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Let Goldman Return TARP Funds

By

Nothing good can come of keeping firm beholden to government.

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Washington thrives on vagueness and ambiguity, allowing low-level bureaucrats to fill in the blanks with endless rounds of rule-making. A $500,000 salary cap sounds like major money to an ink-stained wretch - or member of Congress making $169,300 a year, or our Organizer-in-Chief who receives $400,000 a year.

But it's not enough to attract and retain the top financial talent needed to maintain New York's position as the financial capital of the world.

If the federal government persists in this madness, it's not hard to imagine that New York's importance in finance will decline. The State of New York plans to compound the problem by taxing the bejabbers out of top earners to support increased spending.

Low pay on Wall Street and high taxes are good reasons to flee New York. But the 535 aspiring Ministers of Finance in Washington also fail to realize that with the Internet, there's no reason for Wall Street to exist as we now know it because traders and analysts can work from Cowflop -- or anywhere -- as long as there's a high-speed Internet connection and, oh, phone service.

The infinitely wise federal government also limits companies that take bailout money from increasing dividends or buying back their own stock. That's sure to drive private capital out of the market, stunting little things like future job growth and the next round of innovation.

Does anyone in government understand the basics of the free market or the limits of Constitutional government?

As Manager Casey Stengel said as he watched the delightfully incompetent 1962 Mets lose again, "Can't nobody here play this game?"
No positions in stocks mentioned.
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