Claire McCaskill

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Congress is putting its foot down. Yesterday President Obama spoke out against Wall Street executives and their “shameful” behavior. It seems those executives $18 billion in bonuses in 2008. Yes, as the stock market crashed and homeowners lost their houses, Wall Street execs were still raking in extra cash on top of their already generous salaries.

Sen. Claire McCaskill agrees that this action is shameful. And she is trying to put a stop to it. McCaskill, a Democrat from Missouri, introduced legislation today that will limit salaries and bonuses for all employees who work for firms that receive federal bailout money.

Check out your faxless payday loan store’s article on how Obama plans to handle bailout money.

Harsh words for Wall Street

McCaskill’s bill states that no one who gets bailout money can make more than the U.S. president, who makes $400,000 per year.  So if the bill passes, total compensation for executives, including bonuses and stock options, cannot exceed that amount.

McCaskill is very passionate about her quest.

“We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer. They don’t get it. These people are idiots. You can’t use taxpayer money to pay out $18 billion in bonuses,” McCaskill said.

Obama said it was the “height of irresponsibility” for companies to give bonuses at the same time they were asking the government for help.

Devil’s advocate

Rudy Giuliani

Former New York Mayor Rudy Giuliani thinks the Wall Street executives should be able to have their bonuses. He says that if they don’t get bonuses on top of their six (or seven) figure salaries, “It means less spending in restaurants, less spending in department stores.”

Well excuse me for pointing out the obvious, but Giuliani seems to be forgetting that taxes come from taxpayers. You know, regular people who shop at thrift stores and clip coupons for groceries. If what he wants is to cultivate spending, wouldn’t it make more sense to take money from people who have a ton of it and give it to low- and middle-income families who are struggling to buy food and clothes?

I’ve almost had to get faxless payday loans to pay my heating bill since winter started, and the idea that some big bank executive may have padded his salary with some of my tax dollars really makes my blood boil.