The Command Economy
July 31st, 2009The Workers’ Soviet has bowed to “populist” (i.e. Democratic manufactured) pressure over private sector remuneration and passed a bill restricting Wall Street pay.
Rep. Melvin Watt (D-NC) was the first to launch the left-wing anti-logic case for the bill, stating that,
“This is not the government taking over the corporate sector.”
Which, of course, is precisely what the bill heralds.
Welcome to the beginning of the end of private property, without which there is no liberty. When you do not own what you have earned through your physical/intellectual work, you are no longer a free being – you are a vassal to the state (which, if you’re good, may regurgitate a small portion of your property back to you. At some point or other.).
Oxygen thief Barney Frank, who sponsored the bill, stated that the “extra regulation is necessary to ensure bankers and traders aren’t rewarded only if they take big risks.”
Does it really need to be spelled out?
Apparently so.
Risk is good. If the risk is successful, then abundant rewards are yours, good sir. If it’s not successful, why then you’re SOL and another inefficiency (you/your company) is removed from the free market through the unjustly maligned process of creative destruction.
At least, that’s the way things used to work before both political parties started to wisely endorse idiotic behavior through bank/homeowner bailouts.
The price of letting those institutions that should have failed do so would, almost without doubt, have been less than the price of “rescuing” them.
And the cost, as we will find out soon enough, would certainly have been less.