He is going to take care of executive pay. Also, He is going to clamp down on oil speculators. After all, we would not want the private sector to cause energy prices to rise and to promote conservation. Only Wesley Mouch is allowed to do that, via cap and trade.
I've got money in DBO. I suppose I had better look at selling that off and buying stock in some Canadian oil or natgas companies.
Wondering if "Blame Canada" comes next.
On executive pay ...
Under the spirit and letter of U.S. law, owners (stockholders) of a publicly owned company have the rights to proceeds and the rights to control. If the taxpayers are significant shareholders, as in Citi for example, their elected representatives have every right to control executive compensation scales. Conversely, if the government isn't a shareholder, it should butt out and let the actual shareholders control such matters within a given company, per existing law. I would actually favor the congress-critters snipping the pay of executives of the companies they own significant stakes in - that would effectively kill those companies, which should have died a 'natural' death, prior to the bailout.
On limiting 'speculative trading' in the commodities markets (notably, petroleum) ...
I watched a Senator from Vermont advocate that very thing yesterday on CNBC. His position was that such limits would preclude the "speculative run-up in gas prices that hurts U.S. consumers ..." Funny he didn't mention (nor did any of the commentators ask about) the Federal/State restrictions and limitations on domestic energy production affecting petroleum prices and hurting the U.S. consumer. High prices for a commodity are only detrimental when one is a net buyer of the commodity, not if one is a net producer.
Matt C has the right idea - I've already shifted about 60% of my investment portfolio to Canadian and other foreign producers. The current (and recently past) elected representatives seem to have an insatiable desire to micro-manage every aspect of economic activity. That does not bode well for investment returns in the U.S., given those representative's demonstrated lack of efficiency/effectiveness in managing the fiscal situation that is actually within their legal charter. The massive flow of investment capital out of the U.S. that has been going on for a couple of years, and continues, is a first indication of a government-strangled economy. I suspect that current and future under-subscribed government debt offerings, as happened yesterday, are an additional indicator - and one with far more serious ramifications.
If the taxpayers are significant shareholders, as in Citi for example, their elected representatives have every right to control executive compensation scales.
If the taxpayers are majority shareholders, rather. If they're merely significant shareholders, government representatives can vote in the elections like the other minority shareholders.