Republican Minority Leader Endorses AIG Bonuses.
Some in the GOP have gone against their natural instincts and have engaged in outrage over the AIG Bonuses. Of course, before, the GOP was the party of big business and big bonuses. But sensing an opening of an attack against President Obama, they have all of the sudden become populists.
This goes against the orthodoxy of the Republican Party. So naturally, Republican Minority Leader Rush Limbaugh has reminded his lemmings who pays the bills.
So can I ban DD now?
What did I do?
You made her listen to common sense.
So David Anderson is now for AIG stealing taxpayer money to pay out bonuses to their executives.
Thanks for the confirmation, David.
How is this going over with Rush’s listeners? I have a hard time believing that Rush’s listeners are Wall St. types.
UI. It doesn’t matter if they are not Wall Street types, they’re dittoheads.
Rush’s minions are delighted, just delighted that they now know exactly what to think and what to say about this business.
Which is why Rush has about Dick Cheney’s approval rating I think.
Somebody please post something so I don’t have to see this lying drug addict at the top of this page.
It is Geithner and Bernanke who decided not to use a managed bankruptcy. President Obama and the Democrats wrote the stimulus bill which included a provision that gave further legal protection to the bonuses and then passed it in the middle of the night insisting that we didn’t have time to read the bill.
Your guys set the rules. I am just supporting our President like you want me to do.
So now you are for nationalization. Interesting.
No, but it already happened. I was opposed to it at the time and still do oppose it. Unfortunately, it happened. We will hopefully learn some lessons from this before we go down that road with the banks.
See what I mean about the dittoheads being delighted to know what to say now?
It was Paulson and Bernanke who decided against managed bankruptcy back in September when AIG first blew up.
The rules were set by the TARP.
Which isn’t to say that Geithner still shouldn’t do it — I am hoping that they use the end of the stress tests to start liquidating, but I’m not holding my breath.
Back when we were passing the stimulus, the GOP was criticizing the Dodd-Wyden-Snowe Amendments to strip bonuses. Now David’s comments are a great example that the GOP has no plan but to criticize whatever happens.
For my part, it is clear now that Wall Street can never be trusted to do anything for the common good. Giving them the bailout money and then trusting them to pay off the toxic subprime debt and credit swaps was obviously wrong. We should have nationalized from the start.
I will now join my fellow populist and proponent of nationalization, David Anderson, in urging Congress and the Obama Administration in pursuing that course.
And apparently, AIG wasn’t above dumping bonus contracts when it suited them.
Thank you, Cassandra! I asked this very question on another thread.
Contracts aren’t worth the paper they’re written on when you’re talking about middle class workers, like the UAW. They’re sacrosanct when you’re talking about the rich and the extremely rich. I find it interesting that banks unilaterally rewrite your credit card contracts all the time, but couldn’t figure out how to do it with employees.
I find it interesting that banks unilaterally rewrite your credit card contracts all the time
The contract itself says they can… this is why we need “consumer contract reform.”
but couldn’t figure out how to do it with employees.
Normally employment contracts don’t have the “rewrite whenever we want” clause. It’s easier for employers to just exercise the termination clause, or just not renew it.
Republicans cannot hide there true colors which is absolute contempt for all but the wealthy. It`s the way they are, why any one who is not in top 1 percent ever votes republican is beyond my comprehension.
I’m listening to the NPR report on the AIG chairman’s Congressional testimony. Do you think he helped himself? I’m certainly seeing him in a bit more sympathetic light.
I love the poor. That is why I favor tax cuts so they can become rich both here and around the world. The progressive income tax is the enemy of civilization.
I thought gay marriage was the enemy of civilization.
No, it undermines the building blocks of civilization. Keep the arguments straight. 🙂
David; the poor don`t pay taxes, it`s the middle class that will pay these bonuses.
And what of Se. Dodd’s comments that Obama wanted the bonuses written into the stimulus bill?
Why are you feeding the troll? He has no interest in listening to what you say. He believes in tax cuts in the same way he believes in Sky Dad — on faith, no proof needed. None will be forthcoming, either. He’s wasting his breath here because nobody visits him under the GOP bridge where he lives.
Do Not Feed The Troll.
I linked two studies in my post on taxes. The third world particularly suffers from rotten tax policy. The second study is interesting in its rebuttal of demand side economics based upon global experience.
Back to American taxes. Everyone pays taxes whether embedded or direct. If you pay rent, you pay property tax. If you by anything from an American corporation, you pay those taxes embedded in the prices. That is why I don’t get my side’s the Obama tax cuts are welfare retort.
I believe that the best way to encourage the economy is to free it not burden it. Japan showed that you can’t spend your way into prosperity. You have to add a business component and spur investment on the supply side as well as the demand side.
Yes, you are right that the middle class and rich will pay more taxes. That is why I favor tax cuts for everyone.
Gallup polled the AIG question. Only 17% thought the government should not intervene, 76% thought the government should try to block them.
Linky dink
From the latest news, Rush Limbaugh is just supporting Obama’s adminstration’s move to delete the no-bonus amendment. I guess the table has turned on us.
Agree with the stimulus or not, it should have had more time for review & debate. I think there’s plenty of blame to go around-Wall Street and Washington.
Time to move on, clean up the mess and get on with the recovery…