A long time mantra of wingnuts has been to rail against entitlement programs, 'welfare queens' and the entitlement mentality. The unspoken corollary is that the only people who fit into those categories are the "undeserving losers" Santelli railed against in his scripted Chicago rant.
I fear that we are at a defining moment for the new Administration. Geithner is already seen as weak and inept, and if the Administration is seen as backing down out of fear of 'lawsuits' from the prototype example of business buccaneers, the effect upon other key parts of the Change agenda could be devastating.
Hee's baack- Rick Santelli, tells us all to get a grip over AIG - I am going to propose two ideas to get a grip on our money.
Here is what this genius had to say on Squawk Box this morning :
SANTELLI: Now, think about it this way. Maybe I'm missing something. But the outrage seems to be about M's, millions of dollars, right? $165 million, OK?
But I would think that it should be looked at as a pretty big positive, because when you go from the M, maybe you should try to go to the B's, which is the billions of dollars, and maybe that's going to even enlighten it for the T, trillions of dollars. You know, $165 million is like worrying about 16.5 cents, while $165 maybe necessitates a little more outrage. What do you guys think?
BECKY QUICK: Hey, Rick, I think the real idea here is just the idea of rewarding bad behavior, which is something you've spoken out against in the past.
SANTELLI: No, I guess what I'm saying is it's an order of magnitude. Don't you think this dynamic that the average guy reading his newspaper is really starting to be in tune with this?
And I think bonuses really strike a cord as to the dynamic you're talking about. But there's many degrees of intensity if one really wants to shine the light on the money that's being scrutinized. You know, there's Ms, Bs and Ts. I just want to know what people think.
Rick, we think you are an Asshole Apologist with a capitol A, and that goes for most of your network.
You folks just don't get it. What is at risk here is the social contract that keeps the nation together - the government governs with consent of the governed; which should not include abuse by elites ( I have a J.D. and a Ph.D in economics, saw this coming in 05, acted accordingly, so should I get a bail out - Byte me) - you assholes don't realize that all your shit, not just the stuff in Thain's $ 3500 commode does stink.
Get a grip - you bet.
This act simply cannot be allowed to stand. I am sick and tired of the ‘too big to fail;’ mantra, and the garbage being spewed by AIG defenders today that we need the geniuses ( ha- weasels!) who created these things to help unwind them- and we don;t need Geithner either, he KNEW this was coming....see this WaPo link:
Help ??? They need to be legally compelled, and the payment of bonus/ransom needs to be stopped. The only question is how to stop it.
First, I recall from prosecting corporate corruption that a provision in the tax code allows challenges of unreasonable compensation- any other legal beagles please expound.
Another idea floated is to first have the US trustees in charge of the firm to make no payments of any bonuses, and to issue stop payment orders on any checks that have already flown the coop.
Step two : split off the Financial Service derivatives unit from the rest of the firm and separately incorporate it. This step leaves AIG's other businesses, which are sound, free to operate as usual. If the recipients of the bonuses refuse to waive them, then the derivatives unit should at once be thrown into bankruptcy, terminating all obligations to pay them, both in the U.S. and Britain.
If these theives want to sue, so we can find out who is getting what and subject them to civil discovery- as my favorite Nike T- shirt says BRING IT !
It is time to shine light on these cockroaches, and as for 'we can't tell you who got the TARP funds, or who the counterparties are because it would erode confidence, just how stupid do you think we are ???
I have previously written that at its core, this entire episode has started to unravel the social contract between the ‘let them eat cake attitide of the ruling elites’ and the American people - Lewis Black gets it why can't the Administration ???
It is time to take a stand and not just against AIG - why is it that Gold-mone Sachs turns up everywhere whether spewing self serving 'analysis' that speculating gas up to $ 4 /gallon; or being on the inside of government decision, and profiting handsomely from same. Enough already.