Told Ya

A few days ago I wrote the following in response to Obama's decision to nationalize the compensation of bailout bank executives:

There's another problem that I see with this, and that's the "camel's nose in the tent" theory that one small move can lead to much bigger moves down the road. What if your company has never received a bailout but has a large percentage of its business in government contracts? Will the government be tempted to limit your pay as well on the theory that your high salary is leading to higher government costs and that's just not "fair"?

You know that's where this is leading. Once they do that it's a small jump to just start regulating CEO pay for everyone.

Here comes the "I Told You So", courtesy of Rep. Barney Frank:

Congress will consider legislation to extend some of the curbs on executive pay that now apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said.

“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said at a Washington news conference today.

He said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.

Sometimes I amaze myself.