WASHINGTON -- Turns out there is a problem with limiting the pay of highly compensated bankers: the Wall Street high flyers pay taxes, too.
Imagine this: Capping top bank executives at $400,000 a year, as the Senate version of the $800-plus billion economic stimulus had called for, would have cost the government $11 billion in lost tax revenue by 2019. That's more than $1 billion a year, according to an estimate this week by the Congressional Budget Office.
Ouch.
Eager to lower the price of the stimulus package, congressional negotiators working on the final bill made the pay cap disappear.
Dodd said that even though the salary cap had been removed from the final bill, he was still hearing objections from major financial institutions.
"I just find it incredible that people are calling up and bellowing about this," he said on the Senate floor. "We're in the deepest economic crisis in the lifetime of any living American, and they're worried about their pay."
You know what is funny about this scenario is I think that just a week or so ago these two faced dirt bags voted themselves a pay increase, hummmmmm. Oh no that wasn't me that was my left hand, my right hand didn't know what was going on so there for I did not whole heartedly approve of the increase that it, I, I mean it ( left hand) right hand oh no I'm confused, voted for.
Not only would it cost the government money it would deprive the industry of some of the best minds at what they can do best. I mean after all it took them approximatly 8 to16 years to help us get to the financial hell that we are in. Some one of lesser talents might have been able to have gotten it done within, oh say, the 2nd term of (BJ) Clinton. In turn helping the U.S. from having to suffer through all those years of antisipation just waiting for the other shoe to fall.
Ok just a couple mpore of the absolutly necessary items in the stimulus bill HR 1,
Texas. -- 886,000 for a frisbe course
Florida -- 4.5 million for an ecological park
Virginia --1.8 million for tennis courts
California -- 500,00 for a dog park
Now would the real reason for the hurry up itis please stand up. What about the openness and honesty that was supposed to be present with President"him whose name shall not be mentiond". We the people were supposed to be able to view the bills as they are presented for at least 48 hours before they would be voted on so we could possible have some sort of input into the process. Y
You know what? " I still want to see his damn BIRTH CERTIFICATE" not a certificate of live birth. At the risk of sounding like the liberals when Bush was president, He may have gotten elected but HE IS NOT MY PRESIDENT, till I see the certificate. He is a liar and a thief.
later
Idahojoe
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