I predicted last year that outrage over executive pay wouldn’t stop at the top:
Whether or not executives are worth their pay is not a social issue; making it one puts all contracts in peril.
Sure enough, within four months of that blog entry, there is a proposal in Congress to extend retroactive government control over pay to all employees of companies that accept government money and President Obama has fired General Motors’ CEO.
Further, the president has told a group of bankers that he summoned to the White House that his administration is “the only thing between you and the pitchforks.” He also rejected several attending CEOs’ desire to return the TARP money that has enabled the federal government to exercise unprecedented prerogative.
It is growing exceedingly hard to remain optimistic in these troubling times. With the amount of chaos and expansion that have taken place in his first two-and-a-half months in office, the two years until the next set of Congressional elections seems like an eternity. Luckily, we have the power of the blogosphere to spread the word about his fascist interventions—at least, for now.