Tuesday, March 24, 2009

Are You Worn Out on the AIG Bonus Issue?

Evil Executive Bonuses from Tax Payer Money
Is it me, or is it hard to get overly passionate about the AIG Executive bonuses? Maybe it is because it is no surprise. No surprise that those big, bad, evil, greedy, executives ran a company into the ground and then padded their wallets with taxpayer money…you ask? Nope…that’s not it at all. It is no surprise that the Federal Government made a rookie error in their foray into the bank acquisition business. Understanding outstanding and forward looking contractual commitments is acquisition 101 folks. At first, I figured it was typical Federal Government incompetence. I mean, how many of these buffoons have ever run a business? We now know that it was typical Washington bureaucratic wheeling and dealing that added the language to the bailout bill that specifically allowed the bonuses in the first place. No mistake…it was intentional. By the way, let’s not forget that some of this bonus money was also paid out to front line employees like “Joe” the Customer Service Rep (I just made him up, but he doesn’t look or sound anything like Joe the Plumber). Too bad he is employed overseas and I can’t understand a darn word he is saying. If we passed the Fair Tax and trashed our ridiculous and unfair progressive income tax, maybe American overseas investments will come back home.

In addition to all of the other “no surprise” issues in the AIG debacle is the revelation of Washington Liberals admitting that taxes are not a means of revenue, but none other than punishment. "Recipients of these bonuses will not be able to keep all of their money," declared Senate Majority Leader Harry Reid in a threat delivered on the Senate floor. "If you don't return it on your own, we will do it for you," echoed Chuck Schumer of New York. Bham!!! There you have it folks. In your face admission that taxes are weapons, not revenue. Oh, I know…conservatives have been cranking out sin taxes for years so they are not immune. Oh, I was also very impressed in which the speed that Senator Chris Dodd indicated they could pass a law that would tax virtually all of the AIG Bonuses. Dodd says this is something that "could happen fast. We could write this tomorrow." Wow, now that is impressive! As Chairman of the Senate Banking Committee, it took Senator Dodd several years to oversee the most significant financial disaster in modern history. Now, he can whip out a punishment tax and have it approved in just 24 hours (yeah…I know..”punishment tax” is a bit redundant).
My advice for the Washington Liberals? Stay out of the banking business. You failed miserably in the most basic of acquisition rules and then tried to cover it up with your “outrage.” Just stick to what you do best; taxing the evil rich as punishment for individual achievement. Then redistribute the ill-gotten booty to the masses so that you can continue to allow people to “vote themselves money” and keep you in office.


Other stuff
Here is an awesome clip of my idol and economic genius Milton Friedman handing socialist Phil Donahue his buttocks. It is an old clip, but even more relevant today. Thanks to Jack Mitchell, my good friend and fellow Libertarian, for digging it up. http://www.youtube.com/watch?v=RWsx1X8PV_A

Where’s the teleprompter?
If you watch the news, you may be aware of the President’s little visit to the Tonight Show last week. Of course, you need to watch Fox News to become aware of his little joke comparing his bowling abilities to that of someone in the Special Olympics. Yeah, that is pretty insulting in more ways than one. The worst slam is that the folks in the Special Olympics totally smoke his score. Sorry Mr. President…you couldn’t qualify.
http://www.foxnews.com/politics/first100days/2009/03/20/special-olympics-bowler-offers-obama-bowling-tips/

1 comment:

Michael Jacobson said...

You've said it all very, VERY well, Chuck...thanks for putting it all in perspective!