Despite self-serving doomsday prognostications by President Obama, and a skewed unemployment chart produced by Nancy Pelosi and promoted by Andrew Sullivan, Alan Reynolds, a senior fellow with the Cato Institute, reminds us that "It's A Recession Not A 'Catastrophe'".

In the interim however, Brett Joshpe has a modest proposal for Big Hollywood:

Unlike the greedy Wall Street executives though, who have torpedoed our economy by allowing federal bureaucrats to bludgeon them into making bad loans, Hollywood would surely understand the merit of pay caps. After all, it would enable the entertainment world to fulfill its pledge "to pitch in and work harder and look after not only ourselves but each other." (Cut for laughter and gagging and take two!)

But seriously, for the people who are leading the environmental movement and spearheading efforts to turn the Academy Awards green, cut back on the number of SUV's in their entourage, and demonstrate frugality to Al Gore, this is such a great opportunity to demonstrate restraint and help out the new President. What better way to show solidarity with Democrats who want to impose a command and control economy and to confiscate wealth from the rich. Especially since everyone needs to make sacrifices right now. Not to worry though, Steven Spielberg and crew, it will feel patriotic.

As such, we should cap the compensation that movie studios and Silver Screen stars make, particularly given the wealth disparities between the actors and actresses and the grips, stagehands, and extras. While there will be times for profits, this is not that time, especially when people are losing jobs and the Golden State's $40 billion budget deficit is bigger than most countries' total economic GDP.

It so refreshing to see Hollywood stars embracing this new America. They are just in time to put their dollars where their mouths are and to start fulfilling their pledge.