The best thing a social commentator can do is cry bullshit when he sees bullshit. It shouldn’t matter whose bullshit it is, Republican bullshit or Democrat bullshit. The point is bullshit is bullshit, red or blue.
Fact: Democrats were fully aware of the $165 Million dollars in bonus pay that went to the company that almost single handedly destroyed the economy. We know this because while everyone was tossing blame around like a beach ball at a Phish concert, officials at the Treasury, the Fed and Federal Reserve Bank of New York exchanged e-mails about the bonus program in late February. AIG revealed the bonus plan in filings last September. In November, Treasury and Fed officials negotiated the terms of these retention payments; and in December, Democrats called for a hearing on the bonuses.
This is what makes people jaded about politicians. These guys weren’t outraged. They were acting outraged when the public found out about bonuses they had already decided to pay.
And that my friend is bullshit.
Here is where the fun starts because both sides seem to have come up with solutions that are crazy. As mellow-dramatic as they possibly could be, the Democrats held a special session of Congress and passed a tax law. 90% of the AIG bonuses would be taxed!
That’s a pretty awesome thing right?
If this comes to any court, and it will, it will be found to be unconstitutional for one reason. The U.S. Constitution states very clearly that the Government cannot make a law after the fact to punish or single out a person or group.
Singling out only the executives at AIG who got multi-million bonuses and slapping them with a 90% tax rate seems like we are indeed singling out and punishing one group. Yes they deserve it but if Democrats spent the last eight years pointing out when Bush didn’t follow the constitution then turn about is fair play.
So of course the Republicans tripped all over themselves when they had the first legit criticism of the whole bail out mess. They must have been tripping on something because now a lot of them are OK with AIG keeping those bonuses. You read correctly-they are in favor of letting the morons that almost bankrupted the world economy keep that money.
That is exactly what Rush Limbaugh and other high profile conservative leaders have been saying now. Why would they defend this gluttonous act of greed with Wall Street in its death throws?
Because they believe in capitalism!
It’s hard to tell who is crazier on this subject now. One side knew about the insane amount of money these losers were getting and pretended to be outraged when the rest of us found out and the other side says capitalism is all about people getting the most they can and so what that 50% of all mortgages held in the country are behind.
Then there is us. The American public. We are truly a strange crowd. What we decide in mass to get upset about often times isn’t that big of a deal. So I say, who gives a shit about $165 million bucks? It represents less than one percent of one percent of the $170 BILLION DOLLARS that AIG owes us so far. Whats the plan for getting that back? I haven’t heard it yet either. Have you?