Senator Claire McCaskill upbraiding of Wall Street executives earlier this week is rebutted quite nicely in today's Wall Street Journal:
After President Obama denounced Wall Street bonuses as "shameful" on Thursday, the way was clear for the rest of the political class to pour gasoline on the bonfire being prepared for the offending bankers. Senator Chris Dodd, former "friend" of mortgage banker Angelo Mozilo, ranted that the Treasury should somehow confiscate the bonuses.
Senator Claire McCaskill rolled out legislation to put a compensation cap of $400,000 on executives whose firms receive bailout money. She also proposes creating a court to restrain their "massive self-indulgences." The Senator from Missouri then spoke of "a bunch of idiots on Wall Street." Insofar as the Congress is blithely waving more than $800 billion of cats-and-dogs "stimulus" spending into the air, the American people can be forgiven for asking who are the greater fools.
UPDATE: It appears Jim Treacher has gotten his hands on Claire McCaskill's visual aid, which for some reason was kept under wraps during her Senate lecture.
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