Sunday, July 26, 2009

In: Czars; Out: Capitalism, Rule of Law

Here's an awesome headline from tomorrow's WSJ:

"U.S. Pay Czar to Rework Contracts Deemed High"

Unfreakinbelievable. And in the whole article, not a single mention of how this insanity completely undermines one of the fundamental tenets of western capitalism (the contract) and the rule of law more generally.

But don't worry, everyone, the WSJ calmly informs us that "Mr. Feinberg [the Pay Czar] can't rip up legal contracts." Nope. He can only completely restructure them and lower overall compensation levels that he deems "excessive."

Is that all? Oh, nevermindthen.

(That sound you hear is my head exploding.)

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