Power over Pay
By Arnold Kling
Wall Street pay has long been a hot-button issue in Washington, but the public outrage over excessive compensation has erupted in recent weeks.
I interpret the public outrage a bit differently. It seems to me that if the financial firms were allowed to fail, many people would be satisfied with that as punishment. When it comes to satisfying some of our outrage, Washington is part of the problem, not part of the solution.
What strikes me is the unlimited thirst for power among politicians, and the overwhelming support they receive in the media. Every day, it seems, Bernanke and Obama say the need more power. When will it stop?