Veronique de Rugy, a senior research fellow at the Mercatus Center, has some disturbing observations.
[…] as I am listening to the hearing on executive compensation and TARP special master […] I realize we are now officially living in a world that resembles an Ayn Rand novel. One man, one unelected government official, not even a Cabinet member confirmed by the Senate, has the power cut the pay of executives in private businesses by 50 percent or 90 percent in the banks the government now “owns.” A single individual is given too much power without accountability. But more importantly, this charade masks the fact that the world we live in has nothing to do with capitalism. It’s nothing more than crony capitalism. The government went around bailing out out automobile companies that were producing cars that people didn’t want to buy, bailing out banks that were careless with their capital and assets, and bailing out homeowners that couldn’t afford the houses they were buying.