Mr. Frank ... a real Barney.

So Mr. Frank and his band of morons (set loose by the Obama revolution) want to cap executive pay at $500K for TARP recipients. On the face of it, that sounds good -- get back at those fat cats who made the mess. But Mr. Frank and his low income housing cronies made the mess, and that fat cats that enabled him are largely golfing in Florida with their parachutes.

At some point, you have got to agree that CEOs get paid too much ... hundreds of millions IS insane, and more money that you can really spend -- but if they are not worth it, they get fired ... at least by responsible boards of directors. The problem here is that boards of directors are larely stuffed with cronies of the CEO -- and will vote anything: they do so because they are CEOs of other companies and want the same consideration when their pay packet comes to the table.

Eliminate that crap and you go a long way to ensuring accountability. But to arbitrarily state that $500K is enough for everyone is just stupid. Stupid. Stupid. Stupid. If we limit the income to $500K -- Geithner suggests that it should be so for ALL companies -- we take away all incentive to work like a maniac to get ahead. And that sounds like communism, and we all know how well that works. If you limit income to $500K, say goodbye to Cadillac (if it somehow survives), Mercedes and Bentley. Say goodbye to second houses. Adios to yachts and expensive vacations ... in other words, all that the mean little weenies in Cambridge say is unfair -- and that they are unwilling to work hard enough to get. The impulse Mr. Frank is riding (for votes) is an emotional one, populist and wrong.

If we kiss off McMansions, Mercs, Escalades and houses in Vail, we also kiss off the industries spawned to build and support those. People have that lifestyle have a "burn rate" that would make you eyes water. That burn rate provides millions of jobs in the United States -- millions of jobs that would not have alternatives since we outsourced all of our manufacturing to Asia and other places. It is a classic cutting off of the nose to spite the face, and Barney Frank -- and by extension the Obama administration, being ostensibly the same party -- appear stupid enough to do it.

Is this a step in the direction of a wealth tax? Make over $500K and just hand it over to Barney Frank? Want to see capable people the country in hordes? This slippery slope will create a mass emigration of those who pay taxes -- the 55% of us who do. And the top 10% which pays 68% of all taxes? They will be looking for an exit. The top 1% that pays 37% of ALL federal taxes? They will leave. Guaranteed. If you limit their income to $500K WHERE THE HELL DO YOU THINK THAT THE 1% WILL GET THE MONEY TO PAY THEIR TAXES?

Mr. Frank, you Geithner, Pelosi and Reid are idiots. Pure and simple.