Most everybody in America has figured out by now the Masters of the Universe on Wall Street are fallible, but no matter how much cupidity there is in board rooms and executive washrooms it’s beginning to look like Congress is still king of the hill when it comes to waywardness.

The other day a conference committee of senators and congressmen sat down to hammer out the last details of the ‘Economic Stimulus Bill,’ and when they came to the part about limiting the pay of the Wall Street executives to $400,000 a year, someone (no doubt a relative of a Wall Street banker) stood up and declared, Those tycoons on Wall Street have been paying a lot of taxes and if you limit their salaries the treasury’s going to be out a billion dollars. The liberals on the committee promptly let out a collective gasp of alarm. The treasury out a billion dollars! In the blink of an eye they took the provision out. No limits on salaries.

So follow the logic: We’re giving Wall Street $750 billion and we’re going to let the CEOs use it to pay their salaries – so they can go on paying a billion in taxes.

It’s beginning to look like we have put the only group of people in America less adroit at economics than Wall Street Masters of the Universe in charge of ending the meltdown: Congress.

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