My only concern from all of this hub-bub, is that now that government has totally exposed corporate corruption at it's best, they can, if they choose, deflate our capitalist system and inflate their role in banks/businesses. In other words, big, controlling, dominating government.
And exactly 'who' will be watching the government for their part in corruptness? The liberal media???????
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Protestors pay visit to AIG execs’ homes BY JOHN CHRISTOFFERSEN The Associated Press
FAIRFIELD, Conn. — A busload of activists representing working- and middle-class families paid visits Saturday to the lavish homes of American International Group executives to protest the tens of millions of dollars in bonuses awarded by the struggling insurance company after it received a massive federal bailout. About 40 protesters — outnumbered by reporters and photographers from as far away as Germany — sought to urge AIG executives who received a portion of the $165 million in bonuses to do more to help families. “We think $165 million could be used in a more appropriate way to keep people in their homes, create more jobs and health care,” said Emeline Bravo-Blackport, a gardener. She marveled at AIG executive James Haas’ colonial house, which has stunning views of a golf course and the Long Island Sound. The Fairfield house is “another part of the world” from her life in nearby Bridgeport, which flirted with bankruptcy in the 1990s and still struggles with foreclosures and unemployment. “Lord, I wonder what it’s like to live in a house that size,” she said. Another protester, Claire Jeffery, of Bloomfield, said she’s on the verge of foreclosure. She works as a housekeeper; her husband, a truck driver, can’t find work. “I love my home,” she said. “I really want people to help us.” News of the bonuses last week ignited a firestorm of controversy and even death threats against AIG employees. The company, which is based in New York, has received $182.5 billion in federal aid and now is about 80 percent governmentowned, while the national................http://www.dailygazette.net/De.....amp;EntityId=Ar01504
Kroft to Obama: Are you punch-drunk? By CRAIG GORDON | 3/22/09 7:40 PM EDT Text Size:
Barack Obama sits down with Steve Kroft in a '60 Minutes' interview. Photo: AP
President Barack Obama said he believes the global financial system remains at risk of implosion with the failure of Citigroup or AIG, touching off “an even more destructive recession and potentially depression.”
His remarks came in a “60 Minutes” interview in which he was pressed by an incredulous Steve Kroft for laughing and chuckling several times while discussing the perilous state of the world’s economy.
“You're sitting here. And you're— you are laughing. You are laughing about some of these problems. Are people going to look at this and say, ‘I mean, he's sitting there just making jokes about money—’ How do you deal with— I mean: explain. . .” Kroft asks at one point.
“Are you punch-drunk?” Kroft says.
“No, no. There's gotta be a little gallows humor to get you through the day,” Obama says, with a laugh.
The interview is Obama’s most detailed explanation yet of his view of the world economic crisis, and he makes clear that he’s afraid the nation hasn’t seen the worst of it – even invoking the possibility of a “depression” if a series of financial institutions collapse all at once.
He is quick to add that he’s “optimistic about that not happening. Because I think we did learn lessons from the Great Depression.”
But Obama also makes clear in the interview that he believes Wall Street’s high-risk, high-reward culture was a main cause of the economic meltdown. He takes aim at traders and executives in extremely personal terms – calling them ironically at one point “the best and the brightest” – and says that even today, those same executives don’t get just how much their recklessness contributed to a recession that he says deteriorated more quickly than he expected.
“I mean there were a whole bunch of folks who, on paper, if you looked at quarterly reports, were wildly successful, selling derivatives that turned out to be. . .completely worthless,” Obama says, with a chuckle.
“Gosh, I don't think it's me being anti-Wall Street just to point out that the best and the brightest— didn't do too well on that front, and that— you know, maybe the incentive structures that have been set up— have not produced the kinds of long term growth that— that I think everybody's looking for.”
He also said he doesn’t think Wall Street has gotten his message yet, and that he must do a better job conveying it to them:
“One of the things that I have to do is to communicate to Wall Street that, given the current crisis that we're in, they can't expect help from taxpayers but they enjoy all the benefits that they enjoyed before the crisis happened,” Obama said. “You get a sense that, in some institutions that has not sunk in. That you can't go back to the old way of doing business, certainly not on the taxpayers' dime.”
Yet he stops short of endorsing legislation moving through Congress to tax nearly all the bonuses of executives at AIG — and clearly signaled his desire for changes in the legislation.
He says it’s important not to “govern out of anger.” And asked if the measure was constitutional, the former law professor said: “Well, I think that— as a general proposition, you don't want to be passing laws that are just targeting a handful of individuals…And as a general proposition, I think you certainly don't want to use the tax code—is to punish people.”
President Barack Obama said he believes the global financial system remains at risk of implosion with the failure of Citigroup or AIG, touching off “an even more destructive recession and potentially depression.”
Is this a fear tactic approach or is this a reality? I'm concerned only because if this is not fear tactics, than obama should not be planning a universal health care system right now. Nor should he concern himself with the education system right now. I think there are more important things, obviously, that need attention. He should be focusing on lowering taxes and giving tax incentives to ALL businesses. He should also consider eliminated the capital gains tax for the time being. ALL stimulus money should be returned. (even Bush's). Let the businesses fail that were clearly failing any way and let new private investors take the helm. At least there would be a plan with light at the end of the tunnel. Obama just states that there is the potential for a depression. And then what? He has no plan if that should happen.
However, if this is just a fear tactic to extract even more taxpayer's money only to go into a failed economy, than we are clearly headed for a depression any way.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
I wonder if anyone else is as concerned as I am about what Congress is doing regarding the AIG bonus payouts. While I’m not saying that AIG is right in paying out these bonuses, doesn’t it concern anyone that, regardless of what contracts were previously drawn up, a private firm can be subject to a 100 percent tax on certain monies paid out by that firm? If I were to ever work for a company that Congress viewed as greedy, would this precedence allow it to tax any bonus I might receive at 50 percent, 75 percent, or even 100 percent? Does Congress have absolute taxation power over any private firm?
You're right Dave, when England was in control of the colonies they too thought they had the absolute right to tax and do anything they wanted too until we the people finally had enough of it and revolted. In my opinion this Congress is on the verge of seeing a tidal wave of anger from those who elect them come 2010 when some of them are up for re-election.
Your newspaper exposed the $165 million in AIG bonuses [March 17 Gazette], but the [AP] story neglected to mention that AIG contributed $442,926 to the Democrats during the 2008 election — including $103,100 to Sen. Chris Dodd and $101,332 to Barack Obama. These same Democrats then gave $170 billion back to AIG. Rep. Barney Frank (D-Mass.) now wants to obtain a list of the names of those in AIG who have kept the bonus money so he can arrange for a public execution of these individuals. I think otherwise. Let the IRS collect from Sen. Dodd the $280,238 that he has collected in campaign cash from AIG executives and political action committees over the past 20 years and the $101,332 that Barack Obama collected from AIG. This is dirty politics at its worst, and a sample of what is to come as the party of hope continues to destroy our American economy. CLAYTON LUCE Old Forge
They are ALL to blame....they wove the web they use......legislated laws to use, legislated systems to use, lobbied for laws to use, lobbied for systems to use.....all on account of faith in no wind coming to blow down their house of cards........
THEY ALL SLEEP TOGETHER, EAT TOGETHER AND PLAY TOGETHER.....then there is the rest of us........see the pyramid.....and they TOOK THE STRAW FOR THE BRICKS.......Obama is NOT Moses........
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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