james debate
james debate

Thursday 26 March 2009

See this is precisely why people didn't want to co-operate with the Government's bailout bill. Sure, I can see exactly why it was needed, and I agree that the country could well have been fucked had we not done it, but at the same time, who's going to make sure that these dumbass companies don't go and blow their bailout funds and land us in even more trouble. Never underestimate the power of greed.


The first warning signs came mere days after the bailout funds were handed over, when AIG executives blew several hundred grand on a completely unnecessary and extravagant corporate retreat to congratulate themselves for... uh... sucking enough to be given several billion dollars in free money.

Outrage ensued, then we stewed over it for a bit and declared that nothing of the sort would ever happen again! Of course even more money was dispensed after Obama's election (most of which was necessary) and what did AIG do to celebrate this time? handed out several hundred million dollars in bonuses to the executives who had failed so spectacularly, some reaching tens of millions for individual bonuses when the rest of us are struggling, on a few hundred thousand if we're lucky!

Given this outrage (read: stupidity), the house democrats can almost be forgiven for flying off the handle with their extremely over the top bonus tax of 90%.

Now so far it probably sounds like I'm some right wing nut or something, but anyone who's ever read this blog, or knows me at all, knows that I am a serious liberal, perhaps a little more centrist fiscally, have always been a democrat and have been the most devout of Obama fanatics since way back in 2006. However this really is going too far. The bill calls for 90% of bonuses given to people working at banks, earning more than $250,000 to be taxed. This effectively punishes those douchebags with $20 million bonuses of course, but the problem is it also devastates the little people whose bonus was only a hundred grand or so to begin with in this recession. And let's not forget that not every bank is like AIG, some, like JPMorgan, barely even needed any bailout funds and certainly didn't give ridiculous bonuses paid for by the bailout, and yet they're still suffering.

This doesn't even mention the ethic behind such a bill, and whether or not it's even constitutional. To me it sounds like the house democrats, god bless em, are getting a little trigger happy. And frankly they need to cut it the fuck out, lest they end up like the GOP is now, in a complete shambles brought on by their own greed and stupidity.

Of course Obama, being the simply brilliant leader that he is, went so far as to oppose the bill at the risk of being unpopular. And let me just say it is so refreshing to see a President take a stand against his own party. The President simply needs to be central and unbiased and that is exactly what Obama has shown us in this instance. I for one applaud him.

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