Every private sector employee or self employed individual should take note of what the Democrats are writing into the still yet to be revealed stimulus bill ( BTW, where is the draft of that bill they promised to post on the net?).
Bankers get little sympathy in the crucible of populist debate, but if they are coming for the bankers now no one will be safe later. Democrats are drafting language in the current stimulus legislation that will allow the federal government to claw back bonuses paid to Wall Street bankers in the year 2008.
A claw back provision essentially empowers Congress to unwind and recover from recipients any bonuses paid in excess of $100,000 to employees of banks that received TARP funds in 2008….retroactively. That’s right, Congress wants the power to unwind legal agreements between private sector parties after the fact. Let that sink in.
If Congress succeeds in usurping the legal standing between two private parties in what was an otherwise perfectly legal (and very commonplace) contract does anyone believe they will stop there? This legislation, if it passes, will represent the most stunning peace time power grab and set aside of individual rights and liberty since WW II.
Where next? How about a claw back on some of those outrageous union contracts that bankrupted Detroit? The Big Three have received TARP funds. Is Frank,Dodd & Co. go after Big Labor? Don’t hold your breath.
An out of control policy of blatant class warfare benefits no party in a capitalist system but the Democrat Congress appears hell bent on testing that principle, oblivious to the fact that once this tiger is out of the cage it is impossible to put it back in. Employees everywhere that are party to private contracts with their employers should pay close attention to this new legislation proposed by a Congress that seems to be taking its cue from the French Revolution’s radical left.