The news that AIG is planning to shell out $165 Million in “bonuses” is driving both sides of the isle in to a feeding frenzy. The Prez is demanding the bonuses be stopped by any means necessary. Republicans and Democrats both are threating legal (and even bodily harm) to the AIG employees who refuse to give up the extra cash. But I just have one question – “what’s the big friggen deal?”
Take a look at the numbers – $165 Million. Yes that’s a big number, but its less than one tenth of one percent (.09%) of the overall bailout loan us taxpayers invested ($173 Billion). Given The Prez’s penchant for spending money, and Congress’ exuberence for earmarks, which total a heck of a lot more than the “meare pittance” given AIG – shouldn’t the American taxpayer be more upset with the government?
Is the future of the United States already sealed? You decide. Watch these two in sequence. Remember Barney “the Dinosaur” Frank is in a policy making position and the Kato institute is a non-partisan outsider group.
Here’s a bit of animation that tries to explain just how the US got into this financial mess. It’s a pretty simplistic, if not completely accurate, lesson. Some omissions include the government’s role in pushing sub-prime (aka Risky) mortgages onto the market… But overall, a nice “Economic Crisis for Dummies” lecture.
April: The Bush Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE (government supported enterprise) could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."
May: President Bush calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
A link to the actual letter is attached: http://georgewbush-whitehouse.archives.gov/omb/pubpress/2002-29.pdf
Looks like Chrysler is in some hot water – again. Seems the boys in the boardroom thought it would be a good idea to take some of that hard-earned bailout money, and use it to thank the American tax payer for their generous support. So they go and spend almost a quarter a million a pop on full page ads in the leading newspapers (who reads those anyway?). Does that seem like the best way to spend your money?
“Years ago there was a robber who was really polite. He said please and thank you while he was robbing people. At the end of the day, people had their money stolen. Saying thank you doesn’t make it OK. They should give the money back.”
Original story on Fox News.
Ha! We at TheMiddleClassBlog.com need to get this guy on our staff… He is too funny…
Kids are delighted by the antics and recorded messages of this lovable red critter. If you push his nose, he will wiggle around and say charming phrases such as “Give me more money” and “I’m too big to fail.”
However, Bail-Me-Out Elmo is never satisfied with the money you give to him. If you meet his demands for financial assistance, he will continue to ask for more and more money. He is pre-programmed with many endearing phrases such as “Just borrow the money” or “I love other people’s money.” – Don Dodson, one nation under god
Read the entire blog here.
I’ve never been a big fan of recycling, because I’m lazy. Until they make it the law in my neighborhood, I just as soon put all my garbage in one can. But after reading this NY Times article regarding how the value of recycling is being hurt in this economy, I’ve learned a few things I didn’t know before – like businesses were actually making money on this recycling gig… Until now.
The economic downturn has decimated the market for recycled materials like cardboard, plastic, newspaper and metals. Across the country, this junk is accumulating by the ton in the yards and warehouses of recycling contractors, which are unable to find buyers or are unwilling to sell at rock-bottom prices.