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Nobody ever said there wouldn't be bumps in the road. I generally think that Obama has done a bang-up job thus far, but this AIG bonus thing certainly brought out a pretty visceral reaction in me. In some ways, I see it as almost a "let them eat cake," kind of moment that indicates how far afield these Financial Execs really are from the rest of us in Mind and Spirit. On the other hand I really worry that these bastards have been playing this game ever since they realized the system was headed for a breakdown, and as a result they've used their knowledge and position to manipulate it further for their benefit.

With headline articles like this on Huffington Post

The constant barrage of diaries here on Banking Issues and implications of theft or fraud and money going to banks in the Caribbean: Pluto's Most Recent

Its been a bit difficult to remain upbeat. I sincerely hope that Obama directs his attention toward this issue and comes up with some actions that alleviate the problem. The Rage out there is very real, and its very bi-partisan. If he does not do some things that are both real and symbolic about this abuse and the concerns about elites working the system this will cause problems. I guarantee there are Republicans figuring ways to utilize the justified populist anger. This is a simple issue that can easily be manipulated. I have faith in Obama, my numerous diaries have nearly put me in the category of a "True Believer," regarding Obama, but he's got to knock this one away. People have to have something that makes them feel their government is on this in a fair way.

I really hope in the next few weeks that we can clearly see that the new boss is not the same as the old boss. I know he is different, but real quick, he has to prove it once again. In the meantime, I'll listen to the song, and hope for the best.

Originally posted to FrankCornish on Wed Mar 18, 2009 at 04:16 AM PDT.

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Comment Preferences

  •  TJ (6+ / 0-)

    I'm pretty unsettled this week. I know there are no easy answers, but this is a treacherous political issue.

    You may find yourself in a beautiful house with a beautiful wife and you may ask yourself, "How did I get here?"

    by FrankCornish on Wed Mar 18, 2009 at 04:17:05 AM PDT

  •  Excuse me but... (2+ / 0-)
    Recommended by:
    billlaurelMD, FrankCornish

    My  little brain seems to recall the moment President Bush and his team were the ones holding a gun to the country screaming that if we did not give AIG a "No Questions Asked" bailout , the entire country would go down in flames.    No Questions asked, no rules, no way to block any "Bonus" plans.  None.  

    This latest Episode of AIG belongs to our X-President Bush and his team.   Let's also not forget that when the Democrats tried to stop this exact "Bonus" robbery from happening, by implementing conditions, several Republicans blocked any "Rules" that would have prevented this from happening in the first place.

    We need to point out this is the result of not only President Bush, but the Republicans who threatened the country that this had to be  A "NO QUESTIONS ASKED" bailout, or we were all going down in flames.

    When any post is made in reference to the AIG bailouts, please include the full credit going to Mr. Bush.

    I believe in President Obama, and The Beatles

    by bookkillrr on Wed Mar 18, 2009 at 04:44:39 AM PDT

    •  Keith Olberman did a good job on this.... (3+ / 0-)
      Recommended by:
      bookkillrr, JG in MD, FrankCornish

      last night.  And Wyden's and Olympia Snow's amendment that would apparently have prevented/forbidden this was "mysteriously" (his words) removed from the bill in its final passed form.

      How much is enough? $500K/year?

      by billlaurelMD on Wed Mar 18, 2009 at 05:08:13 AM PDT

      [ Parent ]

      •  'Scuse Me, But ... (0+ / 0-)

        isn't it illegal, or unconstitutional, or at least outrageous to disappear an amendment from a bill in Congress without voting it down?

        Joe Biden: Get up! Al Gore: Pray, and use your feet! Harriet Tubman: Keep going!

        by JG in MD on Wed Mar 18, 2009 at 06:50:01 AM PDT

        [ Parent ]

    •  You're absolutely right, (0+ / 0-)

      I'm just worried that this bonus issue is one that is fairly straightforward and people are pissed. Yes it is Bush and Paulson and some other Republicans who set this off--I think its a bit of "unexploded ordinance" going off in Obama's admin. I do think however, that Obama has to do something to clearly indicate position and how to deal with this, and so far Geitner has looked pretty impotent, and that is no good no matter who set the trap (Bush and his cronies).

      You may find yourself in a beautiful house with a beautiful wife and you may ask yourself, "How did I get here?"

      by FrankCornish on Wed Mar 18, 2009 at 05:43:55 AM PDT

      [ Parent ]

    •  Wrong, bookkillrr (0+ / 0-)

      Nice try, but Geithner was Paulson's right hand man (and the President of the New York Fed for years before the crisis) and he was in on TARP as was Obama.  Both Geithner and Obama knew at the time that Paulson had written TARP on one or two pages with no oversight mechanisms or penalties.  Obama, Geithner and the congress all went along with it.  Summers and Geithner are part of the problem, as is Rahm Emmanuel who made more than $16 million as an investment banker in 2.5 years and sat as a director on Freddie Mac drawing a government salary of $230,000 a year at the time Freddie Mac was undergoing financial and accounting irregularities.  Don't believe me?  Check out Rahm's entry over at Wikipedia.  

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