On February 4, 2009, President Barack Obama signed legislation establishing a $500,000 limit on executive compensation at firms receiving federal aid through the Troubled Asset Relief Program. “In order to restore trust” to our financial system, Obama said during the signing ceremony, “we’ve got to make certain that taxpayer funds are not subsidizing excessive compensation packages on Wall Street. He referred to these “lavish bonuses” for executives at failing firms as “the height of irresponsibility” and “shameful” — “exactly the kind of disregard for the costs and consequences of their actions that brought about this crisis.”
Even after the Cash for Clunkers program failed, the federal government refuses to give up. It is now launching Cash for Clunkers 2, this time for “green vehicles.” Perhaps not surprisingly, the proposal has delighted General Motors.
Credit Time magazine for identifying, however imprecisely, a very important but little understood consequence of the modern Federal Reserve-based financial system: a “brain drain” that is luring many of the best and brightest from math, science, and engineering into finance. “Wall Street,” notes Time’s Rana Foroohar, “hires more math, engineering and science graduates than the semiconductor industry, Big Pharma or the telecommunications business.” The author continues:
President Barack Obama's imprudent moratorium on drilling for oil in the Gulf Of Mexico cost not only the Gulf region but also the nation billions of dollars and tens of thousands of jobs.
In the realm of online news, the New York Times is one of the premier go-to sites that hundreds of thousands of news surfers around the world check in with every day. On March 18, the Times announced that it would end the free usage online readers have accessed for the past 15 years, and would begin to charge for unlimited access to its site.