I am conflicted about this one. On the one hand, I am happy to see these dorks have to scrape by on $500,000 a year. On the other hand, it is never... NEVER... good to have Government tell you how much you can make - smells like socialism. And then on the other hand... yeah, I am juggling now... had we not appropriated 750 BILLION Dollars to start with and allowed these dorks to fail, we would still be where we are right now, minus the debt load, but these guys would be making not so much in the way of salary as their corporations sunk into bankruptcy.
Oh this just gets better buy (intentional) the day. He really wasn't joking when he said he didn't care how much he spent.
Is it just me, or would it not have been wiser to have Government intervention on behalf of the overextended citizenry in forcing the banks to refinance Adjustable Rate Mortgages into Fixed Rate Mortgages at or near the ARM rates? Yes, the mortgage industry would have had to taken a few lumps on future profitability, but would have maintained their then current levels of profitability. People would have maintained their homes. Probably not their spending levels (unsustainable as they were) but would still have someplace to spend from. Yes, this is a form of socialism as well, but sometimes you got to take one for the team. And, it would be possible to make it a one-time offer, thereby making it a limited incursion into socialism.
Lastly, let us not forget that the driving force of the global economy was actually China gearing up for the Olympics. After the Olympics, they pretty much curtailed their rampant activity. Of course there is a lot of international finger pointing about who caused this mess. The reality is likely, in my humble opinion, very close to this... Combination of China's economy cooling, Global human greed and Politicians with agendas. Yup, candidate for Master of the Obvious.