Obama's $500,000 pay cap feels great but does nothing

I'm in a time warp. I keep hearing Howard Beale from the movie "Network" screaming, "I'm mad as hell, and I'm not going to take it any more." Yet when I open my eyes, I find myself looking not at Beale but at President Barack Obama.

Our new president has worked himself into a lather over the way senior executives have been paid at major financial institutions, particularly those that have received gargantuan government assistance.

Last week the Obama administration issued new regulations designed to curb executive pay while at the same time avoiding unnecessarily risky incentives.