David Brooks, in his column “What independents want” says “Government should do what it’s supposed to do: schools, roads, basic research. It should not be picking CEOs or setting pay or fizzing up the economy with more debt.”
WATCHDOG: What does Brooks have against capitalism? Doesn’t he believe that the owners of an entity should be allowed to choose its CEOs and determine compensation for its top officials?
The government has spent several hundred billion in taxpayer money to prevent seven key corporations from going bankrupt. The government is interceding to engage more competent CEOs for those seven firms. The government also is seeking to control unbridled giveaways in the form of bonuses for yet unproven transactions. The government wants to sell its interests at an early feasible moment, as it did a decade ago in the Chrysler bail out.
Moreover, the government is not interfering with the management or employee compensations of other firms except to the extent of banking regulations that have long been on the books.
Brooks reminds us of someone who calls in the fire department to save his house and then sues them for water damage!
This is unworthy of David Brooks. Snarl!
If the feds were going to take control of the bailout entities, then it should have been part of the deal up front, not an “Oh, isn’t it terrible what those nasty capitalists are doing after we gave them all that money with no real strings attached.” Shortsighted and stupid on the part of the Obama crowd.
Which does not excuse the arrogant and ignorant behavior of the bailout beneficiaries.