The House of Representatives passed a bill that severely taxes those companies that accept federal bailouts on one hand but pay out golden parachutes (bonuses) to their past and present executives on the other. The bill is designed to address public anger over AIG and other companies paying out millions of dollars to the people that got us into this mess in the first place.
While I think that the companies have earned the public black eye that they've gotten over the last few weeks, the measure passed in the House may not pass Constitutional muster. Hasn't the Constitution been shredded enough over the last eight years? Has anyone even heard of "due process" in Congress? And targeted severe taxes on specific companies and not any others, which is prohibited in the Constitution as a "bill of attainder?"
The Democratic Congress and the Administration are messing things up good. They're acting quite hastily, and the kind of legislation born in haste usually ends up being really bad legislation.
I disagree with any measure taken by Congress that violates the Constitution.
Showing posts with label AIG. Show all posts
Showing posts with label AIG. Show all posts
Thursday, March 19, 2009
Monday, March 16, 2009
GOP Senator Tells AIG Leadership to "Resign or Commit Suicide": This Man Needs a SHRINK!
Is GOP Senator Charles Grassley out of his friggin' mind?
He was expressing his extreme displeasure with AIG executives over the fact that they're talking about giving out millions in taxpayer-funded dollars to themselves for a very poor job, when he committed a HUGE blunder.
He said in a radio interview that they should either resign or go out the "Japanese way", meaning killing themselves.
I'm very unhappy with these idiot companies too, but I can't and won't agree with someone telling someone else to kill themselves, under ANY circumstances. I have no respect for Senator Grassley or for what he said.
If he can't get a handle on his emotions, perhaps he should resign and let someone with MUCH more maturity and self-control take charge of his seat. His spokespeople are out doing damage control now, but some things are best left unsaid to begin with. He SCREWED UP, and offended God knows how many families who are dealing the issue of suicide.
Suicide is too touchy of an issue for it to be thrown carelessly around by a politician who probably knows nothing about it, is insensitive to the needs of others, and can't communicate without revealing his utter stupidity.
Idiot!
He was expressing his extreme displeasure with AIG executives over the fact that they're talking about giving out millions in taxpayer-funded dollars to themselves for a very poor job, when he committed a HUGE blunder.
He said in a radio interview that they should either resign or go out the "Japanese way", meaning killing themselves.
I'm very unhappy with these idiot companies too, but I can't and won't agree with someone telling someone else to kill themselves, under ANY circumstances. I have no respect for Senator Grassley or for what he said.
If he can't get a handle on his emotions, perhaps he should resign and let someone with MUCH more maturity and self-control take charge of his seat. His spokespeople are out doing damage control now, but some things are best left unsaid to begin with. He SCREWED UP, and offended God knows how many families who are dealing the issue of suicide.
Suicide is too touchy of an issue for it to be thrown carelessly around by a politician who probably knows nothing about it, is insensitive to the needs of others, and can't communicate without revealing his utter stupidity.
Idiot!
Tuesday, February 24, 2009
Further Proof that Bailouts Just Delayed the Inevitable: GM Exploring Bankruptcy & AIG Needs Billions More Too
I had written a while back about my opposition to the bailouts and how the companies that were on the receiving end were responsible for their own problems, that the bailouts were pushing their failures a little further around the road.
I had also said that the auto industry was already bankrupt but didn't have the guts to admit it.
Trillions of dollars and a few short months later, we begin to see the danger signs that I predicted back in October. CITI Group is about to be nationalized due to their continued massive losses; GM is exploring three bankruptcy options, in addition to their seeking an additional $16 billion on top of the $13 billion they've already received, and AIG needs billions more on top of the $150 billion it's already gotten from taxpayers.
And they're STILL paying out their multi-million dollar bonuses to their executives. Tactless.
The bailouts were a mistake from day one. The companies should not have been nationalized; government shouldn't have put taxpayers on the line for NEARLY as much as they have. I can see some interventions, but only to prevent crippling the national currency against other markets. I'd rather have been on the hook for $200-$250 billion instead of nearly $5 trillion.
Government's running wild and needs to get a grip. Knee-jerk reactions haven't helped; they've only made matters much much worse. GM needs to get under bankruptcy protection this week. Would CITI's collapse weaken the dollar? What about AIG's?
There are some very stark decisions that will have to be made shortly. I hope everyone's up to it, because the writing's on the wall, and decision time is nearly at hand.
I had also said that the auto industry was already bankrupt but didn't have the guts to admit it.
Trillions of dollars and a few short months later, we begin to see the danger signs that I predicted back in October. CITI Group is about to be nationalized due to their continued massive losses; GM is exploring three bankruptcy options, in addition to their seeking an additional $16 billion on top of the $13 billion they've already received, and AIG needs billions more on top of the $150 billion it's already gotten from taxpayers.
And they're STILL paying out their multi-million dollar bonuses to their executives. Tactless.
The bailouts were a mistake from day one. The companies should not have been nationalized; government shouldn't have put taxpayers on the line for NEARLY as much as they have. I can see some interventions, but only to prevent crippling the national currency against other markets. I'd rather have been on the hook for $200-$250 billion instead of nearly $5 trillion.
Government's running wild and needs to get a grip. Knee-jerk reactions haven't helped; they've only made matters much much worse. GM needs to get under bankruptcy protection this week. Would CITI's collapse weaken the dollar? What about AIG's?
There are some very stark decisions that will have to be made shortly. I hope everyone's up to it, because the writing's on the wall, and decision time is nearly at hand.
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