- Our Party
Obama discourages struggling banks from hiring qualified managers
Posted on Feb 5, 2009
Hoping to win favor for adding trillions of dollars in additional bailouts for banks to his already-struggling government expansion plan, President Barack Obama announced yesterday the imposition of salary caps on executives whose banks receive TARP funds.
In other words, if your bank is struggling and its failure could throw the economy deeper into turmoil, Barack Obama wants to make it even harder to hire the managers you need to stay in business.
So if you're keeping score at home, Obama's plan to create jobs is to 1) permanently inflate government spending, 2) impose billions of dollars in additional debt on future workers, 3) eventually repeal tax relief for employers and 4) impose salary caps on bank executives that ensure they will only hire less-qualified managers in a time of economic trouble.
Inciting class warfare and funneling taxpayer money to groups that supported your election doesn't create jobs. Cutting taxes and hiring experienced business managers will.
No wonder independent voters are turning against the Obama plan in hordes.