I'm not one to say that some regulation of free markets is a bad thing. I will say that government directly overseeing the operations of businesses is ridiculously wrong, especially when that power is handed over to a group of unelected individuals. Imagine how much more wrong this sounds if a group of bureaucrats are the ones making the decision to do so, without the necessity of any Congressional oversight. But, that is just what is currently being proposed as the Board of the Federal Reserves is proposing to review and approve the compensation of banking employees. While claiming that the Fed wouldn't be setting pay, in the same sentence the unnamed source mentioned the power to "amend each bank's salary". In other words, they would be setting pay. Keep in mind that the head of the Federal Reserve Bank of New York is Denis Hughes, a member of the powerful union the AFL-CIO. The Obama administration already handed over control of two of the largest companies in the U.S.A, GM and Chrysler, to Unions, they've seized banking and insurance industries and now the Fed is set to put all of banking under the influence, at least partially, of another union person.
Somebody please tell me what country I'm living in?
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