Now you have the goofy situation where a government pay Czar is intervening to cut executive salaries at those firms by 90%. If the government hadn’t intervened in the first place, the salaries would have been cut by 100% and the bad bets by the firms would have been written off and the economy would be closer to recovery.

Quelle: Separating the Short-term Trends in Financial Markets from the Long-term Trends in Geopolitical History