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  • Morning Bell: Government, Inc.

    “If you don’t return it on your own, we will do it for you.” So warned Sen. Chuck Schumer (D-NY) referring to the $165 million in bonuses paid to employees of the 80% taxpayer owned insurance company AIG. And how did Schumer plan to force those employees to give their compensation back? With a specially targeted 91% tax. Rep. John Dingell (D-MI) later upped the bidding to 95% but Rep. Steve Israel (D-NY) refused to be out demagogued and proposed a full 100% tax. Speaker Nancy Pelosi (D-CA) then demanded that the House Ways and Means Committee draw up legislation by the end of this week.

    But these suggestions pale in comparison to what Sen. Charles Grassley (R-IA) wanted to see happen: “But I would suggest the first thing that would make me feel a little bit better toward them if they’d follow the Japanese example and come before the American people and take that deep bow and say, I’m sorry, and then either do one of two things: resign or go commit suicide.” Ritual suicide seems a little harsh considering the $165 million in question makes up just .09% of the $173 billion the taxpayers have spent bailing out AIG.

    But this is what happens when the federal government chooses to not just set the rules for free market competition, but to become a full fledged market participant. And under the Obama Administration, direct government participation in the market is expanding fast. Setting AIG and Wall Street aside for a moment, the Obama Administration has also seen fit to take over the auto industry, double down on Fannie Mae and Freddie Mac’s participation in the housing industry, and fast-track government control of health care.

    Returning to the banking crisis, the White House’s willingness to abrogate contracts outside of lawful bankruptcy proceedings is guaranteed to undermine their plans for stabilizing the banking sector. The Washington Post reports: “The attack by lawmakers on AIG pay has provoked renewed complaints from some financial company executives that federal involvement in business decisions is making it difficult for struggling firms to return to profitability. … A senior executive at one of the nation’s largest banks said he had heard from several hedge funds that they would not partner with the government for fear that lawmakers would impose retroactive conditions on their participation, such as limits on compensation or disclosure requirements.”

    This past Sunday, National Economic Council director Lawrence Summers told ABC News: “We are a country of law. There are contracts. The government cannot just abrogate contracts.” This is exactly why government participation in the market, and all the political considerations it necessarily entails, undermines the rule of law which is the foundation of our success as a free market nation. As one executive at a private-equity firm told the Washington Post:

    Why do you think Hong Kong is a better place to do business than Shanghai? Because of the certainty of the contracts. Once the uncertainty factor goes up, the less interested you are in doing business because it becomes a more risky proposition.

    Quick Hits:

    Posted in Ongoing Priorities [slideshow_deploy]

    51 Responses to Morning Bell: Government, Inc.

    1. Joet, Blue Bell, Pa says:

      There should be contracts. These should be honest contracts. If you make money you get a bonus. You don't get a bonus for doing a bad job. If you did not want the goverment involved, why did you involve them? The reason these companies did not want to go bankrupt was so they could honor the bonuses. No little boy you lost the game and mommy is not going to buy you a trophy you do not deserve. I also like the threat that these institutions would lose good employees, how good can they be,they failed. If you feel as though your are not being treated faily, quit I heard Wal Mart is looking for clerks.

    2. J.C. Hughes, Texas says:

      I have a suggestion. Let the demagogues take the hit since they were responsible for this mess to begin with. Congress needs to be accountable for their own poor stewardship of taxpayer dollars. Oh! And repeal the extortionist's 16th Amendment.

    3. Darla, Texas says:

      I do not see how Congress can get so angry at AIG for taking a bonus when they cheat the taxpayer coming and going. In these tough times why do we have to pay exprsidents a salary for the rest of their lives all of them have more than they will ever use. Congress people and senators also have a lot of money and they plan that we pay them the rest of their lives. I don't think my job will pay me after i leave the only thing that I have is my 401k which they have screwed up.

    4. Mark Y Durango,Co says:

      Don't be a sucker. The obama administration is acting like it just heard the news. No way. In his own ammendment to the Socialist Stimulus Bill Chris Dodd excluded the number and the amounnt of these bonuses. It is the law now. Everyone Voted for it and the President signed it. If they did not read the bill (which they did not) they're all idiot, which they are. They are not acting like an American Government. More like a South American or African Dictorial Regime. They made the decision to bail out they campaign contributors, now they want to change the rules in the middle of the game. It is a joke. Elliot Spitzer stuck his liberal nose into a great profitable company like AIG and threatend them to replace the (REPUBLICAN) who built the company with his loser buddy or else. Well they did and AIG went Downhill from there. That is what happens when big government gets it's greedy hands in buisness. Then big government chose to use our money to rescue the losers. Not they're money ours, not our friend they're friend, not ocnce but multible times. It has got to stop. Don't believe the dog and pony show Obama is puting on TV. Look into it for youselves. You will find a money trail and a trail that leads straight to Obama, Chris Dodd, Frank Raigns, Barney Franks and his boyfriend and a bunch more left wing loonies that created this whole mess in the first place. If you voted for Obama then blame yourself also.

    5. ozzy6900 says:

      The whole AIG mess is bad enough. Now, the Hill wants to write new laws that could force the money back by way of special tax! Where does the Hill get this right from? How can you just write tax laws that attack a specific group no, SPECIFIC INDIVIDUALS? This Administration is trying to become a dictatorship, there is no doubt in my mind anymore! This HAS to be stopped!

    6. Nelia, Fountain Hill says:

      If leading Democrats in congress have their way, employing "budget reconciliation" without participation by congressional Republicans to enact the INIATIVE ON HEALTH CARE AND ENERGY, not only will the Republicans be screaming, but the populace as well. This issue is too drastic and important to be blazed through without considerable dialogue and input. If we still have a vote 2 years hence, there may be a major house-cleaning in congress.

    7. Richard Cancemi,Arli says:

      "Bonus" from the Latin: "bonum", suggests reward for "good" work. I would think that" poor" performance would abrogate that part of the contract, but then that would make sense!

      In today's world nothing makes sense anymore.

      We are a "free" country, yet we have a despotic, government that redefines and usurps our freedoms.

      When will people wake up and and say:"enough"?

    8. Ken Jarvis - Las Veg says:

      "The Obama administration is pressing lawmakers to use a shortcut to drive the president’s signature initiatives on health care and energy through Congress without Republican votes."

      I wish someone would tell me,

      ONE thing the GOP

      has done to help

      Obama FIX this mess

      that Bush got us in.

      Just ONE thing.

      They won't

      and

      they can't.

      LVKen7@Gmail.com

    9. Richard Cancemi, Arl says:

      We need to split into two Countries, half for the Liberal/Socialists and half for the Conservatives.

      We can then see which half does better!

    10. Dennis A. Social Cir says:

      Socialist government at work. Obama is showing his true colors as well as the dems. America needs to wake up and let those sent to Washington know they will not stand for this type of government.

      Our hard earned money needs to be used in a sensible manner not just thrown away as the politicatins see fit. The pot is almost empty now, only a certain number will be working and tring to pay the bill. Enough is enough.

      I wonder how many died for this country ever thought the president would even think as this one is, must less try to push such an agenda down peoples throat. Did they die for nothing, or will we as citizens stand by and watch this country go down the tubes, become a socialist or worse a communist nation???

    11. JLatham, AZ says:

      The way I see it, I won't do business with any of the businesses that the Gov's in involved in. I am only one person, but I am sure there are several more that have that same feeling.

      AIG did what their contracts with their people obligated them to do. These people earned their bonuses. I don't understand how any thinking person can't see what the Gov is doing to this country. I'm angry, frustrated and saddened by their actions.

    12. Anna, Mobile, AL says:

      What is not being told is that in the trillion dollar bailout, Chris Dodd added a safety net for the AIG bonuses. The democrats and the president signed it. Those who received the bonuses are more or less held harmless.

    13. Janet, NJ says:

      How about if we have ALL of the Senators and Members of the House return ALL of the campaign contributions they received not just from AIG but from ALL the companies that have received TARP funds. It was their "performance" that created this crisis.–Then they should consider Senator Grassley's suggestion.

    14. Phil, NC says:

      It's unfortunate that the persons best to read these comments are the Democrats (not to leave out the rest of the populus) of the United States. The issues facing our nation are not Democrat or Rebublican. The issues facing this nation are social war. The Socialists and Communists are using our own political system to destroy the free capitalist society this nation was founded on. The enemy has infiltrated both poitical parties and is now moving in such a way that it is becoming more apparent their motives. Wake-up America! Your freedoms and future are being threatened.

    15. Bob in St. Louis, Mi says:

      Well people….our 401k's are next! I'll bet they'll (congress) move to nationalize all 401k plans, put all that money in a pot and dole out to you whatever they deem necessary you'll need in retirement!! Way to go democrats, you sure voted for change and we're really going to get it! So bend over everybody, it's coming soon to a company 401k plan near you!! I'm mad as hell and I'm not gong to take it anymore…I'm cashing out of this socialist/marxist/commie game!

    16. Paul Schwab says:

      Think about this: The folks in Washington designed this package some time ago. Now they are concerned about a few million dollars given as bonuses to some executives with AIG.

      The law reads that they get the bonus and Congress cannot legally take it back. Period.

      However, what about all the BILLIONS that are going to PORK and to waistless spending? What is going on? They still blame President Bush for this mess. They better look back a few years and see how Pres. Bush, John McCain and a few other Republicans called the shots about Fannie and Freddie. They said we should take a good look, check them out. We are going to be in deep trouble if we do not stop the free loans to those who do not qualify.

      Frank, Dodd, Pelosi, Reid, Shumer, Durbin and rest of that bunch all defended Fannie and Freddie claiming that they were not in trouble.

      Who was right folks? Let's put a stop to this carrying on in Washington.

      We need TERM LIMITS. Get them all out and start over again. Supreme Court, Congress, all of them. I, for one, am fed up with the bunch. We need CHANGE, ALRIGHT, AND NOT THE KIND WE ARE CURRENTLY GETTING. GOD BLESS US ALL WHEN THESE CLOWNS GET THEIR WISHES.

    17. mike baker Dallas Ce says:

      This 'bonus' issue is a red herring. Congress and Obama want to keep us from focusing on their own monumental incompetence. Blame anybody, loudly, and keep setting up straw men. These people love their jobs too much. Why do so many let Congress get away with the innocent bystander act?

    18. Frank W. New Mexi says:

      What amazes me is that Turbo Tax Tim knew the bonus's were in there and Chris Dodd put a special law through to protect all the bonus's that were contracted Before Feb. 11th. We are just lucky our President promised us that they would go through any bailouts line by line and make sure things like this didn't happen. What the heck is going on back there in Washington. Do any of those people do what they say they are going to do? I'm still waiting for one of these bills to show up on the white House website so we the people can discuss it for a week and have time to write our congressmen about anything we want to discuss in the bill. Wasn't this a promise made by candidate Obama. Oh I forgot that was back when Dodd and Obama were getting over $130,000 and over $100,000 for thier campaign funds from AIG.

    19. Keith, California says:

      Where are of the Congressional Hearings about all of these problems? Republicans aren't blameless, but could it be that the Dems are more responsible for the housing debacle–which is the root of these problems?

    20. jerry louisiana says:

      When are we the American people going to say enough is enough. This administration is going to kill America and the free enterprise system we enjoyed. It is apparent that they have no concern for the people of America. The country is becoming divided at this moment and the democrats will be responsible for the dangers that will come.

    21. D Ostrom, VA says:

      First off, if you take government money, you open yourself to politics. It's buyer (or in this borrower) beware. However…

      What would we be hearing if these AIG folks were union or government employees?

      All this high and mighty talk from Congress about pay vs. performance and they are about to eliminate 'pay for performance' programs for government employees.

      It's all a game to those folks on the hill.

    22. David Sayers, NC says:

      Again, the democratic politburo is ignoring one thing,The Constitution. If they can get away with inacting to laws just for AIG they can do the same to all citizens. The contracts at AIG are absolutely legal but facts can be annoying, especially to a lib. So the soulution for them is to throw the Constitution under the bus. This is the biggest den of theives to come the pike in a long time. They have to go. We must hold them accountable and demand TERM LIMITS,TERM LIMITS,TERM LIMITS. They work for us, we don't work for them.

    23. Ken in Texas says:

      Democratic Party…. A Pat on the Back in front of cameras, a knife in the back when no ones looking! What They really want to do to our Son and Daughters who serve and have served in The Military!

      What the American People Need to know about this two-faced administration!

      I am a retired military veteran. Today I received a letter I thought would never be delivered to my door. I volunteered and severed my country for twenty four years. I enlisted in 1963 shortly after President Kennedy was murdered. I thought America might need men, as the killer of The President nor the reasons behind his assignation were very clear. Although our country was enjoying peace when I swore to defend this country. Going to war was never a concern for me. My mind was made up that if war would come during my career I would do my duty. I was a twenty year man from the start following in my hero’s footsteps. My Dad “BMC William David Wells U.S. Navy Ret.” Veteran of WWII, Korea, and wanted to take my place during Vietnam.

      It was a given on both sides. The enlistee and the government. You spent twenty years or more, survive, retire and receive benefits as payment for longevity of service. I should have known what would coming down the political road after Jimmy Carter and his boys did away with this free concept and said we would contribute for our own and our families medical care. Yep the Vietnam war was over, The Defense budget had to be cut. Retiree benefits needed to be changed. However the real double cross is having those on active duty share in the cost of using military doctors. For their families. The excuse “everyone pays for insurance” why should the military be any different. Everyone who works does not take the chance of being killed and or spend months away from families.

      The divorce and suicide rate are far greater in the military than in civilian employment. Finding employment after one leaves the military is 10% harder.

      Those in the military now fighting for our great country, and those of us that lived up to our part of the bargain need American to understand what’s about to happen if President Obama, the far left democrats’ and those that do not care about the military gets their way. Wounded in battle and service connected disability of returning veterans will now have to use private insurance to cover the cost of continued medical treatment. Volunteer men and women willing to join the military will be hard to come by.

      We Americans can not allow this to happen in this country

      Thank You and God bless

      Kenneth in Texas US Navy Retired

    24. Bob S., Washington S says:

      Well, we are in the banking business, auto manufacturing business and insurance business to mention a few…..Didn't Russia try this years back and end up with a total decay? It appears clear that our representatives are not on the same page with free enterprise.

    25. michael hutchings says:

      LOCATION.THE SHIP OF STATE HAS PULLED FROM THE DOCK AND BROKEN LOOSE FROM ITS MOORINGS, PILOTED BY CAPTAIN OBAMA,HE TURNS TO THE OPEN SEA WITH THE FLAMES FROM HIS LATEST ASSAULT ON LIBERTY CATCHING FIRE AND BLAZING THROUGH CENTURIES OF TRADITION UNDER THE RED FLAG OF JUSTICE;

      CAPTAIN OBAMA;THERE IS NOTHING LIKE THE SEA TO CLEAR MY MIND AND GIVE ME A CHANCE TO USE THE PLANK, HAVE YOU GOT A I G EXECUTIVES READY;

      AXELROD;there is a problem sir the execs are quiting;

      CAPTAIN OBAMA;WE CAN STILL USE THEM TO ROUSE THE RABBLE AND COVER OUR TRACKS;

      AXELROD;that is all to the good but who is going to run our new company;

      CAPTAIN OBAMA; I CAN FIND THUGS ON THE SOUTH SIDE TO FILL THOSE SLOTS THAT UNDERSTAND HOW TO MAKE MONEY DISAPPEAR FASTER THAN THEY EVER DID;

      AXELROD;what if they go to other companies and take their clients with them;

      CAPTAIN OBAMA;PLUG ANOTHER THUG IN AT TREASURY;

      AXELROD;we are having trouble with recruiting at treasury sir;

      CAPTAIN OBAMA;CALL UP ACORN AND HAVE THEM SEND OVER SOME OF MY MILITIA;

      AXELROD;we will have to drop background checks;

      CAPTAIN OBAMA;WE ARE IN THE BUISNESS OF GOVERMENT AND CANT BE CONCERNED WITH OUR SOLDIERS ACTUALLY KNOWING THINGS OR PROVIDING A SERVCE;

      AXELROD;i am in awe of you my king;

      CAPTAIN OBAMA;YES YOU ARE axelrod AND WELL YOU SHOULD BE,WE ARE A GOVERMENT IN THE BUISNESS OF GOVERMENT AND DONT WORRY ABOUT PROFITS, WE CAN PRINT MONEY, WE DONT HAVE TO MAKE IT;

      AXELROD;printing money could be classified as a green job and is not printing money making it;

      CAPTAIN OBAMA;THAT IS THE ESSENCE OF THE GREEN JOBS WE WILL CREATE,THEY WILL COST MORE THAN THEY PRODUCE AND WE WILL SUBSIDIZE THEM ON THE BACKS OF WHAT EVER PEASANTS CHOOSE TO TOIL;

      AXELROD; the ships look out says there is an edge in the sea ahead of us and if we continue on this course we will go over it;

      CAPTAIN OBAMA;THIS IS THE SHIP OF STATE AND THE MAIN BUISNESS OFFICE FOR THE GOVERMENT I DONT THINK THERE IS AN EDGE OF THE WORLD TO GO OVER AND I AM IN CHARGE AND POLLS SAY THERE IS NO EDGE I CAN GO OVER;;

      AXELROD;i am in awe of your endless faith;

      CAPTAIN OBAMA;THERE IS NO END TO ME, I KNOW EVERY NASTY CORNER OF THE HUMAN HEART AND CAN STRUM A TUNE ON THE FRAYED STRINGS OF GOOD INTENTIONS THAT WILL APPEAL TO THE WORST IN ALL OF US UNTIL THERE ARE NONE LEFT TO TROUBLE ME ON MY COURSE;

      AXELROD;let me kiss your ring my lord;

    26. John, Kaleva, MI says:

      Since we do not have the votes for impeachment of Pelosi/Reid/Frank/Dodd/Schumer etc., may the American Patriots sue them for gross malfiesance and defalcation of public funds and remove them from office? If so, the American patriots can elect those indidivuals that will support and define our Constitution as it should be and effectively neuter Obama' socialist programs.

    27. Don-Lacrosse, Wi says:

      Every day when I read of what this Administration, and Congress believes, and in what direction they want to guide this nation,, I shudder with disbelief and fear. What is wrong with these people? Can they actually be this stupid, or are they intentionally driving this nation into the ground? I don't condone violence, but its time that people who believe in this country, and the Constitution, start raising Hell with this government. We are a government of the people, not a people of the government.

    28. J.C. Hughes, Texas says:

      To Ken in Las Vegas, my disappointment with the last administration was their caving into the socialist agenda of the Demagogic Party congressional leadership.

      To Ken in Texas, Aye mate!

      J.C. Hughes in Texas, US Navy Retired

    29. Bob, Cibolo, Texas says:

      I have a term to describe these idiots in Congress…it is "Stupevils" Stupid/evil

      Terminal Stupids.. please excuse my language.. the comments posted before says it all for me Want to do something

      positive ? Join the New America Tea Party

      Go online, send your tea bags. Join the

      Fair Tax , push to repeal the evil, unethical 16th. What is required is nothing less than a new revolution…a

      peaceful over-turning of those who consider themselves to be our rulers

    30. Ron, Derry NH says:

      We have had almost 40 years of democrats ruling congress and several short but poignant years where republicans did their share of good and bad. The good is they prevented Bill Clinton's budgets and balance the nations budget. The bad is Phil Gramm and a few others along with Clinton set the fiasco of financial gambling in the housing market in pay with the erasure of Glass/steagal, that set much of what we are experiencing in play; Sorry not GB.

      One single person balanced by many have kept America barely safe from government take over and fascist like dictatorial congressional rule. Common sense has never ruled congress, opposition and adversarial interests has.

      With all parts of government under one parties domination we are seeing that even Americans are not immune to fascism and over reaching government intervention in areas of business where they are clueless. This power grab is bad for America.

    31. sliver43, WI says:

      Hey aren't military personel government employees, given that we should get the same benefits as the Pres, senators etc. Didn'the soldiers serve and die for this country and their government. We need a very large REVOLUTION, this is gone on too long and Ken in vegas how is the KOOL-AID?

    32. Rick Koerber, Utah says:

      It was actually Phil from NC whose comments about our "free capitalist" society being destroyed that caught my attention.

      This is an eye opening time for many in our republic. We have started to do something about the attacks on our "free capitalist" society. If you're interested in helping us, in joining with a group who is willing to ACT take a minute and visit our site at http://www.freecapitalist.com

      I see today as a day of tremendous opportunity, because it is no longer possible to deny the battle taking place in our time.

    33. Pingback: Cutting Off Your Nose … « Justbkuz

    34. Ron, Derry NH says:

      I have to add that congress made the laws that set the economy into reckless abandon for their own needs and is now attacking the players it allowed to play by rules it invented. Could there be any better example of why governments are unfit in character to rule and why our fore fathers tried to limit their powers under a system based on three separate branches?

      The separations are now blurred under one party rule and the constitution is now at the mercy of demagoguery afoul.

      Barney wants a lynching, Schummer too but no one is allowing a court to decide. This is power for powers sake; otherwise throw it over to bankruptcy court and protect America from the fiasco of further politicking and falsifying blame.

      I have never even seen the religious right take such an abuse of power to heart so fervently and with such disingenuous hypocrisy as the left is doing here. The liberals are setting new standards in treachery and falsehood that will be the bench mark for dictators everywhere.

    35. Amber, Kansas City says:

      I am laughing and crying at the sheer hypocracy–aren't these the same people who not too long ago "voted" themselves into a pay raise? How is it wrong for AIG folks to get what is contractually owed them when CONGRESS is taking more than they are worth at the worst possible time? I think we need a revolution — and that people need to start talking with their votes, letters and voices a whole lot more. If we quit putting idiots in power maybe we'll quit seeing idiotic laws and budgets… just an idea.

    36. TREVOR MERCHANT BRON says:

      JUST THINK OF SENATOR CHARLES SCHUMER OF THE STATE OF NEW YORK WHEREIN ANYONE WILL FIND THE INCESSTEOUS RELATIONSHIP THAT HE AS ONE HAS HAD AND CONTINUE TO . I WILL BROADEN THIS ARGUEMENT IN A FOLLOW UP DOCTRINE . THANK YOU TREVOR MERCHANT BRONX NEW YORK CITY WEDNESDAY MARCH 18.2009

    37. Mike Sheahen, Hickor says:

      Ah, another example of "Liberal"/"Progressive" Leftist government elitists pushing for a key feature of the Leftist Marxist Communist/Socialist government elitist agenda, which is, in this case, more government take-over of employers (a.k.a. "businesses"), and thus also employees, and thus also our market, economy, and lives.

      Indeed here again the Socialist Left is demonstrating how their Leftist government elitist agenda calls for and involves their subversion and violation of our founding principles and documents for individual freedoms and free markets, etc, including our Constitutional prohibitions against such government encroachment and control, which include (but are not limited to) our 1st 10 Amendments known as our "Bill of Rights" in our Constitution.

      In fact, here again the Leftist government elitists are demonstrating how it is as a certain candidate for (U.S.) President has already said: "The American people will never knowingly accept Socialism, but under such as the name 'Liberalism' they will gradually accept elements of our program until one day America is a Socialist nation without knowing how it happened".

      Or in other words: "How do you boil a frog? 1-degree-at-a-time!"

    38. Dwana Townsend says:

      I am a banker. I don't know if most of you know this, but the first roll out of "Bail Out Money" was to help struggling banks and financial institutions. There was a second roll out of the TARP funds that went to banks that the government considered to be strong. These banks here HIGHLY encouraged to participate for several reasons. # 1 to be enable that stronger bank to pick up a smaller bank that may go under thus helping those depositors and reopening that institution as soon as possible.

      #2 To help the stronger banks maintain their capital positions so that they could continue to lend money.

      Then there was a 3rd disbursement of the TARP funds which was more money after bad money. This gave the TARP program a very bad rep.

      Now John Kerry has put a bill into act that will place hard restrictions on the banks that are doing the right things, for example: many banks sponsor community based organizationsevents (that bring in revenue to the communities they serve as well as their client base), charitable events, incentive plans for jobs well done, and merit increases for employees who are performing at the above expected level.

      John Kerry's bill is going to force banks to do is stop investing in the communities they serve, make it impossible for even the lowest paid employee to get a merit increase, many non profits will suffer due to the lack of sponsorships.

      I think this should have been thought out when the first 700billion bail out bill was signed. Just as they did with the auto industry, each financial institution that seemed to be in trouble, should have presented a plan to congress before they were able to recieve any funds. As for as the banks that were encouraged to participate, I feel we should still have transparancy but not penalized because of the mismanagement of the other institutions that they (congress) let run wild.

      So now government will be able to control the actions of most banks. Does anyone else see the control of government getting out of hand just a little!!!!! And this is just a dot on the pinpoint on the tip of the iceburg.

      I think we should consider uniting and forming a new party the "Peoples Party". Every American needs to become active. Check out what they want to do with the amnisty bill, thats enough to get anyone disgusted!!

    39. Tony Hollick, Bristo says:

      Concerning AIG:

      AIG shares should be reallocated to all American citizens, so that those paying for the rescue (and their children will be paying for it, too) own AIG. American shareholders can then select a new Board of Directors, and strip the existing Board Members of every last penny they own in RICO Class Actiuon Lawsuits.

      NO 'confiscation.'

      NO State owned financial outfits.

      Just the REAL Free Market in action!

      (Think of it as 'Evolution in Action) – smiles

      Tony Hollick

      Warfighter

      ———— * * * * * ————

    40. Tim/Ohio says:

      Contract: "an agreement between 2 or more people to do something. One formally set forth in writing and enforceable by law." Unless you are the government. I guess we can throw out the dictionary. Laws are made to be sidestepped when politically expediant. We have a government "of the government, by the government, and for the government. Wake up America.

    41. Ireland says:

      Well, I've spent 8 years working for two Fortune 500 companies, as well as a local government agency writing Contrast. I worked closely with the legal departments. I've worked on thousands of contracts negotiated terms, benefits and legal aspects that a client or agent wanted reworked. We changed the language and legal dialogue inside the document. Some things were accepted but many were rejected by the legal team. Yet, every single contract contained an out clause. I've never read or saw a Contract that didn't have one.

      Every single contract had an out clause that should they not meet they’re contractual obligations, we wouldn't have to pay them and the contract would be null and void. So, I'm having a hard time believing that AIG Executive Bonuses and their contracts with AIG didn't contain that same type of out clause. I would assume that bankrupting the company would be look upon as a bad thing.

      These traitors who are suppose to represent us in Congress, have severed their contracts with the people of this Country. They have not met their terms and contractual obligations to those who elected them into power. We need to stick together, start delivering some answers and stop the finger pointing and playing political games; it’s all garbage, nonsense with no other objected to distract the public from learning that these new Bills are not working and won’t start to ever work. The law three spending Bills were never meant to work. That’s the illusion that the media, Congress and the President want to convey. They are not helping, only hurting our economy. I realize that the truth is a foreign concept, and most wouldn't know how to do the right thing. They are no longer people, but are bunches of ineffectual government elitist who are drunk on power. They are taking us toward a brick wall at a 100 mph with a gallon of gin in their system, and have a blind fold over their eyes.

      If we don't start demanding some answers and soon. There might not be anything to save. They’ll sell our Country to China and walk away with the prize money. I believe we have a right to remove them from their pedestal that they put themselves on, we are special and you are nothing. Being elected to a government seat isn't a right; it's a privilege and should be honored as such.

      These people seemed to view their positions as an entitlement, and it's not. I know they don't respect us at all, so then why should we.

    42. John Rosina, Bordent says:

      It would have required a tad more forethought on the part of Congress to place limits on how a company can use their money. Since they did not do that up front – they are left with no currently defined legal recourse. They'd have to add another bill like the one time tax of 90%. I agree with you this is bad for economic stability.

      But I'd add their actions and incompetence are equally as bad for us all.

      What I find most troubling with HF and the conservatives take that AIG's existing contract should be honored, is that they would and have screamed bloody murder if the UAW didn't take some concessions. Odd how a mere working man's compensation is not quite as hallowed as the incompetent Wall Street elite.

      Point in fact: A recent photo was posted by Heritage of a stack of 8 x 11" some 2 to 3 feet high. You cleverly implied this represented the UAW / Ford contract agreement. I challenge this representation as quite misleading.

      As a 33 year employe and 20 year UAW Rep at GM, I have been a part of negotiations. I assure you Fords contract does not resemble that stack of paper in the final product. You might have the negotiating drafts – which are usually double spaced with one specific item per page. But the final book reduces down to a 4" x 7", in GM's case, 711 pages (September 18, 2003 edition.) That is a far cry from the picture you would have your readership believe. And the vast majority of the language remains unchanged at all.

      Where is the incredulity when working men have to rewrite their contract in mid term! And before you anti union folks get you hackles up, the average factory production worker works harder than most other job types I have experienced. Carpal tunnel, neck and back injuries are in the majority by the time they retire. 8 hours a day, a 9 minute break in the AM and PM and 20 minute lunch. And the rest of the day you cannot seperate from your work station.

      I await your rage.

      Tell me I'm wrong! In Public

    43. Ariel, FL-NY says:

      Agreed … not the place for government. But, let's be fair and spread the blame. This began with the previous administration, lest we forget the original, bare, bailout suggested by Henry Paulson.

      Both parties are responsible. At best …. In an effort to save, they are doing some serious damage. At worst … they are egomaniacal, reckless, pandering, talking heads that will bring about the end of a great country birthed from the dreams of courageous men who provably wince in their graves at what those entrusted with their dream perpetrate against "we the people."

    44. Spiritof76, New Hamp says:

      I think Mr. Grassley of Iowa must apply the Japanese Hari Kari principles that he espouses for AIG executives to the US Congress. We wouldn't have to worry about paying any of those Congressmen or Senators any pension or term limits!

    45. John Rosina, Bordent says:

      Dear Heritage,

      I've become a fan of HF and am learning much!

      I'd like to think you play a square game and don't try to mislead your readers.

      I should have framed my last question on the (quote) Ford Contract (unquote) Photo differently.

      Tell me you were correct? Was that a photo of the Ford Contract ? Or was it the draft? GIGANTIC DIFFERENCE. I await your response.

      Of course – you can just not post this one and spare yourself any trouble???

    46. Conn Carroll Conn Carroll says:

      Dear John-

      We're told it is a print out of the final copy (although obviously not reduced to book form).

      Even if it were the draft, how is that a GIGANTIC DIFFERENCE? By your own admission the final contract is 711 pages. That is 711 pages of innovation killing rules and regulations that have led to Detroit's demise.

      I can't believe you're defending it.

    47. Amber, Kansas City says:

      I think we're getting off topic–and elitist is a new catch phrase? — and that's going to kill our cause. Our cause is to stop the impending threat of an oligarchy of socialists. It's not infighting and squabbles. Seriously look at what's being done — a select group (Obama-ites) are taking over America and moving our country into an oligarchy of socialism and we're getting lost in the tiny details. Detroit's getting railroaded by the very people who claim to want to help; these are not, however, different people or groups than are trying to kill America. Focus people. Get intense in that focus and be willing to work for THAT one purpose and we'll succeed. Oh, and please try to understandable. While making impassioned arguements is commendable, some of you are being lost in the typos and unintelligible grammar.

    48. John Rosina, Bordent says:

      Conn Caroll,

      Thank you for responding.

      I would keep a closer watch on whoever "told" you this was a "print of the final copy". It could technically be true, but it is massively misleading.

      I will be happy to respond in this format, or in an email to you personally, if you desire. If you have an open mind I'll be quite happy to point out some very unfair misconceptions the general public has regarding our auto industry and the UAW.

      There is indeed a GIGANTIC DIFFERENCE. Those draft pages usually hold 1 item (Paragraph or subset) each and highlight any changes in the language for the new contract. This is, in many cases two or three double spaced sentences. This is done even if no changes are made, as each Contract Issue, Item and Paragraph must be signed off on by the appropriate Corporate and UAW Representatives. Get a real copy of a 700 page 4"x7" book and you will find it contains many paragraph breaks and subsets so as to require many more pages than normal contiguous writing.

      I would like to keep on good footing with HF, but I would love to enlighten you as to the tremendous artificial barriers that have been thrown down by our Federal and State governments, not to mention the ridiculous currency manipulations that add a several hundred dollar cost disparity with the foreign transplants.

      Lastly – and I'll await your reply: Toyota workers in the US are making about the same per hour as we are. Unfortunately, our 100 year old car makers are saddled with Legacy costs that get wrongly incorporated into our "Labor Rate".

      Thereby – Streeters and globalists love to offer that our cost is some $70.00 to 85.00 per hour, depending on who you wish to agree with.

      I make $29.00 an hour, having contractually deferred many pieces of our pay raises for my eventual pension. Toyota in Louisiana, who were richly subsidized by their Governor, make $30.00 per hour with very little legacy costs. Truth. This will change over time – but I fear not before we have totally destroyed our last American, value added, real wealth generating, manufacturing entity.

      All is not what it seems on the surface. And I don't see any great corporate citizens at AIG opening up their contract to lose their $165 mil in bonuses. Nor is their CEO making a dollar a year like GM's Chairman. GIGANTIC DIFFERENCES INDEED.

      I await your response – feel free to use my personal email, if you feel the need. Also feel free to have the person that told you "this was a printout of the final contract" contact me as well.

      Your in good citizenship, John R.

    49. H L PUCKETT VA. says:

      ANYONE OUT THERE READY FOR A REVOLUTION? MAYBE THAT IS THE WAY TO STOP ALL IF THIS MADNESS, ABOLISH BOTH PARTIES START ALL OVER WITH OUR OWN CONSTITUTION. THINK ABOUT IT!!!!

    50. ROBERT MCCULLOUGH says:

      WE ARE ALL IN THIS WORLD TOGHTER . WE NEED TO HOLD PEOPLE RESPONSABLE THIR ACTIONS. GREEDY PEOPLE DON'T NEED TO GET MORE WELTH AT SOMEONES'S

      ELSE'S EXPENCE.

    51. Pingback: BizzyBlog

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