Obama Gains Backdoor Control of American Industry

The Obama administration has found an impressively sneaky way to gain effective control of several of America’s largest corporations.

Obama and his cronies in the Congress have “given” Kenneth Feinberg of the Treasury Department dictatorial control over the compensation of the top twenty-five executives of Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.

On the surface, this doesn’t look so bad.  These bastards accepted federal funding — they made a deal with the devil and now it’s time for them to pay.  But once you get through the anger at that embarrassing moment in American history, an even darker image emerges.

Obama, by being able to directly control the compensation for the executives at these companies, effectively controls these companies.  The executives are being hit with 90% pay cuts in starting in November.  If they want to get their paychecks, they have to do exactly what Obama tells them to do.

With the terrible cronyism we’ve seen  from the Obama administration so far, who can honestly believe that the administration won’t use this to replace competent employees at these organizations with their political appointees?

What ridiculous left-wing lunacy will these companies have to bear at the command of Obama’s pay czar?  How can these companies be expected to compete globally when business decisions are being made not for business reasons, but for political reasons?

Even worse, when these companies fail it will be the fault of the federal government — which will be justification for another bailout.

My advice is this: Get out while you can.  Sell any holdings you have in these companies and stop doing business with them as soon as possible.   Support free enterprise and let national socialism fail.