CEOs questions of hitting JP during Foreclosures

"There seem to be two different economic realities operating in our country today. And the rules of compensation in one world are completely different from those in the other," said Rep. Henry Waxman, D-Calif., chairman of the House Committee on Oversight and Government Reform. "Most Americans live in a world where economic security is precarious and there are real economic consequences for failure. But our nation's top executives seem to live by a different set of rules."

Scott Mayerowitz ABC news reported on the web about the Democratic Congress getting right to the point in a hearing where the CEOs of three mortgage companies that collapsed with the subprime mortgage market. The CEOs made millions while thousands of Americans lost their homes and investors lost billions of dollars.

Mayerowitz continues in his report: "I think there's merit to pay for performance," Waxman said. "But it seems like CEOs hit the lottery even when their companies collapse."

Of course the economy news reported by Scott wouldn't have the flavor of politics without someone present to take advantage of the situation and declare in his own partisan way that he was not in favor of the investigation. In the news article Mayerowitz writes: But the Republican ranking member on the committee warned that he would not let the hearing turn into a witch-hunt. Rep. Tom Davis, R-Va., said it is not the job of Congress to second-guess investor decisions or to help plaintiffs gather evidence for their lawsuits. He said it is fair to question compensation packages but warned that the debate should not turn into a "sanctimonious search for scapegoats."

It doesn't take a rocket scientist to understand that the whole foreclosure and dropping home values was instigated by the wealthy and powerful Republicans and their filthy rich friends. I just hope that people in America wake up before it is too late.