The idea that the President of the United States is calling for a maximum wage of $500,000 for top executives in private companies is a disturbing development for those of us who still believe in a free market economy. At the same time, it’s hard to argue with the basic idea that any company living off of taxpayer dollars should be more frugal when it comes to executive compensation. This is how creeping socialism happens. Once the government comes to the rescue of the private market under the guise that it’s merely an emergency, it opens the door for all sorts of new and unprecedented intrusions into the free market. I would argue (and in fact did argue at the time) that the die was cast as soon as the Fed decided to bailout Bear Stearns last March. Everything that President Obama wants to do to socialize the market naturally flows from actions taken by his Republican predecessor. And honestly, given his campaign screeds against corporate greed, do we really think that John McCain would have acted any differently than President Obama has today?
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