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.