May 13, 2009

Obama Eyes Socialism

Dinocrat notes that hedge funds are unhappy after donating heavily to the Obama campaign.

The Administration's desire to regulate their pay just might get their attention.

A Democratic former SEC Chairman is critical:
...Arthur Levitt warned the Obama administration and U.S. regulators against attempting to change the way executives at financial firms are compensated.

“Government can jawbone, but for government to regulate I think is overkill and very mistaken because you don’t know where it’s going to end,” Levitt said in an interview with Bloomberg Television today. Efforts by the Obama administration to change Wall Street pay practices are “totally wrongheaded,” he said.
The people pushing this are very mistaken, but I fear they do know where they intend it to end--and it won't be just with the financial services industry.

Meanwhile, the Republican Party continues its principled opposition: opposition to Charles Darwin, Roe v. Wade, and gay marriage. Note to the GOP: an armageddon indeed is taking shape, but not the kind you apparently have in mind.

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