Obama to regulate our entire financial system, liberals launch new offensive.
A story in NY Times today suggests that plans by the administration will be unveiled soon detailing the most far reaching and intrusive regulations to date. The first sentence of the story sets the tone for what is sure to be a highly contested and controversial proposal. "The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan" With this introduction, banks and similar institutions that do not fall under the auspices of the TARP plan will be subjected to government oversight in all matters of compensation. Essentially our government will now be in charge of determining decisions currently being decided by industry experts and regardless of what noble intentions Obama has in mind, this cannot possibly end well. This kind of intervention may very well have devastating results in the form of talent fleeing the industry and seeking employment in other countries or simpl