Category Archives: Commen Sense

Rick Bolger Candidate for NJ State Assembly District 11, Op-Ed:Our State Government Is An Overwhelming Bureaucracy

Our state government is an overwhelming bureaucracy. New Jersey has a “Department” for every imaginable aspect of our lives. We have a DEP, DOT, DOE, etc., etc. What you won’t find in Trenton is a DOCS—Department of Common Sense!

Each of these Departments has grown extensively since their creation and has morphed into powerful entities operated by appointed “officials” with the apparent ability to make life difficult, if not intolerable, for the residents of New Jersey.

The State laws which are interpreted and enforced by these Departments are often antiquated, irrelevant, arbitrary, contradictory or otherwise unfair in their application.

In the absence of a magic wand, these entities are here to stay. However, why can’t the legislature create a common sense procedure which affords immediate relief to those individuals or municipalities which find themselves boxed into a Catch 22 situation by one (or more) of our State Departments. Every municipal engineer and borough administrator could cite numerous examples of such crippling bureaucratic red tape. Currently, the only relief available is the white flag of surrender or litigation. Law suits are time consuming, expensive and more often than not, result in decisions which perpetuate other bad decisions and confuse rather than clarify the law.

Why not a simple procedure where, under the proper circumstances, the three State legislators of any particular district can craft immediate relief for their aggrieved constituents?

Rick Bolger

Candidate for NJ State Assembly in District 11

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Filed under 11th Assembly District, Commen Sense, New Jersey, Op-Ed, Rick Bolger, Trenton

Obama Calls for ‘Common Sense’ on Executive Pay

From the NY Times, just moments ago.

WASHINGTON — President Obama announced on Wednesday a salary cap of $500,000 for top executives at companies that receive the largest amounts of money under the $700 billion federal bailout, calling the step an expression not only of fairness but of “basic common sense.”

“We all need to take responsibility,” the president said, in discussing the compensation restrictions, which include an exception for restricted stock. He also used the occasion to prompt Congress once again to act on his separate economic stimulus program, whose cost could approach $1 trillion.

Mr. Obama repeated his comments that some Wall Street executives had shown “the height of irresponsibility” when millions of nonwealthy Americans were bearing the burden of Wall Street’s failures.

The people are sick and tired, Mr. Obama said, of seeing Wall Street executives come to the government “hat in hand when they were in trouble, even as they paid themselves customary lavish bonuses.”

“This is America, we don’t disparage wealth,” the president said. “We don’t begrudge anybody for achieving success. And we certainly believe that success should be rewarded.”

But Americans definitely begrudge “executives being rewarded for failure,” especially if their earning are subsidized by taxpayers, “many of whom are having a tough time themselves,” he said.

Treasury Secretary Timothy F. Geithner, appeared with the president to announce the restrictions, which do not require Congressional approval. “The economic crisis was caused in part by a loss of confidence in our financial institutions, and it was made worse by a loss of faith in the quality of judgments made by some executives and some boards of directors,” Mr. Geithner said.

There is a general feeling among not-so-rich Americans, he said, that they are bearing a greater burden because of the financial crisis than those who helped to create it. Mr. Geithner said he would devote “every ounce of energy” to restore public trust in financial institutions — the bedrock of the country’s credit system.

The $500,000 salary cap will be stricter for those companies getting “exceptional assistance” from the Treasury Department. “Exceptional assistance” companies wanting to pay executives more than $500,000 will have to do so by using stock that cannot be sold or liquidated until the government money is paid back.

Read more >>> Here

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Filed under Commen Sense, executive pay, NY Times, President Obama, Timothy Geithner, Treasury Department, Wall Street

>Obama Calls for ‘Common Sense’ on Executive Pay

>

From the NY Times, just moments ago.

WASHINGTON — President Obama announced on Wednesday a salary cap of $500,000 for top executives at companies that receive the largest amounts of money under the $700 billion federal bailout, calling the step an expression not only of fairness but of “basic common sense.”

“We all need to take responsibility,” the president said, in discussing the compensation restrictions, which include an exception for restricted stock. He also used the occasion to prompt Congress once again to act on his separate economic stimulus program, whose cost could approach $1 trillion.

Mr. Obama repeated his comments that some Wall Street executives had shown “the height of irresponsibility” when millions of nonwealthy Americans were bearing the burden of Wall Street’s failures.

The people are sick and tired, Mr. Obama said, of seeing Wall Street executives come to the government “hat in hand when they were in trouble, even as they paid themselves customary lavish bonuses.”

“This is America, we don’t disparage wealth,” the president said. “We don’t begrudge anybody for achieving success. And we certainly believe that success should be rewarded.”

But Americans definitely begrudge “executives being rewarded for failure,” especially if their earning are subsidized by taxpayers, “many of whom are having a tough time themselves,” he said.

Treasury Secretary Timothy F. Geithner, appeared with the president to announce the restrictions, which do not require Congressional approval. “The economic crisis was caused in part by a loss of confidence in our financial institutions, and it was made worse by a loss of faith in the quality of judgments made by some executives and some boards of directors,” Mr. Geithner said.

There is a general feeling among not-so-rich Americans, he said, that they are bearing a greater burden because of the financial crisis than those who helped to create it. Mr. Geithner said he would devote “every ounce of energy” to restore public trust in financial institutions — the bedrock of the country’s credit system.

The $500,000 salary cap will be stricter for those companies getting “exceptional assistance” from the Treasury Department. “Exceptional assistance” companies wanting to pay executives more than $500,000 will have to do so by using stock that cannot be sold or liquidated until the government money is paid back.

Read more >>> Here

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Filed under Commen Sense, executive pay, NY Times, President Obama, Timothy Geithner, Treasury Department, Wall Street