Barney Frank up to his old tricks

Barney Frank up to his old tricks

PostBy: jpete On: Tue Mar 31, 2009 8:55 pm

Not the tricks he had operating out of his house that he claimed he didn't know about but legislative tricks. Sliding heinous legislation in when he thinks no one is looking.


http://www.washingtonexaminer.com/politics/Beyond-AIG-A-Bill-to-let-Big-Government-Set-Your-Salary-42158597.html
This link is broken, either the page no longer exists or there is some other issue like a typo.


The new legislation, the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government.


Didn't Jimmy Carter prove that wage controls don't work?

Didn't I hear some people saying that Obama would be the Carter II administration?

Does anyone think this is a good idea?
jpete
 
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Re: Barney Frank up to his old tricks

PostBy: Devil505 On: Tue Mar 31, 2009 9:24 pm

jpete wrote:Didn't Jimmy Carter prove that wage controls don't work?


No...It was Republican President Richard M. Nixon who did that as part of :

Economic Stabilization Act of 1970
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The Economic Stabilization Act of 1970 was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers. It established priorities for use and allocation of supplies of petroleum products, including crude oil, and to issue standards to serve as a guide for determining levels of wages, prices, etc., which would allow for adjustments, exceptions and variations to prevent inequities, taking into account changes in productivity, cost of living and other pertinent factors.

The Act provided for limitations on the exercise of Presidential authority and allowed delegation of the performance of any of the President's functions to appropriate officers, departments and agencies of the United States or to entities composed of members appointed to represent different sectors of the economy and the general public.

The Act provided for disclosure of information, subpoena power, administrative procedure, criminal and civil sanctions, injunctions and suits for damages and other relief. The Act specified original jurisdiction for judicial review of cases or controversies arising under the Act or regulations issued thereunder in the district courts of the United States, and directed that appeals of final decisions or permitted interlocutory appeals be brought in the United States Court of Appeals for the Federal Circuit.

The Act made specific provision for small business and mass transportation systems, required the President to issue periodic reports to Congress, authorized appropriations, and provided for its expiration on April 30, 1974.

In Amalgamated Meat Cutters v. Connally, the United States District Court for the District of Columbia upheld the Act, rejecting an argument that it was an unconstitutional delegation of legislative authority.




Which we (IRS at the time) enforced....Well b4 Carter. ;)
Devil505
 
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Re: Barney Frank up to his old tricks

PostBy: jpete On: Tue Mar 31, 2009 9:29 pm

Devil505 wrote:Which we (IRS at the time) enforced....Well b4 Carter. ;)


As with massive defecit spending, as long as the R's did it first, I'm sure you are all for it. Right Devil?

Try not to be an Obama/Democrat sycophant all your life Devil.....
jpete
 
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Re: Barney Frank up to his old tricks

PostBy: Devil505 On: Tue Mar 31, 2009 9:56 pm

jpete wrote:Try not to be an Obama/Democrat sycophant all your life Devil.....


Just pointing out historical fact. :)
Devil505
 
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Re: Barney Frank up to his old tricks

PostBy: jpete On: Tue Mar 31, 2009 10:04 pm

But nothing to add as usual I see. Let me introduce you to a little thing I've been studying Devil. I know how you like to be educated. It's a little something called "The German Miracle" and it illustrates what happens when you have wage and price controls(and inflation) and then remove them.

http://www.econlib.org/library/Enc/Germ ... racle.html

What caused the so-called miracle? The two main factors were currency reform and the elimination of price controls, both of which happened over a period of weeks in 1948. A further factor was the reduction of marginal tax rates later in 1948 and in 1949.


So why are we moving TOWARD what Germany already proved is wrong in 1948?
jpete
 
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Re: Barney Frank up to his old tricks

PostBy: KLook On: Tue Mar 31, 2009 10:19 pm

Because as a young Obama fan told me, "That was then and this is now and besides we must have learned something by now."
Wow, does that sum up the idealistic fools that believe the Savior. Oh, I forgot, he is a really smart guy. Harvard grad and all. The last guy I met with a Harvard education was picking his nose and mumbling about the end of time or the earth or whatever. Fine line you know.


Kevin
KLook
 
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Re: Barney Frank up to his old tricks

PostBy: jpete On: Tue Mar 31, 2009 10:27 pm

And the last president was hailed as a Yale graduate with a masters in business administration and he was a complete moron. :D

But if Bush was a moron, what does that say about the current administration who turns his policies up to 11?
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Re: Barney Frank up to his old tricks

PostBy: jpete On: Thu Apr 02, 2009 6:40 pm

C'mon Devil. You must be in Barney's district. And you worked for an entity that received "capital" from the government. You aren't worried that "Turbo Tax Tim" could retroactively decide you are making too much money?
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Re: Barney Frank up to his old tricks

PostBy: Devil505 On: Thu Apr 02, 2009 6:59 pm

jpete wrote:C'mon Devil. You must be in Barney's district. And you worked for an entity that received "capital" from the government. You aren't worried that "Turbo Tax Tim" could retroactively decide you are making too much money?



No & No
(I'm in Bill Delahunt's district)
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Re: Barney Frank up to his old tricks

PostBy: Devil505 On: Thu Apr 02, 2009 7:01 pm

Devil505 wrote:
jpete wrote:C'mon Devil. You must be in Barney's district. And you worked for an entity that received "capital" from the government. You aren't worried that "Turbo Tax Tim" could retroactively decide you are making too much money?





No & No
(I'm in Bill Delahunt's district)
& your defending the millions in bonus money we taxpayers are paying to AIG execs?
Devil505
 
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Re: Barney Frank up to his old tricks

PostBy: jpete On: Thu Apr 02, 2009 7:42 pm

Devil505 wrote:
Devil505 wrote:
jpete wrote:C'mon Devil. You must be in Barney's district. And you worked for an entity that received "capital" from the government. You aren't worried that "Turbo Tax Tim" could retroactively decide you are making too much money?





No & No
(I'm in Bill Delahunt's district)
& your defending the millions in bonus money we taxpayers are paying to AIG execs?


Not at all. Like I said in the other thread. No welfare for companies or individuals. Let the market work. If AIG and Goldman Sachs and all the rest took excessive risk, let them feel the pain. Other banks and insurance companies will step in and pull whatever is valuable out of the ashes.

Government welfare is what caused the outsized risk taking to begin with and government picking up the pieces isn't going to teach them a lesson.
jpete
 
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Re: Barney Frank up to his old tricks

PostBy: Devil505 On: Thu Apr 02, 2009 7:53 pm

jpete wrote:Like I said in the other thread. No welfare for companies or individuals.


& I gave you my reasons for disregarding your heartless ....Let the babies starve....opinion.

jpete wrote:Let the market work

Isn't that the exact thing that brought us to this point? (no rules.....just..trust the market.. BS) Even the republicans aren't saying that anymore....Just YOU I guess. (How about..."Stay The Course".....Let "Trickle-Down" economics work its magic.....You really need to dig your head out of the sand! Bush is no longer President!)
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Re: Barney Frank up to his old tricks

PostBy: jpete On: Thu Apr 02, 2009 8:05 pm

Devil505 wrote:& I gave you my reasons for disregarding your heartless ....Let the babies starve....opinion.


Never said that. That's the government agent in you coming out again putting words in people mouths.

Devil505 wrote:Isn't that the exact thing that brought us to this point? (no rules.....just..trust the market.. BS) Even the republicans aren't saying that anymore....Just YOU I guess. (How about..."Stay The Course".....Let "Trickle-Down" economics work its magic.....You really need to dig your head out of the sand! Bush is no longer President!)


The R's are as big of toads as the D's. They'd say anything if they thought it would get them elected. But neither tell the truth. The market was twisted like a Gordian Knot. It's no where near a free market. My head isn't in the sand. It's in a book. Getting educated. Maybe you should try it some time.
jpete
 
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Re: Barney Frank up to his old tricks

PostBy: Devil505 On: Thu Apr 02, 2009 8:10 pm

jpete wrote:The market was twisted like a Gordian Knot. It's no where near a free market.


So....does the "free market" work with no rules? No effective oversight?...Is that what you are saying? (because if you are, that is exactly what got us to this crisis in the first place)
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Re: Barney Frank up to his old tricks

PostBy: jpete On: Thu Apr 02, 2009 8:21 pm

Devil505 wrote:
jpete wrote:The market was twisted like a Gordian Knot. It's no where near a free market.


So....does the "free market" work with no rules? No effective oversight?...Is that what you are saying? (because if you are, that is exactly what got us to this crisis in the first place)


Devil, you don't know what got us into this. You aren't qualified to make that statement. You don't know the first thing about the Federal Reserve, monetary policy, how the free market is SUPPOSED to work or anything else.

As soon as the government puts its thumb on the scale either through a subsidy to one, or a tariff on another, the market has ceased to be free. Until and unless we get back to that, then we don't have a free market and nothing for you to complain about.
jpete
 
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