If you work for Bailout Bank, Joe the Plumber may be saving you from your bad management, but you will need to contribute too. Now 100% of your income that exceeds Joe’s salary will be taxed. It’s only fair. No wait, if you contributed to Senator Maphia’s campaign, you can get twice Joe’s salary!

Of course, if you just get a job at First Bank instead, you can get your salary back in full. For God’s sake, that’s the market rate! Plus you can keep your stock options and retirement benefits from Bailout. That way, your wife can maintain her standard of living, and you won’t have to sell your yacht! Ain’t America great? After all, who gives a rat about Bailout Bank?

But seriously, if government can now renegotiate your employment contract, even if you don’t want to, and even if someone else negotiated a deal with the goverment, what’s the point of having a contract. Why not just collect your money by breaking people’s kneecaps?

I only wish I had a large company, and I could say, “Forget it. Come get me! We’re going to honor our contracts despite what you demand.”

What would happen? What rickety leg would they have to stand on? What government official would say “these contracts have been voided.”

And who is going to stand behind this confiscation? Would this be found constitutional? I simply don’t believe it.