it back? Does that mean you should take it? They offer it to you, what do you do? How do you decide? It's up to YOU!! You can't have freedoms without responsibility. Is it any wonder why we the people are quickly losing our freedoms here??

Now as far as Obama wanting to cap executives pay? Well that's just an abomination and stupid. I agree with you guys that it's simply wrong both constitutionaly and morally. Capitalism will be destroyed if we start doing this. An executive or company owner should be allowed to make as much as the market will bare. When the market can't handle it then the company owner pays the price. Their incentive for making more money is to keep the company healthy and afloat to begin with.

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Obama Wants to Cut Executive Pay 90 Percent

I agree WH. I was going to post but after reading yours there's no need. You stated it better than I could.

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Obama Wants to Cut Executive Pay 90 Percent

WH, you don't think we should reward executives for screwing up on the job? What do you call the stimulus? Successful, well-run companies didn't get a dime, but executives that ran their companies into the ground got billions from the government.

Seems to me to by pretty hypocritical for the Dems to be offended by this.

And by the way -- it was the government that shoved the sub-prime loans down the throats of the banks via Freddie and Fannie. And when Republicans tried to sound the alarm when the cracks started to show, the Dems put their fingers in their ears and started yelling "La-la-la-la-la..."

Government regulation put the wheels in motion on this. The "evil corporation" argument has been used way too many times in history as a means to justify expansion of government power and the destruction of capitalism.

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Obama Wants to Cut Executive Pay 90 Percent

The Freddie and Fannie sham has been pointed out numerous times by me on this forum with links.
My earlier post on Googling was meant to be a starting point and should have provided the researcher with new and advancing data to back up the statement that Banks are "Forced" to make a certain percentage of their loans to people who can not hope to repay them simply because Government says so. It all started with Redlining, a noble cause that mushroomed into the present crisis that we see now. wonder what will happen when Government gets thru with HealthCare?

These Forced loans would not have been the disaster that they were if the sub-prime scam didn't artificially inflate property values thereby compounding the problem by inflating property taxes. Now that the loan has become due the new homeowners can not afford the payments after the interest rate resets to the much higher "normal" rate. The Bank forecloses and now has a property that is not worth the loan balance because the property was artificially inflated and local Governments can not collect the property taxes that they were counting on, based on the artificially inflated property values, so now they are hurting and must cut spending ( I know, quit laughing now Laugh } or raise taxes elsewhere, and so on and so on.......

George W and other Republicans did try to slow down this process but were derailed by Congress and the Democrats who refused to pass changes to Clintons version of the Fair Housing Act. Not defending George W or Republicans, they have plenty of blame to share.
This information should have been apparent during the research of the previously mentioned Google topics.

I personally believe that blame should be put where it belongs and not to transfer heat onto someone else.
I agree with WH, there has to be people taking responsibility for their own actions, however with this current administration folks don't have to do that.

I also don't believe that sticking my head in the sand and saying 'well I didn't do anything silly to cause this so it ain't my problem" is the answer either.

Identify the problem, admit the problem exist, find the cause and take steps to rectify the problem. Sometimes that means placing blame to combat lies and disinformation in order to start the correction process.

As WH pointed out we all need to step up and claim our responsibility.
If we do not do so and start moving forward and correct the current political winds of change, our children will not have the opportunity to grow up in the America that we had the pleasure to grow up in.

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Obama Wants to Cut Executive Pay 90 Percent

I guess I'll finally chime in. I believe people should take responsibility for their actions, lenders and borrowers. I personally do not believe that banks should have been bailed out. It was sink or swim time. And now that they've taken money from the government they will have to pay the piper by abiding by their rules. Its really no different than a business that borrows from a bank and then is obligated to follow their rules. Do I think this is right, no of course not, but I don't believe in our tax dollars being used for private businesses either.

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Obama Wants to Cut Executive Pay 90 Percent

Little BunnyBoy: "Daddy can I borrow 60 bucks?"
BunnyDaddy: " Son, I just gave you your allowance. " "What did you do with it?"
BunnyBoy: " Well, I mostly spent it on Playboys with Marge Simpson on the cover". My Pal says they'll be worth a lot someday".
BunnyDaddy: "Son. "You squandered it on a bad investment." "Why do you need more now?"
BunnyBoy: " I met this really smart Expatriate guy on line and he says your supposed oversight of my cash is against everything capitalism stands for". "Just fork over the dough Pops." "It's good for the economy".
BunnyDaddy: "Go borrow 60 bucks from this Expatriate guy then".
BunnyBoy: "Ummm...I tried that but I think he's a cheapskate cause when I asked him he kept mumbling all these big words like " malfeasance", " fiscal responsibility" and incompetence". What do those words mean Daddy?"
BunnyDaddy:" They mean it'll be a warm day in his igloo before he forks over 60 bucks". "Now go to your room and think about what you've done". "Oh, and just leave one of those Playboys here so I can give supervisional oversight to your fiscal stupidity".

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Obama Wants to Cut Executive Pay 90 Percent

Expat, no I don't believe we should reward failing executives with incentives or stimulus. I don't believe anyone should be rewarded for failure of any kind. As far as the bail-out goes.....on one hand I think the banks and auto makers should have had to dig themselves out of their own mess.....on the other hand I wonder what would have been the result had we just let those companies go under. That's a difficult one to figure. I believe that it was Ford who didn't ask for a bail-out and is well on the road to reserecting itself from ruin. Get the right leadership running a corporation and they can be profitable again.

All I know is that if I screw up on the job big time, guess what happens to me?.....I'll be asked to clear out my desk, sign a pink slip and then be escorted out the building and be looking for a new job. I don't imagine it's any different for you or anyone else here.

In my book the incentive to making more money and growing a successful company is to run the company and manage it properly. I don't care how much excess in money a CEO, COO, CFO, or company president makes, just as long as the market and the company can bare it and afford it. At the risk of sounding like a Chinese philosopher.....it's all about balance. Mismanage a large corporation and you not only screw yourself, but destroy jobs and the economy for everyone else. Cap a CEO's salary? No way! That goes against everything capitalism and America stands for. One of the greatest thing we've always had going for us here is the ability and freedom to build your own life and your own fortunes, make our own way, and to become as profitable as we are able to. That's the incentive to hard work, but it's all for nothing if you don't have the intelligence, proper management, and responsibility to make it all come together for you. Despite everything else in this country that's imploding lately, capitalism is still one of the last great things the United Sates has to offer it's people. Obama should be impeeched for contributing to the destruction of capitalism.

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