Sunday, March 22, 2009

BAILOUT ANGER BEING SPEWED BY, AND AT, OBAMA

Well, my live continuing Wall Street crisis coverage continues here at the CAIRNS BLOG. Our topic for this week is the outrage over the outrageous AIG bonuses that these corporate executives have given themselves from the hundreds of millions of dollars worth of bailout money they got.

And the Democrats who allowed this to happen in Congress are beside themselves! This week, they pushed through a new law where they are taxing 90 percent of the bonuses these bailed-out company executives paid themselves.

Ordinary folks, however, at looking at the Democrats in disbelief for allowing this to happen in the first place. If the government can't get a bailout right and can't track where $165 million of money goes, that doesn't exactly do wonders for people's confidence in their ability to set things right with the economy.

There also are folks criticizing the Democrats for micromanaging the affairs of these corporations. "Why should the government be dictating to companies how they compensate their executives?" they are asking. Companies are also complaining that this kind of thing is going to prevent them from attracting executives who might otherwise be repelled by the prospect of working for these companies. Let's face it, working for AIG really does sound like a barrel of laughs.

All in all, this has turned out to be a big gong show. The bloom is definitely coming off the Barack Obama rose in a hurry. He looks more and more like Jimmy Carter every day.

To make matters worse, the full-of-themselves advisers of President Obama are putting him on TV again to give yet another useless rant about the economy in prime time, pre-empting our favorite television programs.

Well, the good news is that I will be away covering City Hall on Tuesday night, so it's nice to know I won't be missing a darned thing on TV. So thank you very much, President Obama.

Television viewers, though, are outraged. American Idol is on that night, and Idol fans are mad that their favorite show will be pushed aside for yet more of the same old propoganda from the Obama administration.

Well, these Democrats had better not use their TV time to skewer the Republicans for the AIG bonus mess, because this latest screwup is entirely their doing.

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