OF COURSE THERE IS A LOT TO BE ANGRY ABOUT - BUT.......
Raw emotion has been unleashed in America for obvious reason. We are living in difficult and dangerous times. But we had better come to our senses and insist that we individually and collectively live under a rule of law - where reason prevails - or we shall make matters infinitely worse.
It doesn't take much imagination to conjecture that the anger at AIG - and the excessive bonus issue - and others - is but a symptom of a more fundamental issue - namely uncertainty anxiety.
Reports from a number of respected sources indicate that most likely no one knows the full extent of our current economic mess. That not knowing creates fear and anxiety. Fear and anxiety typically get converted into diffuse anger and rage. And sooner that later diffuse aggression gets focused and directed to the scape goat of the moment.
I am no apologist for greedy corporate America but the contracts were legal documents and partially authorized by our government. It will due no one any good if we act as a self righteous lynch mob and 'kill' the legal bonuses of a relatively few people while missing a golden opportunity to channel our passion where it could make a substantial difference and benefit everyone except for those who deserve our individual and collective wrath.
To whom am I referring.....
I wouldn't be surprised to discover that whipping up the fog associated with the economic crisis is ex President Bush and his wise sage ex VP Mr. Cheney. Have we forgotten who got us into this mess in the first place. Have we forgotten who got us into an unjust war by violating our precious rule of law - a war that has been estimated to have cost us s0 far - 4 trillion dollars.
Look carefully at that figure of 4 trillion as it would about wipe out our present estimated headache's expenses.
Have we so quickly forgotten the multiple insults to our constitution and our bill of rights with an obnoxious argument based on phoney and in some cases made up information --- . Have we forgotten the specious tortured logic that might is right when we say it is justified ? Have we forgotten the horrifying pictures at Agugraib of not only prioners having been tortured but those images flashed around the world undercutting the best of what we have to offer?
We are suffering a world wide crisis of confidence brought on in large part because of ourselves. God surely is not on our side. But who is?
If we want to harness and focus our anger in a constructive way I think congress should immediately call for extensive and intensive hearings and expose all that is exposable to the American people so we can cl;early pin point all those who did us a great disservice.
In this connection note the following headline in today's news:
"Over objections from the U.S. intelligence community, the White House is moving to declassify-and publicly release-three internal memos that will lay out, for the first time, details of the "enhanced" interrogation techniques approved by the Bush administration for use against "high value" Qaeda detainees. The memos, written by Justice Department lawyers in May 2005, provide the legal rationale for waterboarding, head slapping and other rough tactics used by the CIA. One senior Obama official, who like others interviewed for this story requested anonymity because of the issue's sensitivity, said the memos were "ugly" and could embarrass the CIA. Other officials predicted they would fuel demands for a "truth commission" on torture."
i WOULD IMAGINE THAT THOSE WHO ARE STENUOUSLY OBJECTING TO THE RELEASE OF THESE MEMOS BEAR A STRIKING SIMILARITY TO EX President Bush and his wise surrogate ex Vicepresident Cheney.
Meanwhile unless we are truly experts in the management of what is obviously extraordinary economic matters we should ask good questions, keep alert but don't collective run off as if each of our emotional opinions is equated with absolute truth.


Comments: 27
Lost in all this, the media is cheering the mob. They [journalists] failed to report on the housing crisis when it became obvious in 2007; instead they were talking about Anna Nicole Smith on the onset of the crisis.
These bonuses are legal. Some of the folks receiving them actually made money for AIG. That's right, some branches of AIG made money and these folks deserve their money. These other guys might not, but legally they are due some change. The bill passed by Congress is totally anti constitutional. The House knows it. Obama knows it. If he signs it, we will have a US president knowingly signing an anti constitutional bill because the mob is furious.
So the problem is with the employment contracts, and probably nothing can be done about that. These "special" taxes on bonuses of employees making more than $250K will probably be challnged in court. What about the "equal protection" clause in the Constitution?
As the Queen of Hearts said, "Off with their heads!" If We the People are now the owners of these companies, the first thing we should do is a thorough housecleaning...and that includes the boards of directors!
Even if they went bankrupt, these bonuses would be paid. Consider them salaries.
The media and Congress are stirring the pot to cover up for their failures. Now we know that these lawmakers including DEMOCRAT majority leader Hoyer and REPUBLICAN minority whip Cantor are both taking political contributions from bailed out companies.
They can't pay bonuses but they can make political contributions to democrats and republicans.
This whole thing is a joke and it is tax payers that are the object of the jokes.
I think if there is an action to be taken, it is in the confusion of compulsory incentives vs. voluntary (i.e. by the corporation).
Here's my idea--let AIG pay out its executive bonuses, then force them to pay out all of the bonuses to their lower employees as well (i.e. no difference, if one bonus is compulsory, then all of them are). I am sure that AIG probably ripped off their lesser employees bonuses in order to preserve capital for their own top management. If this is the case, a whistle-blower needs to emerge from the depths of AIG and start squawking. If it is shown that they had the intent to pay some and not others, then they can be made to pay all of them (which would probably force them into bankruptcy) and thus force them to pay none.
If I am right, the solution is easy.
I agree with Gibbs' perspective: i.e. we should choose our battles wisely--so to speak.
A lynch mob needs to drag out the guillotine again, lop off some greedy oinking heads, and get the smart people back in.
ha ha
Let's see, corporations were paying big bonuses to themselves while they stock rose in value. For the last 20 or more years as more citizen, mostly through pension plans were investing in stock, the same corporation was doing buyback of their own stock, all this activity seemed to show a rise in demand and a shortage in stock. The profit of the company had not gone up but the price of the stock did. Bad for the investors.
Most of the cash from the sales went to overseas business investment and created jobs, but not in America.
This bundles are the real problem but most mortgages are being paid and they are wrapped together with the one that are failing to pay, yet they are not worthless,the key is to separate the two.
By the way there is plenty of cash on the side waiting to be spent and invested.
I think the same greedy people are keeping the government hostage and try to benefit from the mess they have created.
YOU DID THE WORK !!!
What do you think about this article?
The problem as I understand it, as in many other present day screwups like the absurd Iraq war - there has been a criminal lack of oversight, transparency and accountability. This is where we muct liearn from the past and get it right right away if not sooner.
*double chuckle*
gibbs williams , Mar 23, 2009, 7:40pm EDT
gibbs