Once again the “messiah” of the Left has decided to exercise his royal powers as the leader of the National Socialist Party of America to impose Federally mandated compensation practices on the Private Sector (i.e. that means YOU, if you run a business). As reported in today’s Wall Street Journal, we find:
The Obama administration has begun serious talks about how it can change compensation practices across the financial-services industry, including at companies that did not receive federal bailout money, according to people familiar with the matter.
The initiative, which is in its early stages, is part of an ambitious and likely controversial effort to broadly address the way financial companies pay employees and executives, including an attempt to more closely align pay with long-term performance.
So much for the Financial Institutions. What we also find is:
At the same time, House Financial Services Committee Chairman Barney Frank (D., Mass.) is working on legislation that could strengthen the government’s ability both to monitor compensation and to curb incentives that threaten a company’s viability or pose a systemic risk to the economy.
In an indication of how broad the effort may become, Federal Deposit Insurance Corp. Chairman Sheila Bair said regulators need to examine compensation practices in the mortgage industry, suggesting new limits could stretch beyond banks.
both of which make it clear that his royal highness, Obama the first, is aiming at the entire economy, not just banks. Once again we must refer back to the 10th Amendment which reads:
The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.
Again, we find nothing Obama is doing is delegated to the United States by the Constitution. Everything he is doing is a pure, dictatorial power grab which will not stop until he meets resistant sufficient to force him to cease and desist or he has squashed (or eliminated) all resistance and dissent.
King Obama the first. Chicago politics on a national scale.
Frightening, isn’t it?