Obama putting a $500,000 cap on the pay of senior executives receiving stimulus support is, if nothing else, a damn good step in the right direction.

An executive at a major company on Wall Street makes the big risks that either triple the bottom line or burn through billions, and yet they get a fat paycheck either way.

This measure will hopefully make them reconsider buying corporate jets and taking “business” trips to Monte Carlo while receiving federal support after having to axe at least half of their lower employees.

The measure will also expand how many executives would receive reduced bonuses and incentives after flubbing one of those big risks and put more of an effort to stop top executives from getting huge severance packages.

There is even a section of the measure that details a requirement that “boards of directors adopt policies on spending such as corporate jets, renovations and entertainment.”

Hopefully the “entertainment” part means they will now get those flat screen TV’s for their offices at Target.

There is the argument that the very act of trying to limit one’s wealth isn’t in the spirit of a free economy.

I agree that would be the case in any other set of circumstances. When it’s taxpayer money on the line, however, that changes everything.

Really, it’s not unreasonable to expect any of this when it was the executives themselves that helped to create this wonderful recession.

To think that Obama would then let them use federal money to continue to fund their solid gold shoes and sports cars is utterly insane.