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Can of Worms

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  • Can of Worms

    I don't know if anyone wants to comment on this AIG bonus fiasco, but I think Congress opened a can of worms by passing the 90% tax today. Looking at this problem from a Constitutional standpoint, what Congress did today flys in the face of article 1 section nine which prevents a individual or group from being singled out and punished by a Bill, I think it also undoes a contract which is another thing our founding fathers did not want the government to do. There are more issues involved and it just seems to be a real confusing mess. I don't think our elected officials are up to fixing wall street, the banks, the housing market, economy and all these other serious problems. Where do they start?

  • #2
    Re: Can of Worms

    I think that this is terrible legislation.

    I may not like AIG executives (though it sounds like a some of these guys were brought in after the mess up, and the bonus is to keep them around to fix it), but who cares.

    Who is to say you're not next if the house and senate wake up one day and decide to take 90% of money you've already been paid!

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    • #3
      Re: Can of Worms

      I think it also undoes a contract which is another thing our founding fathers did not want the government to do.
      But the pretty much told Detroit that if the UAW did not give up much of what they had in their contract (not disputing that it might be excessive, that's not the issue we're talking about here), they would not get any Obama Bucks. So what happened, the unions and the manufacturers re-opened their contracts and the the unions gave back again to help keep Detroit afloat.

      Why didn't Washington force AIG and the others to do the same thing? Then this whole mess (over the bonuses) might have been avoided.
      "When we build let us think we build forever. Let it not be for present delight nor for present use alone. Let it be such work that our descendants will thank us for, and let us think, as we lay stone upon stone, that a time is to come when these stones will be held sacred because our hands have touched them, and that men will say, as they look upon the labor and wrought substance of them, "See! This our fathers did for us."
      John Ruskin (1819 - 1900)

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      • #4
        Re: Can of Worms

        I think Bob's signature line pretty much sums it up:

        "A government big enough to give you everything you want, is strong
        enough to take everything you have." - Gerald Ford, 38th President

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        • #5
          Re: Can of Worms

          Tax rates like that are nothing new in the United States. During WWII, tax rate was 94% on anyone making over $1 million per year. Even the U.S. Treasury department admits that is fact on their
          website: http://www.treas.gov/education/fact-...es/ustax.shtml
          Cheers,
          Jim Don

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          • #6
            Re: Can of Worms

            For the record I voted for McCain!

            Those of you who voted for OB are now finding out about "change"!

            It's too late for an "OOPS- do over"

            you wanted change and here it comes legal or not


            Cactus Man

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            • #7
              Re: Can of Worms

              Originally posted by cpw View Post
              I think that this is terrible legislation.

              I may not like AIG executives (though it sounds like a some of these guys were brought in after the mess up, and the bonus is to keep them around to fix it), but who cares.

              Who is to say you're not next if the house and senate wake up one day and decide to take 90% of money you've already been paid!
              I think it is appropriate given that this company received billions in federal money. You want them to keep it and let them spend it on executive bonuses? Not me. They are basically forcing the executives to give the bonus money back to the fedeeral government where it came from (which is funded by OUR tax dollars, you and me).

              Screw those Rich AIG bastards. I like the change we are seeing. I hope to see a fullscale financial regulation overhaul. It looks like it is happening too. It about time! For too many years, white collar criminals got away with legal but unethical theft. Finally they are getting targeted by the government.
              Water Heater Reviews & Water Heater Information

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              • #8
                Re: Can of Worms

                Stupid Congress has no business bailing out private businesses.

                There would be no issue had they just let them all go find new jobs.

                Some congress people admitted that they voted for the bail out without reading it.

                Ah next hatchet job Health Care!

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                • #9
                  Re: Can of Worms

                  Originally posted by Service Guy View Post
                  I think it is appropriate given that this company received billions in federal money. You want them to keep it and let them spend it on executive bonuses? Not me. They are basically forcing the executives to give the bonus money back to the fedeeral government where it came from (which is funded by OUR tax dollars, you and me).

                  Screw those Rich AIG bastards. I like the change we are seeing. I hope to see a fullscale financial regulation overhaul. It looks like it is happening too. It about time! For too many years, white collar criminals got away with legal but unethical theft. Finally they are getting targeted by the government.
                  I think you are rich! You have a job and time to get on line. Some people don't have computers.

                  Now give all your money to the government!

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                  • #10
                    Re: Can of Worms

                    Originally posted by cactusman View Post
                    For the record I voted for McCain!

                    Those of you who voted for OB are now finding out about "change"!

                    It's too late for an "OOPS- do over"

                    you wanted change and here it comes legal or not


                    Cactus Man
                    For the record, I voted for President Obama and I am not happy with the suggestion of our medical benefits being taxed by this administration. One of the reasons I did not vote for John McCain was his talk of taxing medical benefits! I heard talk that this administration wants to do away with the mortgage tax deduction? I don't think either administration should have bailed out these failed corporations. NO, I am not happy with this change but at the same time I was not happy with the former administration. I am willing to admit neither political party has the best interest of the American public and taxpayer in mind. Why insult and attack what Obama and his administration are doing when you know darn well if a republican was President things would be just as bad? Our legislators on both sides of the aisle can't fix all these problems. How many administrations looked the other way as millions of illegals entered our country? Don't worry if there is any America left in four years we can let the republicans take power and do the same thing. Do any of you see a pattern here?

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                    • #11
                      Re: Can of Worms

                      Originally posted by Frankiarmz View Post
                      For the record, I voted for President Obama and I am not happy with the suggestion of our medical benefits being taxed by this administration. One of the reasons I did not vote for John McCain was his talk of taxing medical benefits! I heard talk that this administration wants to do away with the mortgage tax deduction? I don't think either administration should have bailed out these failed corporations. NO, I am not happy with this change but at the same time I was not happy with the former administration. I am willing to admit neither political party has the best interest of the American public and taxpayer in mind. Why insult and attack what Obama and his administration are doing when you know darn well if a republican was President things would be just as bad? Our legislators on both sides of the aisle can't fix all these problems. How many administrations looked the other way as millions of illegals entered our country? Don't worry if there is any America left in four years we can let the republicans take power and do the same thing. Do any of you see a pattern here?
                      I think we need a Revolution. Shh! Did I write that?

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                      • #12
                        Re: Can of Worms

                        What I want is names.

                        I want to know the names of the people responsible for the details of this distribution to AIG. So they can be publicly recognized for their mistakes.

                        I want to know the names of the people receiving these bonuses. I want someone like TMZ hounding them. (Even though I hate that show premise)

                        I saw a street interview of an AIG person from London saying that he was pissed about the whole situation himself. That the company is comprised of 12,500 employees (est.) world wide and about 450 of upper "management" are responsible for the whole mess.

                        Here's the kicker for me on these bonuses: I watched an interview with Keith Olberman & he said that the majority of these bonuses will be paid to London, England based executives. So....

                        YOUR US MONEYS WERE SCHEDULED OR HAVE ALREADY BEEN PAID TO PEOPLE OVERSEAS. IT DIDN'T EVEN STAY HERE TO "STIMULATE" THE U.S. ECONOMY.

                        My understanding of the Constitution pales in comparison to most. But I believe some of the things included in it were to keep our government in check. And they seem crazy to some now. Things like the right to bear arms to defend yourself against enemies. Even an oppressive government. Separation of church & state so no government could force you to worship something you don't wish too. Freedom of speech to publicly criticize government policies & elected officials.

                        50 people pissed off and talking about working against current government is a bunch of nuts that "ought to be arrested".

                        50,000 doing the same thing is a revolution they put in history books. People have forgotten that.

                        I sometimes wish there were enough to go make some Tea again.

                        J.C.

                        Comment


                        • #13
                          Re: Can of Worms

                          Originally posted by JCsPlumbing View Post
                          What I want is names.

                          I want to know the names of the people responsible for the details of this distribution to AIG. So they can be publicly recognized for their mistakes.

                          I want to know the names of the people receiving these bonuses. I want someone like TMZ hounding them. (Even though I hate that show premise)

                          I saw a street interview of an AIG person from London saying that he was pissed about the whole situation himself. That the company is comprised of 12,500 employees (est.) world wide and about 450 of upper "management" are responsible for the whole mess.

                          Here's the kicker for me on these bonuses: I watched an interview with Keith Olberman & he said that the majority of these bonuses will be paid to London, England based executives. So....

                          YOUR US MONEYS WERE SCHEDULED OR HAVE ALREADY BEEN PAID TO PEOPLE OVERSEAS. IT DIDN'T EVEN STAY HERE TO "STIMULATE" THE U.S. ECONOMY.

                          My understanding of the Constitution pales in comparison to most. But I believe some of the things included in it were to keep our government in check. And they seem crazy to some now. Things like the right to bear arms to defend yourself against enemies. Even an oppressive government. Separation of church & state so no government could force you to worship something you don't wish too. Freedom of speech to publicly criticize government policies & elected officials.

                          50 people pissed off and talking about working against current government is a bunch of nuts that "ought to be arrested".

                          50,000 doing the same thing is a revolution they put in history books. People have forgotten that.

                          I sometimes wish there were enough to go make some Tea again.

                          J.C.
                          Sure appears to be one bad decision after another, no foresight to reasonably predict the outcome of actions taken by Congress. I know if the same behavior was applied to how we run our family or small business finances we'd be broke or homeless or both. I've tried to stay positive and hopeful for the future, but some of this stuff has got to shake the spirit of the most confident and positive folks. How much more taxpayer dollars will be thrown at these bad businesses? How many more bad decisions by this or another administration can we withstand? What happened to all the jobs promised ? I'm still sure that we are all in this together, like a marriage for better or worse, I'm just not so sure it wil be better anymore. Under President Bush we saw certain rights and freedoms taken from us in the name of national security, and now under President Obama we are seeing the constitution abused . The men who established this great country would be very disappointed to see what has become of their efforts.

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                          • #14
                            Re: Can of Worms

                            So tempting to respond to this thread... must resist... (Shakes head in disgust at where our country is headed)

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                            • #15
                              Re: Can of Worms

                              I got a rock.
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