Precedent is powerful
I'm definitely upset by these AIG guys getting these bonuses, but this specific tax law to nullify them seems pretty creepy to me.
If they passed another law nullifying or capping bonuses at TARP companies that would be one thing, but this directed use of tax law to so extraordinarily take funds from a small class of people makes me nervous.
I understand it. It just feels, to me, like a slippery slope kind of precedent. I know that's not popular.
If they passed another law nullifying or capping bonuses at TARP companies that would be one thing, but this directed use of tax law to so extraordinarily take funds from a small class of people makes me nervous.
I understand it. It just feels, to me, like a slippery slope kind of precedent. I know that's not popular.
posted by mikevotes at
10:09 PM
4 Comments:
I agree... to a point. In the case of AIG, I think the horse is out of the barn. I don't know how you clawback that dough.
The sin is not the dollars; 0.1% of AIG's bailout money. The sin is in the tone deaf attitude of entitlement. The populist outrage would be better applied in helping reinforce a populist mind-set regarding legislation and policies moving forward. And not just in bail out terms, but in health care, environment, labor, etc.
By
-epm, at 8:57 AM
I don't really know how else you handle it either, but special 90% punitive tax law seems like a wrong way to go. (We'll have to wait and see if it gets through the Senate.
As for outrage, there are a lot of folks who want the outrage. It's alot easier to control villain hate than it is populist anger against the system.
By
mikevotes, at 10:41 AM
Mike, I agree with you on this. I hope the Senate doesn't pass it, but the "message" has already been sent by the House. On the plus side, the Republicans fractured badly on this issue.
The deeper question is whether the nation will soon experience "outrage fatigue". The GOP has little to show for months of work whipping The Faithful into a frenzy of outrage. The "bonus outrage" has back-fired on the Democrats as well.
It's becoming clearer that The People With The Money are actively willing Obama to fail. I keep wondering how this situation would have played out under a McCain Administration. I tend to think the taxpayers would have been shaken down for much more and have much less to show for it.
By
Todd Dugdale , at 3:40 PM
I don't think we have outrage fatigue coming too soon. Every 401K/brokerage statement is going to launch new rounds.
And, I've thought about the alternative present of a McCain administration, too. I think the credit crisis would be far worse and tighter and that would be choking everything. No auto bailout so hundreds of thousands of very visible unemployed.
The mood would be so much worse.
By
mikevotes, at 4:09 PM
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