Top economic advisers to President Obama adamantly opposed the pay restrictions, according to Congressional officials, warning lawmakers behind closed doors that they went too far and would cause a brain drain in the financial industry during an acute crisis…the restrictions could unleash unintended consequences, like encouraging banks to increase salaries to make up for diminished incentive pay. Even then, they warned, banks were likely to lose top talent.

“These rules will not work,” James F. Reda, an independent compensation consultant, said on Friday. “Any smart executive will (a) pay back TARP money ASAP or (b) get another job.”

Am I the only one who doesn’t see a big problem in this? If these were line workers rather than executives, there asses would already be fired. Their big, talented brains broke the economy of the entire world. They made decisions that were stupid. The kind of stupid decisions that are generally associated with small brains and no talent. Why does anyone think they are worth listening to, much less being allowed to continue in their jobs, much less being grossly overcompensated for doing so? I wouldn’t let these numbnuts manage a sock drawer.

It’s time to call up the understudies—executives of medium-sized but solvent companies, non-profit credit unions, star MBA graduates. Give them a shot on the big stage. It’s not like they could manage to screw up the entire world economy. The big brains already took care of that.

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