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  1. #1
    Senior Member carolinamtnwoman's Avatar
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    The American ruling class

    The American ruling class


    by Tom Eley
    Global Research, February 8, 2009


    On Wednesday, President Barack Obama announced measures that purport to restrict executive compensation to $500,000 at financial institutions receiving billions in government assistance. The figure does not include stock options, which could be redeemed after financial firms pay back loans from the federal government. Nor does it apply to the original recipients of tens of billions in TARP (Troubled Asset Relief Program) money.


    The measures are essentially a public relations exercise. Their aim is to provide political cover for a new and even larger Wall Street bailout, which Treasury Secretary Timothy Geithner will unveil next week.


    Yet the discussion that has emerged in the wake of Obama’s announcement sheds light on the domination of government by a tiny financial elite and the increasingly threadbare pretense of democracy in the US. This financial aristocracy, the episode reveals, is a power to be approached on bended knee.


    The media have responded to Obama’s proposal of a $500,000 limit on executive compensation, which would affect only a handful of firms, as though this were a severe and astonishing punishment. Yet the figure represents approximately 12 times the annual salary of the typical worker. To the majority of the population, a salary of a half million dollars is a staggering amount of money.


    Obama’s servility before the financial aristocracy was summed up by the reassurances he gave it in announcing his limits on executive pay. “This is America,

  2. #2
    Senior Member Captainron's Avatar
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    Thanks. This would be a good article to put up on some pro-Obama forums.
    "Men of low degree are vanity, Men of high degree are a lie. " David
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