Thursday, May 14, 2009

Obama grabs for more power

One can make a case that financial companies that took government bailout money-- although it's increasingly clear that some were pretty well forced into it by Bernanke -- should expect to have some government mandates they might not like, including curbs on executive compensation, however shortsighted those might be. But Obama has announced that he wants government control opver executive compensation in companies that did not take bailout money. This is, as this Register editorial explains pretty clearly, I think, an utterly unwarranted grab for more power over the economy at just the time the economy needs less restrictions, not more. The proper term is economic fascism -- leaving private companies nominally in private hands but controlling them so tightly that they atre nothing other than creatures of the State. Hope he doesn't get that power.

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