(h/t to Yankee Pot Roast for this graphic, which I changed a little)I always hated the idea of a salary cap in sports, because all it meant was that the rich teams were going to overpay for the big stars and everyone else would get screwed. The whole idea OF a "cap" was just a sham, as was clear when ARod got $150 million bucks to play baseball--but somehow that was still okay under the "salary cap." (that was just around the time I started boycotting baseball)
However, Pres O announced today a set of rules for the banking institutions who've taken bailout money, the first of which is a salary cap of $500K for execs of these institutions. It's about fucking time! Call me a commie or a fascist or whatever, but I've always believed that NO ONE should make more than, say, a million a year for ANY job, period. Paying more than that creates an environment where companies HAVE to raise prices, or cut employees, or cut production, or move overseas simply to "stay competitive." If they weren't giving such a huge amount of money out to top execs (or top players, etc.), they'd certainly find it easier to maintain profitability, no? Besides--unless you're maybe finding a cure for cancer or saving lives or solving our energy problems--does ANYONE really deserve that much money? Just for a job?
Should anyone make more money than the president? I don't think so. Certainly not these pigs-in-suits on Wall Street, who've turned the stock market into nothing more than an entirely fake system of fake wealth. They manufactured "money" out of air with their hedge funds and other "creative" accounting and created a system of financial bullshit. So when the economy went into the shitter because these people had made bad loans and bad decisions, yet still profited greatly from them, I wasn't that surprised. When you build a house out of bullshit, you've got to expect that it's gonna dissolve when a good rain hits it; otherwise, you're either stupid or you just don't care what happens when the rain comes.
It remains to be seen how these new rules will be enforced. Will Citibank still get to spend millions on the naming rights to the new Mets stadium, despite having taken bailout money? Will the asswipes at Wells-Fargo still take their big Vegas Vacation? (turns out, the answer is no on that one) Will these execs' paychecks really shrink down to $19230.76 (my calculation of 500K divided by 26 weeks for bi-weekly pay, before taxes--ha ha, as if they pay taxes!)?
What are the odds?