I would like to make one little suggestion for preventing these shenanigans in the future: END THE FED! Also, Congress should watch the Treasury Dept to make sure it doesn’t collude with private companies.

The idea is that companies should get back to focusing on the goods and services they produce (seems like a faraway concept, doesn’t it?). Produce quality things, sell them at a good price. Any risk taking should be at a FREE MARKET rate, not some magical pixie dust number the Fed pulls out of a hat at its whim. The consequences of risk taking should be shouldered by the company itself, not spread among taxpayers. They don’t share profits with taxpayers, why are they allowed to share losses? (And why are taxpayers forced to bear them?)

The Fed is a collusive banking cartel. Their control over our money supply is unConstitutional and wreaks havoc on us. Strike the root. End the Fed.

It is all about incentives.

The problem is giving them any money in the first place.

See the videos at the links I posted above.

http://powerandcontrol.blogspot.com/2009/10/government-finance-reform.html

New World Ordering

http://powerandcontrol.blogspot.com/2009/10/new-world-ordering.html

That you, Sir, are a clear voice of reason.

The government’s functions are to establish fair rules of play, keep the playing fields level, and to be a diligent and observant referee. All important areas need to be observed. Including the neglected area of derivatives trading.

I’m presently so skeptical of the honesty and safety of the markets that I don’t invest. In the long run, I’m not even sure about the safety of my bank or the integrity of the dollar. Like most Americans, I’ll need to be convinced that things are really changing.

When they start taking money back from defense contractors that over bill us and produce shoddy work or cover up illegal actions; or demand repayment of grants for social programs filled with embezzlement, fraud and misuse; or crack down on public officials who don’t pay their taxes or don’t report income and gifts accurately or use their offices for personal gain… then they can think about restricting pay for these executives. But, as long as they’re going to turn a blind eye to the huge waste of taxpayer funds in every other area — and rush to pass legislation without understanding or reading it or thinking about the long-term (in this case, less than six months!) consequences — they don’t have the right to point to excessive executive compensation as the problem.

How about if we cut every Senator and Congressperson’s pay — plus the President’s and the salaries of every person involved in pushing and writing the legislation — by 70-90%? They’re just as much to blame for not making sure there were adequate controls on how the funds were used. And, they clearly don’t deserve the $160K – $400K plus massive benefits and perks they make for what amounts to part-time work.

I just don’t see them pointing fingers at themselves and taking the same responsibility they’re now demanding from these execs. Until they do take responsibility and decide how to address — moving forward, not backward — they need to live with the mess they created.