The Old Redneck is confused -- and he hasn't had a drink all day. Maybe someone can help me out here.
As we all know by now, AIG executives -- many of them the same people who engineered the collapse of AIG -- will receive $165 MILLION in bonusses -- and it's all our money -- their bonusses are being paid from taxpayer bailout funds.
Everyone who comments on this situation says it's outrageous, almost criminal -- BUT -- AIG has contracts with these people and if we don't pay the bonusses, then we are voiding contracts and the implications for that move will shake our entire system -- if we can't honor contracts, we are out of business -- ALL our insurance is based on contracts; mortgages are contracts; marriages are contracts -- and on and on and on -- we must honor contracts.
In fact, this is what Larry Summers said this morning on Face The Nation -- our hands are tied, we must honor these contracts.
As I recall, the UAW had contracts that guaranteed wages, hours, and medical benefits -- and we have no problem trashing their contracts. And we are having no problem with more demands that auto workers give up their contractual benefits.
So -- here's where I need help: Why is it okay to trash the contracts between the auto makers and their workers, but, it's a mortal sin to trash the contract with a gang of greedy insurance company executives who set up the credit default swaps that screwed AIG??
And if this sounds like class warfare, then so be it -- there are more of our class and we rednecks have more guns.