Socialism swoons, capitalism revives

July 29th, 2009

Gee, ya think?

The Democratic agenda in Washington has gone off the rails just as markets are enjoying their best run of the Obama presidency, and there’s a school of thought on Wall Street that it’s no coincidence.

“It’s very much a factor in what’s driving the market over the last couple weeks,” Gardner said of the slowed agenda in Washington.

But naturally, that won’t stop Democrat Socialists from claiming credit. For what it’s worth, though, I don’t think anybody needs to be overly sanguine about things just yet. And neither does this guy:

Dan Alpert, managing director, of Westwood Capital sees more of an indirect link: As financial companies have paid back government bailouts, the sense has grown that the sector is out of the woods.

Though talk of curbing executive compensation remains on the table, there’s also a feeling that the huge political backlash against financial firms has been avoided, he said.

Still, Alpert thinks it’s a stretch to see a link between a rising market and stalling healthcare legislation. He also thinks the market rally may be premature.

Premature, and most likely temporary. The Democrat Socialists still have absolute power with very little in the way of real checks against their collectivist tendencies, so things are still more likely than not to go sour again. After all, the cheap despots just can’t seem to keep their grubby little fingers out of an economic system they neither condone nor comprehend:

Rep. Barney Frank, chairman of the House Financial Services Committee, said the system of hefty bonuses does not make sense.

“You get hired for this very prestigious job and you get a salary, and now we have to give you extra money for you to do your job right?” asked Frank, a Democrat.

Frank’s bill includes an outright ban on compensation that encourages an executive to take risks that could threaten the economy or the viability of the institution.

“We?” “WE?” Since when are scum-sucking Congressional remoras like you responsible for paying these people, you wretched tinhorn tyrant? JWF proffers a damned fine idea in response:

I suggest that Frank live by his own rules. Until Fannie Mae and Freddie Mac pay back every dime to the taxpayer they were given to bail them out, you get paid zero. I’ll go you one step farther: if the deficit goes up, Congress gets zero pay. No outside income either. And your “significant others” and boyfriends can’t be making it hand over fist as lobbyists or consultants, either.

I’m all for it. Merit pay for meritorious service, no gelt for grifters like Frank. It’s an idea whose time has come.

(First link via Insty)

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