To paraphrase Jack Nicholson in the original Batman movie, "This country needs an enema!" It is absolutely amazing that the masses do not rise up and take control of their lives. Virtually every system in America is designed to raise the very few privileged onto the backs of everyone else. I’ll give you an example. If you are a poor working stiff who has a credit card, and you pay your bill on time most of the time but, one month you are late. Boom, you get whacked for a $20 or more late fee. So, thinking you are a good customer you call said bank to ask for a waiver of the fee since it is the first time and they make a ton of interest off you at 18-25%. "We are very sorry but because it isn’t a bank error we cannot waive that fee." click! Why, because they know they have you over a barrel, after all what are you going to do pay off the $2k balance? I don’t think so. Continue reading This Country Needs An Enema
A few words about Sen. Evan Bayh (D-Ind.) announcing a couple of days ago the formation of a 15-person "working group" of moderate Senate Democrats that’ll focus on fiscal responsibility. This is just what we need, let’s take the barely functioning Democratic majority and YANK 15 people out of it to stir up trouble and prevent the changes we need from being made. This country NEEDS to work to repair the damage that has been done by the last 8 years of the Bush administration. I am sure I will have more to say about this later but, for now, I am just fed up!!!
A few thoughts about AIG. Personally, I am as upset as anyone about the $160 million that AIG paid in bonuses but, I am more concerned about finding out EXACTLY what they did with the rest of the $160 billion that they got. How many foreign firms were paid from that on policies they had, etc. There are two things about the bonus money that would be interesting. One of them is from Senator Arlen Specter (R-PA), he had suggested that a great idea would have been to directed the board of AIG to NOT make the payments, thus forcing the executives to sue AIG. Now, most likely AIG would loose and the contract would have been enforced but, it would have made them go on public record asking for the money, and they would have had to suffer a little indignity.
The other thing I have heard is that Congress could pass a law implementing a 100% income tax on the bonuses. This might be unconstitutional and certainly contains a lot of "moral hazard" but, it is an interesting idea.