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Archive for September 18th, 2009

And now, its time for the first WTF? moment of the day, reported to us by the Wall Street Journal:

Policies that set the pay for tens of thousands of bank employees nationwide would require approval from the Federal Reserve as part of a far-reaching proposal to rein in risk-taking at financial institutions.

Where to start with this?  Determining the maximum limits on someone else’s earnings?  Excuse me?  These are private institutions, not governmental entities.  This smacks of class warfare at its finest, and the crass hijacking of envy at its worst. 

If this is allowed to succeed, you can expect it to spread to other private businesses as well, Comrade, because we all know that everyone but me makes too much money, and that those filthy evil earnings need to be curbed for the benefit of society.

Secondly, who is the Federal Reserve to decide this?  The power-hungry lefties in government aren’t even usurping this power themselves.  Instead they are leaving it to a quasi-governmental entity whose authority to act in any manner that it does is questionable at best?  Maybe next we can have AMTRAK set the fee rates for lawyers, or maybe the Post Office should be deciding what doctors can charge?  What’s next?  Price controls?  Wage and price controls…yeah, that’s the ticket.  They have always been successful in turning the economy around in the past, if by turning the economy around, you mean driving up inflation and scarcity of goods and services.

This is NOT the proper role of government, and it is certainly NOT the proper role of quasi-governmental entities.

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I enjoy debating lefties on political issues, that is when you can find one willing to actually debate instead of calling you a racist because you don’t think Barack Hussein Obama is the second coming.

While playing with one at Nice Deb’s today, I tossed out the proposition that HR 32oo is unconstitutional, as is Medicare and Social Security.  Rather than calling me a racist or a hater, my new friend tried to make a go of it.

Neither Social Security or Medicare would be constitutional if you are a “strict constructionist” ,but if you believed in “implied powers” like Hamilton they would be.

I found this to be quite an admission.  You usually have to paint them into a corner and make them realize that the Constitutional justifications for these programs are made up by jurists looking to uphold the result.  But the best part about these moments comes when I get to crystallize my own thoughts on the topic:

There is only one way to interpret the Constitution that can actually guarantee its preservation, and that is strict construction. The minute unelected jurists start finding rights and interpretations in penumbras and implications, then the only limitation on what is or is not Constitutional no longer resides in the objective guidelines of a foundational document, but in the subjective whims of five judges and the creativity they employ in their written decision to justify the result.  The result you are advocating can be made Constitutional, but the process to achieve that result is Amendment, not judicial activism.

I can’t wait for his response.

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