It's Only the Constitution by Dr. T
The Administration and the Congress got caught in a pack of lies over the AIG bonuses debacle. With most American taxpayers in an uproar (as they should be) our elected officials are scrambling to make amends. No matter that THEY are the culprits, as they designed the bailout bill which included a provision to allow the bonuses in the first place.
So..their remedy is to tax the recipients at 90% to recoup the money. While many people may have a knee jerk reaction and believe this to be a good idea,the fact is, it is not. This action is blatantly unconstitutional. What Congress is attempting to do is to retroactively install a tax on money previously received. And of course, as is this Congress's overreaching nature, they are attempting to extend this tax beyond AIG. While we have every right to be upset that folks who were irresponsible in their business decisions at AIG are getting huge bonuses for failure, we need to remember that these contracts were in place a long time ago and Tim (the tax cheat) Geithner was the architect of the AIG bailout. The time to eliminate bonus compensation was when he constructed the terms of the bailout. The fact is Geithner and Dodd knew the bonus provision was there, they simply didn't bank on the American people ever finding out. So in typical political fashion, rather than own up, they are shifting the blame to the AIG employees. Not only is this unconstitutional, but remember, if they can take money from these folks, they can take it from us. So don't cheer them...fear them.
In addition there is a more disturbing element to this bailout that has come to light. Did you know that our taxpayer dollars are being sent overseas to bailout foreign banks? Yes indeed, billions of the AIG bailout dollars are being spent on foreign banks. As more and more information trickles out about the tarp money and the stimulus package(that no one bothered to read), the more the American people will realize that they've been duped. The tea parties are forming and not a minute too soon.
So..their remedy is to tax the recipients at 90% to recoup the money. While many people may have a knee jerk reaction and believe this to be a good idea,the fact is, it is not. This action is blatantly unconstitutional. What Congress is attempting to do is to retroactively install a tax on money previously received. And of course, as is this Congress's overreaching nature, they are attempting to extend this tax beyond AIG. While we have every right to be upset that folks who were irresponsible in their business decisions at AIG are getting huge bonuses for failure, we need to remember that these contracts were in place a long time ago and Tim (the tax cheat) Geithner was the architect of the AIG bailout. The time to eliminate bonus compensation was when he constructed the terms of the bailout. The fact is Geithner and Dodd knew the bonus provision was there, they simply didn't bank on the American people ever finding out. So in typical political fashion, rather than own up, they are shifting the blame to the AIG employees. Not only is this unconstitutional, but remember, if they can take money from these folks, they can take it from us. So don't cheer them...fear them.
In addition there is a more disturbing element to this bailout that has come to light. Did you know that our taxpayer dollars are being sent overseas to bailout foreign banks? Yes indeed, billions of the AIG bailout dollars are being spent on foreign banks. As more and more information trickles out about the tarp money and the stimulus package(that no one bothered to read), the more the American people will realize that they've been duped. The tea parties are forming and not a minute too soon.
posted by Dr. T at 3/19/2009 11:27:00 PM
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