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?
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.
Fred Thompson. Actor, Senator, Presidential Candidate. For some reason, his down home, folksy attitude didn’t resonate with the voters outside his home state of Tennessee. But in this commentary, he’s hit the nail right on the head… Why for the life of me more middle class Americans don’t understand that spending is not the way to be prosperous, and that allowing our government to do so should shame us all…
Warning – Subtle sarcasm contained within.
[ED: In an effort to trace the recent economic collapse, Dan Dafler dug deep in to the Internet archives of the NY Times to bring you this byline from 1999 – smack dab in the “Clinton Years”. We’ve added the bold text for emphasis.]
September 30, 1999
Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.