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PB
Yes, we COULD do that if we wanted to. We all know that accepting federal money means you are subjected to 83000 rules and regulations. One of them certainly could be a pay cap. However, excessive pay isnt the main problem in many cases (for example, teachers dont make 500k). But hey, you could limit ALL grant recipients to 500k and it probably wouldnt affect anybody but the bankers.
The point is that if bankers get a share of the profit when times are good (and they got a HUGE share) then they should take a hit when times are bad.
Thats capitalism. Otherwise they have no risk and no incentive to be careful. Why SHOULDNT bankers engage in stupid short sighted behavior if the taxpayers pick up the tab when they screw up? No. We need them to take personal responsibility for problems that they have created. And in their world (and mine) "personal responsibility" doesnt mean an apology. It ought to mean they lose their job but at a minimum they should lose their huge income.
The excuse they always offer for why they get 100's of millions of dollars is that they have "created wealth". Well, the wealth they created was an illusion. It only lasted long enough for them to award themselves a huge paycheck and then it was gone. So now they want ME and YOU to subsidize them?
Forget it. And most people agree. Not with my money. I cant think of a less deserving crowd. The only reason to help at all is because we need our banking system. We DONT need the idiots who ran it into the ground.
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