Thursday, October 22, 2009
Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.” —Ronald Reagan
It will go down in history as one of Barack Obama’s signature decisions on the economy, a dramatic move to slash corporate pay at bailed out banks and automakers.
But on Wednesday night, administration officials said that the president of the United States didn’t have all that much to do with a decision that will, in many ways, come to define his relationship with Wall Street.
In fact, sources within the administration say the decision to cap corporate pay was Kenneth Feinberg’s, and his alone. A senior administration official tells POLITICO that Obama did not sign off on the pay master’s decision. Feinberg didn’t even brief the White House on it, the official said, but he briefed Treasury officials instead.
“Decisions were his,” says the official. Treasury, in turn, briefed White House staff on the “shape and general direction” of the Feinberg decision last week, but didn’t offer extensive detail. The president did not have to approve Feinberg’s plan.
Feinberg, a Washington attorney who was appointed to the unsalaried position as Treasury’s special master for corporate pay in June, has wide latitude to act independently of the administration. But it appears to me that the denial of the Obama syncophants is nothing more than giving Obama plausable deniability.
In fact I believe that the whole Czar set-up is an elaborate shield for the actions of Obama that could be damaging to the presidents “messianic” image.
The saying “the buck stops here” derives from the slang expression “pass the buck” which means passing the responsibility on to someone else.
History will show that on more than one occasion President Truman referred to his desk sign in public statements. For example, in an address at the National War College on December 19, 1952 Mr. Truman said, “You know, it’s easy for the Monday morning quarterback to say what the coach should have done, after the game is over. But when the decision is up before you — and on my desk I have a motto which says The Buck Stops Here’ — the decision has to be made.” In his farewell address to the American people given in January 1953, President Truman referred to this concept very specifically in asserting that, “The President–whoever he is–has to decide. He can’t pass the buck to anybody. No one else can do the deciding for him. That’s his job.
Some one should remind Obama and the adoring press of this fact!!