So David Brooks writes about the arrogance of Washington today.

But his target is not the various social engineering proposals that have been floated in the health care debate. Like letting people opt out of their employer sponsored health care; or letting health insurers charge older consumers up to 500% more for insurance and then taxing the same consumers them for their gold plated insurance plans; or doing our level best to force everyone into catastrophic health plans that will leave them bankrupt if they get sick.

Because, although employer sponsored health insurance has worked for over fifty years, we need a new system and our friends the economists have a grand theory about making it better.

Instead Brooks is afraid that we will limit executive pay too much. If this happens then our major financial firms will lose the services of the geniuses who worked so hard to bring us securitized consumer debt and the housing bubble. If this happens they may even drive out the public spirited executives who are now busy bringing their companies back from the brink by imposing new fees and charges on depositors and small borrowers.

And all the other mental gymnasts, including Tyler Cowen, are out there warning us of the dangers of limiting executive pay. After all, if boards made up of executives think that these guys are worth it, who are we mortals to argue?