Treasury Secretary Paulson has been opposed to capping the compensation for executives. Rep. Barney Frank thinks that any executive who would be willing to let the economy go down the tubes because he might get a pay cut is unpatriotic.
Barney Frank has the correct view. Why should we cough up a trillion bucks to bail those guys out if they are going to use that as a way to profit at our expense?
Second, it seems to me that Secretary Paulson was one of the guys who was not only asleep at the switch, he was one of the guys who most benefited from the free-for-all that went on in the financial markets. Why he should be the guy to fix it is beyond me. Any steps taken to rein in abuses would hurt his peeps, the very people he will have to go back to rubbing elbows with in 2009. So you know that's not going to happen.
If the fat cats are not willing to take their own hit in exchange for us bailing them out of the consequences of their own greed, then fuck them.
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