Obama's Executive Pay Cap A Victory For Progressives

Today, President Obama and Secretary of the Treasury Tim Geithner announced a pay cap for executives of companies receiving "exceptional assistance" from the government in the future at $500k. While it resembles the bill that Sen. Claire McCaskill recently introduced that would have capped pay for companies receiving government bailout funds at $400k -- the same salary as the president -- this proposal is hardly an original one. In fact, as David Sirota reminds us, Bernie Sanders back in October was seeking support for his Stop The Greed On Wall St. Act, which would have accomplished much the same thing as McCaskill's. Except, back then, Sanders was marginalized; now that his warnings have proven prescient, his idea has been co-opted. Now, certainly, I would have much preferred that Sanders had been taken seriously at the time and his fellow Senators had signed onto his bill, but let's look at what happened here. President Obama went from opposing executive pay caps, the non-progressive position, to not only supporting them but imposing them. In other words, because of a public outcry, the president moved from the less progressive position to the more progressive position. This is precisely how our movement is supposed to work, isn't it?

Now, Obama's plan is not perfect but is a step in the right direction. And as even he concedes, it is a first step.

The president said the executive-pay limits are a first step, to be followed by the unveiling next week of a sweeping new framework for spending what remains of the $700 billion financial industry bailout that Congress created last year.

As progressive ideas prove to be the prescient and popular ones and as our progressive leaders in congress get more and more media exposure and become less and less marginalized, we are moving in the right direction, toward a place where, ideally, the president won't need to be moved to our position, he will have begun there.

Watch Sanders get the credit he deserves on Rachel Maddow:

Tags: Barack Obama, Bernie Sanders, executive pay cap (all tags)

Comments

2 Comments

Re: Obama's Executive Pay Cap

I am less convinced that "the village" is moving Obama than Obama is seeming to take ALL considerations into account, look centrist, but in the end, he is moving us to the left.  He is talking TO the main middle of the country in words they understand, feeling the same way they feel, and they are moving cautiously into a more left of center frame of mind.

Gee, what has happened?

1. Probably 3 Republicans in the Admin...and somehow, King George III is not back in, nor Emporer Cheney.  It lends legitimacy to the Admin to have the GOPers in the discussion.  The main bitch by other repubs is probably that THEY are not the lead ones being asked...Prima Donna's don't like being upstaged...think about who they are...Palin, Limbaugh, McConnel (sp?), and Boener.  Cry-baby spotlight lovers.  Please.

2. Obama is telling Congress to do it's job instead of telling Congress WHAT to do.  Have we been missing this for so long that we don't remember this?  Obama wants THEM to work it out so he can address the COUNTRY as President, not as the Democratic leader.  THAT is a HUGE point when you have to govern through the collosal mess that Bush left us with.  So the Congress has to be left to get its own act in order.

3.  Congressional Dems are trying to pass all the dreams in one basket.  I like the idea of funding to reduce STD's, I support it, but DO NOT put it in a stimulus package.  That is a health care concern and should be debated seperately.  If there is ONE THING I hear a lot of, is that Congress "hides" behind omnibus bills, ramming things down the oppositions throats rather than actually debating them...both sides are bad for this.  Time for a change...stimulus is to make jobs, fix infrastructure, get started on energy, and fund education opportunities.  Movie Producers need to take their program to another bill.

4. Bipartisan is IMPORTANT.  It is more than just window-dressing.  Roughly 48% of this country is "the other side".  If we are going to move forward AS A COUNTRY, we need a large portion of that group with the 52% that voted FOR Obama.  If it costs the progressive movement (and again I ask, what is the definition of progressive?) some of its more liberal programs to get a heavy majority on other programs, then that is the price to pay.  I am willing to set aside the idea of opposing tax cuts  IF we get a crash program for self-sustaining energy production.  I am willing to let the oil companies recieve "absolution" for past misdeeds if it gets them to go along with something like 50-100% green energy by 2020 or so.  I am willing to give up the more liberal abortion issues if it allows for equal marriage rights.  In a perfect world there would be no need for trade offs...and if you happen to find that perfect world without it being drug induced, send me a post-card.

What HAS been accomplished so far?

1.  S-CHIP passed today.  Holy crap.

2.  Gitmo is closing, the UCMJ is being used for interrogation techniques, and terroroists are not bombing our cities or running loose in our streets.  

3.  The US has gotten some Intl. respect again.  We can talk about our President with pride.  A LOT smarter choices are being made.

4.  There is a HEAVY trend towards accountability while simultaneously trying to fix the HEAVY mess we are in economically.

5.  The Lilly Ledbetter law is now a LAW.  I mean, Come ON, WHAT a freaking CHANGE in the executive branch.  3 Weeks has brought us a LOT.

I think we expect WAY too much (as usual).

Also, who here really thinks they know the FULL DEPTH of the economic or military situation?  Really?  I think, especially in regards to the economy, that there is a LOT of stuff unsaid, that the Admin is trying to head off some REALLY BAD consequences of the VERY BAD policies of the Bush Admin.  Bad enough that rather than letting the whole mess melt down and lay blame, they are working to fix it instead.

I have yet to see a reason that my (realistic) faith in Pres. Obama should yet waver.  

(Congress is a mess, but Congress is ALWAYS a mess.)

by Hammer1001 2009-02-04 01:05PM | 0 recs
Re: Obama's Executive Pay Cap A Victory

It's about time a president is speaking out aloud on this. One of my disappointments with the Clinton era was the Clintonites did little to curb exec pay which was out of control even back then. It wasn;t just the Reagan era where greed was good. There were a lot of obscene payments in the Clinton era and it got worse under Bush. Hell, how did many Democrats amass millions of dollars in assets?

It will be nice if Obama tries to make legal access more affordable to Americans. Reform the legal system because right now, getting a rich lawyer is an advantage for people. Not every facet of law should have to be a brilliant endeavor. There are many aspects where hiring a junior lawyer making a middle class salary should not put me at a disadvantage to someone hiring a freaking 150 dollar an hour lawyer.

by Pravin 2009-02-04 02:06PM | 0 recs

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