AIG Bonus Money Is Not The Problem: Government Is The Problem

“In this present crisis, government is not the solution to our problem; government is the problem.”

Ronald Reagan said that in his first inaugural address in 1981.

Thomas Jefferson said, “Most bad government results from too much government.”

We haven’t seen such stark reminders of those idea for a long time before today.

Obama is the problem.  Geithner is the problem.  Dodd is the problem along with Barney Frank and others.

Dodd took more AIG money in the form of campaign contributions than anyone.  Obama was second.

House Minority Whip Eric Cantor (R-VA) said the administration is in “disarray.” 

This is “Obama-Gate” if you are kind.  “Obama-Gate I” if you think there will be more.

None of these guys has a clue how to run big corporations.  And the notion, myth really, fabrication that we  are in such a financial crisis that we absolutely MUST now spend heaps of money bailing out everyone, including other nations, and we absolutely must solve all the problems of health care, energy, education and global warming is crazy.  Nuts.

They teach this at Harvard?  I mean I know they are socialist, but crazy too?

We are in an economic crisis and we do not yet know how much we’ll have to spend to end it: that is a real problem.  Until we stop thinking about a second stimulus and more bailouts we have no idea how much debt we’ll have and if anyone will buy our T-bills.

We haven’t even solved the banks with toxic assets problem yet.

China has already swallowed hard and expressed dismay.

The AIG bonus flap is about 1/2 of 1% of the AIG bailout of some $173 billion.

As Joe Biden likes to say: “Gimme a f*&$#ing break.”

The real issue is how much will we need to spend before the bleeding stops and our economy turns areound — along with the economies of Japan, Germany and everyone else.
My friend went into the OR to have “one or two clogs in arteries” removed; a procedure expedted to take about one hour.  Thirteen hours later he came out — almost dead.  The doctor had removed more than 150 clots.  My friend has scars all over the place and couldn’t walk for weeks.

The reason the president should not go fast on health care, education, our energy system, and climate change, is this: we do not know our own economic health.

Health care overhaul may cost another $1.5 trillion or more

Obama can cure cancer, Pakinson’s and Alzheimer’s later.  Lets restore jobs, and economic order before we overhaul the world and reorder the universe.

More spending may not solve all our problems.  It may open a lot of new wounds also known as a can of worms or Pandora’s Box.

The United States has the second highest corporate tax rate in the world and a capital-gains tax rate that President Barack Obama had threatened to hike during his presidential campaign.

“Government continues to dominate the American taxpayer’s budget,” said Tax Foundation president Scott Hodge last April. “Americans will still spend more on taxes in 2008 than they will spend on food, clothing and housing combined.”

In 2008, Americans worked 74 days to afford their federal taxes and 39 more days to pay state and local taxes. Meanwhile, buying food required 35 days of work, clothing 13 days, and housing 60 days. Other major categories are health and medical care (50 days), transportation (29 days), and recreation (21 days).

The following is from Politico:

AIG disclosed its retention-bonus program more than a year ago, including bonuses directed to those handling the exotic derivatives that got the company and the country into this mess

The bonuses were essentially a nonissue when AIG got its initial bailout money, almost $150 billion under President Bush in the two months surrounding the presidential election. Joe Biden, then the vice presidential nominee, came out strongly against the bailout. Obama did not.

Timothy Geithner, then at the New York branch of the Federal Reserve, was a huge proponent and architect of the AIG bailout. So if Obama had strong private opposition to the idea it did not affect his pick for the person who would oversee all bailouts.

Read the rest from Politico:

So now you know why Tim Geithner always looks like he has something to hide: he has mismanaged the bailout effort entirely and his boss is telling taxpayers it is THEM (guys like AIG) and not us (the government itself) that is to blame.

Sen. Sherrod Brown, D- Ohio, pauses in the elevator after arriving on Capitol

 Obama: Fire Geithner

 AIG Bonus Flap: Lawsuit to Get Back $165 M Could Cost $300 M or More

Obama White House Issues “Lamest” Confidence Statement Ever for Geithner

Amid AIG Furor, Dodd Tries to Undo Bonus Protections He and Geithner Put In

 Biden Off Mic: “Gimme a f*&$#ing break”

AIG Bonus Flap: Lawsuit to Get Back $165 M Could Cost $300 M or More

 Obama Dead Wrong On Stimulus, Caterpillar Company Jobs, Recovery

Obama, His Outrage in Legal, Political Quicksand Over AIG Bonuses?
Obama Wants To “Unclog Blocked Lending Arteries” — Here’s The Problem


One Response to “AIG Bonus Money Is Not The Problem: Government Is The Problem”

  1. rchem Says:

    I agree with you, spending is not the answer. It is near impossible to create wealth while creating perpetual, permanent debt.

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