Video: Obama outrageously outraged by AIG outrage; Update: Treasury to reduce AIG’s bailout funds?

posted at 3:20 pm on March 16, 2009 by Allahpundit

In which The One attempts to douse a populist brushfire with a little heat of his own. Two issues here: Can the feds legally force AIG to break their contracts with their traders and deny the bonuses, and if so, should they? Ambinder advises ignoring the first question and focusing on the second. How likely is it, he wonders, that AIG’s traders would sue to recover them given the Madoff-ian public opporobrium they’d receive for doing so? Pretty likely, counters Tom Maguire, who agrees that the second question is the more important — and likely to cause further headaches if the bonuses are denied:

First of all, as I wasted my breath explaining, AIG [Financial Products division] is active in many businesses, not all of which are focused on credfit derivatives. Secondly, Joe Cassano, who led the unit until he was pushed out in March 2008, had enemies inside and ouside AIG FP, some of whom may have agreed to emerge from internal exile and attempt to clean up after him. Thirdly, insurance companies which don’t honor their contracts don’t last long; it is possible that failure to honor this obligation would represent the sort of default whch would ordinarily trigger a bankruptcy or reorganization, which so far the Feds have labored mightily to avoid. Fourth, if the new concept of selective default is that AIG won’t pay people or firms the public doesn’t like, how confident will, for example, Goldman Sachs be that AIG will honor its obligations to them? (Ok, why are we honoring the AIG obligations to Goldman – surely the Goldman execs could take it out of their bonus pool, yes? Instead, my tax dollars went to AIG, from there to Goldman, and from there to some trader’s estate in the Hamptons. Troubling, I would think.)

And FWIW, as the letters to Geithner explained, AIG wil have to pay double bonuses after they lose this suit, which they will.

What about a one-time tax on bonuses paid to employees of TARP recipients? That would sidestep the legal issue of breach of contract, although you’d still have the problem of scaring away talented managers from troubled firms. Then again, you’ve got that problem anyway: The more public anger grows, the likelier it is that people who work for TARP companies will be targeted in the future. While you mull a solution, enjoy the sublime irony in the second clip below of one of the chief culprits in the subprime implosion railing about profiting from incompetence.

Update: Forgot the link to Bill Kristol’s piece in WaPo today begging the GOP to figure out that two can play at the populist game before Obama claims it for himself.

Can capitalism survive the behavior of some capitalists? It’s always been an open question. But if capitalism is to survive, shouldn’t the Republican party, the party that defends democratic capitalism, be particularly vehement in denouncing its excesses? Isn’t this a pretty spectacular one? And isn’t this a moment for the GOP to separate itself from the Bush administration as well as the Obama administration, who together have been responsible for an incompetent and improvident bailout? Figuring out the right policy going forward with respect to toxic assets and the rest is, of course, a major intellectual task. But being on the side of a healthy populist reaction to the AIG situation is at least a good political start.



Update: More good news from Geraghty: Not only have the checks already gone out, but many of the recipients aren’t even U.S. citizens. Ambinder claims Treasury is scrambling to punish the firm somehow, possibly by knocking the cost of the bonuses off of their bailout package. How does that make sense, though? If the point of the funds is to keep the company afloat, reducing the package only reduces the likelihood of that while not taking the money out of the traders’ pockets. Which I guess explains this:

Speaking of punishing AIG: Rep. Gary Peters (D-MI) plans to introduce a bill to tax AIG bonuses at a high rate this year. A spokesman for Peters says that details are still being worked out. Targeting legislation at one company is tantamount to the Congress’s passing a bill of attainder against AIG. But these are extraordinary times.


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so here’s the best argument for the GOP IMHO:

So, next time you all pass a bill. Maybe you should read it and you’ll know this stuff is in there ahead of time. Right?

lorien1973 on March 16, 2009 at 3:22 PM

controlled burning only works when you have fuel Bambi….lynch AIG for all I care it won’t fufill your promises Bambi.

sven10077 on March 16, 2009 at 3:23 PM

AIG = White House deflection from its and Congress’ utter incompetency.

Let’s stay focused on the politicians…

beatcanvas on March 16, 2009 at 3:23 PM

OUTRAGEOUS! Or something.

Sir Loin on March 16, 2009 at 3:23 PM

Gosh, how would Obama and Barney Frank like to have their pay cut based on how well the citizens believe they do their jobs?

Uhhh… wait. We might be onto something there.

The Juvenile in Chief is just blowing smoke because he knows there’s NO WAY the stinkin’ government can block the AIG bonuses.

Oink on March 16, 2009 at 3:24 PM

oh and the market lost 40% of its narrow gains after prompter Jesus worked his magic…

sven10077 on March 16, 2009 at 3:24 PM

Does Barney Frank loose his salary (or perks) when the U.S. Government loses money, i.e. runs a deficit?

Just curious what penalty Congress pays?

jake-the-goose on March 16, 2009 at 3:24 PM

Can the feds legally force AIG to break their contracts with their traders and deny the bonuses, and if so, should they?

Probably not. But, the government can (and should) demand that AIG pay back that tax money they never should have gotten in the first place.

Vic on March 16, 2009 at 3:25 PM

Wait. You mean the people who make these messes shouldn’t write bills to fix then?

What a stunning concept.

lorien1973 on March 16, 2009 at 3:25 PM

The teleprompter told him to be outraged so DAMMIT HE WAS OUTRAGED!!!

portlandon on March 16, 2009 at 3:25 PM

Frank… “quick, look over there, AIG got a bonus on taxpayer dollars when they were incompetnent… never mind my pay raise…”

Romeo13 on March 16, 2009 at 3:26 PM

95 billion of the bailout money is going from AIG to pay off foriegn banks, and BO and Barney are “OUTRAGED” to see that AIG paid out bonuses. Kind of reminds me of the scene in CASABLANCA. “Im shocked, shocked, to see gambling going on, Oh where are my winnings?”
You Broke it, You Own It Barry…

Not ready for prime time…

Kuffar on March 16, 2009 at 3:26 PM

Righteous indignation at what they have created.

This bodes well for cap and trade and Obamacare.

myrenovations on March 16, 2009 at 3:26 PM

“I’m choked up with anger here.” Plus: Barney Frank outraged too!

In Barney’s case, however: that’s not “anger” he’s choking on. ;)

Kent18 on March 16, 2009 at 3:27 PM

The Juvenile in Chief is just blowing smoke because he knows there’s NO WAY the stinkin’ government can block the AIG bonuses.

Oink on March 16, 2009 at 3:24 PM

Agreed, but we better hope that AIG is good at playing chicken.

Glenn Jericho on March 16, 2009 at 3:27 PM

AP,

Good to see you post a non-headline item today! I was craving pics of red meat, snarky comments, and descriptions like “outrageously outraged” ….

krispy on March 16, 2009 at 3:27 PM

Kabuki.

the_nile on March 16, 2009 at 3:27 PM

myrenovations on March 16, 2009 at 3:26 PM

See Ace’s post over the weekend from Evan Sayet. He makes this same point:

Democrats encourage failure then create social programs to mitigate the consequences of that failure.

lorien1973 on March 16, 2009 at 3:28 PM

Wait, it just occurred to me…. if the argument being presented is that based on failure, any contract can be abrogated, maybe Barry’s employment contract can be….

Vashta.Nerada on March 16, 2009 at 3:29 PM

so here’s the best argument for the GOP IMHO:

So, next time you all pass a bill. Maybe you should read it and you’ll know this stuff is in there ahead of time. Right?

lorien1973 on March 16, 2009 at 3:22 PM

Perfect pitch.

This is the fault of faulty legislation, written and rammed quickly through Congress without Republican input, which President Obama said had to be passed immediately to avoid “a catastrophe.”

And the AIG bonuses is just one of the many negative consequences of the President’s rushed and faulty judgment.

Loxodonta on March 16, 2009 at 3:30 PM

He should have been outraged with this issue was raised by Republicans in November; you know, the only party that opposed the bailout bull…

RedSoxNation on March 16, 2009 at 3:30 PM

so here’s the best argument for the GOP IMHO:

So, next time you all pass a bill. Maybe you should read it and you’ll know this stuff is in there ahead of time. Right?

lorien1973 on March 16, 2009 at 3:22 PM

How un-American of you to insist our representatives read a bill…have you no mercy.

right2bright on March 16, 2009 at 3:30 PM

Class warfare escalates, well done Mr. President, well done indeed….and Barney just STFU you whore.

dmann on March 16, 2009 at 3:31 PM

My prediction: you know all those “wall street whiz kids” that everyone is blaming for dreaming up all sorts of fancy ways to slice & dice & sell debt? They’re all leaving Wall Street to start their new careers working in the Cap-and-Trade industry. That’s where the money is now.

Of course, I’m sure they’ve all learned their lesson and will use their ability to game the system for the betterment of mankind.

mctowler on March 16, 2009 at 3:31 PM

Like I said in a different thread, Mary Shelly would be shaking her head in disbelief.

These liberal buffoons tried to restructure society with their lack of knowledge and complete lack of integrity, and now the monster they created is about to eat them alive.

I have my pitchfork and torch sitting by the back door, but I’m cheering for the monster.

AubieJon on March 16, 2009 at 3:31 PM

Frank: “Maybe it’s time to fire somebody…”
Pot/ kettle…

whitetop on March 16, 2009 at 3:31 PM

With congress fighting so hard to save some banks and not others, is there any way to find out which banks are the ones that hold/run/house the congressional pensions? Is “too big to fail” only applicable when they directly affect congressional 401k’s (or 403b’s or whatever they get) Just tossing it out there…

DrAllecon on March 16, 2009 at 3:32 PM

What would Marx do differently?

faraway on March 16, 2009 at 3:33 PM

Even,on the radio,the top of the hour news spot,
says,

theres outrage!

canopfor on March 16, 2009 at 3:34 PM

Anyone, as I stated in the other thread, who is against (and I am) the bonuses for AIG execs. Should also be against Barney, Cox, Dodd, wRangel, being in office.
You can’t reward incompetence…

right2bright on March 16, 2009 at 3:34 PM

What about a one-time tax on bonuses paid to employees of TARP recipients?

Now you are just digging deeper into that hole.

Vashta.Nerada on March 16, 2009 at 3:34 PM

This is the same as if you or I loaned somebody $250 and then got upset when we saw them using 25 cents to buy a gumball. And from the party that just gave government and 8% raise, flies around at taxpayer expense on Gulfstreams and gets sweetheart deals from Countrywide. Hmm, where’s the outrage when they look in the mirror?

PastorJon on March 16, 2009 at 3:34 PM

Awww, the only reason those execs are trying to get their bonuses is so they can pay your damn taxes!

SPCOlympics on March 16, 2009 at 3:35 PM

Outragers,outraged over the outrageous outrage!hehe.

canopfor on March 16, 2009 at 3:36 PM

We are in the Age of Incompetence. Obama can rail and deflect all he wants as long as the Republicans/Conservatives hit him back with “The Democrat led Congress authorized these funds with no strings attached.”

canditaylor68 on March 16, 2009 at 3:38 PM

Didn’t we hear that the left were going to have new talking points this week, that would be so much more powerful than the Rush attacks? Looks like AIG is their new target of distraction.

strictnein on March 16, 2009 at 3:39 PM

They don’t deserve the bonuses, IMNSHO, but they are legally entitled to them and they must be paid.

LimeyGeek on March 16, 2009 at 3:40 PM

It is “Outrage of the week” from the Obama White House:

Last week Rush Limbaugh.
This week AIG.

And, remember, these are outrageous things that Obama inherited from George Bush.

What will next week’s “Outrage of the Week” be?

albill on March 16, 2009 at 3:40 PM

Barney Frank needs to do only four things:
1. Resign his congressional seat
2. Apologize publicly for his role in the financial meltdown
3. Deliver his personal assets and estate to an independent arbiter to be liquidated and redistributed to people who have been financially ruined.
4. Leave the country

whitetop on March 16, 2009 at 3:40 PM

If this is the best that BO and BF has, we are in deep doo…

d1carter on March 16, 2009 at 3:40 PM

Bonnie Fwank just sounds outraged. Chances are his bra was riding up.

AubieJon on March 16, 2009 at 3:40 PM

Nothing lamer than feigned outrage.

JammieWearingFool on March 16, 2009 at 3:40 PM

Obama… “here, have a couple hundred Billion Dollars to reward your bad behaviour…. oh… and really… stop that bad behaviour… really… seriously…”

Romeo13 on March 16, 2009 at 3:41 PM

So now AIG is being Saul Alinsky’d?

Great./sarc

bluelightbrigade on March 16, 2009 at 3:41 PM

Obama speaks. Watch the market. Wasn’t the Dow up 100 points before President Teleprompter opened his yap?

Y-not on March 16, 2009 at 3:41 PM

Would Mr. Teleprompter and the Banking Queen care for any tea……………….?

Seven Percent Solution on March 16, 2009 at 3:42 PM

Now all here, how many really believe bho is outraged about this? This aig thing is just a new item to get off what bho and the dc bunch has coming down the road. A new day, a new distraction. The big thing to me was the small business help that came out. Any small business who has one little brain cell working will not go along with the bho plan. YOUR taxes are going UP and the tiny help will not off set your expense. Will you hire or fire?
L

letget on March 16, 2009 at 3:42 PM

Wait until Obama and Co. start claiming that the Tea Party outrage is outrage against AIG, not the bailouts.

myrenovations on March 16, 2009 at 3:42 PM

so here’s the best argument for the GOP IMHO:

So, next time you all pass a bill. Maybe you should read it and you’ll know this stuff is in there ahead of time. Right?

Last fall, I told a friend of mine who was hysterical about the passing of the stimulus/bailout packages and their necessity in passing them that we don’t even know what’s in the bailouts and we should probably know that before they’re passed. He assured me that the Dems know best and that they are doing what they need to in order to SAVE us all!!!eleventy!!111. I need to go track him down and ask him how that’s all working out for us.

mjk on March 16, 2009 at 3:43 PM

Obama speaks. Watch the market. Wasn’t the Dow up 100 points before President Teleprompter opened his yap?

Y-not on March 16, 2009 at 3:41 PM

Yeah, now it is in negative territory. Guess the bush depression is back, or something…../

Vashta.Nerada on March 16, 2009 at 3:43 PM

DJIA 7217.21 -6.77 -0.09%
NASDAQ 1403.71 -27.79 -1.94%
S&P 500 754.47 -2.08 -0.27%

Y-not on March 16, 2009 at 3:43 PM

Well,the Banking Queen has suggested that the problem
goes all the way back to 1932,

so,spin the time machine back to 32′(*rolls eyes*)and
that should fix the problem,

its amazing,the Barney can blame this on 1932,but then,
my mind only works in the right,not the Liberal left!!

canopfor on March 16, 2009 at 3:44 PM

But cons are against regulations.

No biggie.

getalife on March 16, 2009 at 3:44 PM

Bonnie Fwank just sounds outraged. Chances are his bra was riding up.

AubieJon on March 16, 2009 at 3:40 PM

When you write that and I read it too quickly, I find myself wondering why you are upset with Bonnie Franklin from tv’s “One Day At A Time”.

myrenovations on March 16, 2009 at 3:44 PM

Does anyone remember the episode of Everyone Loves Raymond where Robert is down on his luck so Ray loans him some money and Robert goes to Vegas?

BohicaTwentyTwo on March 16, 2009 at 3:45 PM

Obama speaks. Watch the market. Wasn’t the Dow up 100 points before President Teleprompter opened his yap?

Y-not on March 16, 2009 at 3:41 PM

106 points….

he needs to get laid by someone other than worf….

sven10077 on March 16, 2009 at 3:45 PM

While the jerks on Capitol Hill give themselves raises, misuse military aircraft, and a host of other infractions.

CynicalOptimist on March 16, 2009 at 3:46 PM

Now all here, how many really believe bho is outraged about this? This aig thing is just a new item to get off what bho and the dc bunch has coming down the road. A new day, a new distraction. The big thing to me was the small business help that came out. Any small business who has one little brain cell working will not go along with the bho plan. YOUR taxes are going UP and the tiny help will not off set your expense. Will you hire or fire?
L

letget on March 16, 2009 at 3:42 PM

From someone with a new invention coming on the market and two patents pending, who needs every dime he can get – I wouldn’t take Obama’s help if he begged me. My parents raised me to have some self respect.

AubieJon on March 16, 2009 at 3:46 PM

So quit redistributing the wealth. Why is this so frigging difficult?

Ronnie on March 16, 2009 at 3:46 PM

In the view of our Dear Leader contracts, like campaign promises, were made to be broken.

The AIG workers who made the bad decisions should be fired, not getting bonuses. But the others, who agreed to work for AIG for a certain level of compensation, should have those contracts honored. These “bonuses” are poorly named. Basically they are part of the wages, just given only under certain circumstances.

rbj on March 16, 2009 at 3:46 PM

But cons are against regulations.

since when are B.Frank and C.Dodd conservatives ????

runner on March 16, 2009 at 3:47 PM

Why shouldn’t the AIG folks get paid for meeting their performance bonus clauses? I’m not going to be the one to try to take money from people who have earned it, by meeting whatever goals it was that the company gave them.

Let’s say your goal was to sell mortgage insurance policies. You do really well, and sell a TON of those policies. Then the mortgage bubble pops, and AIG looks bad. Is that your fault?

Or is it Fannie and Freddie’s fault for implicitly and explicitly backing all of those mortgages with the full power of Uncle Sam?

They should take the $165 million from members of Congress, who A)didn’t do their job in oversight of Fannie and Freddie, and B) didn’t do their job in oversight of the TARP funds by building in a provision to limit bonuses.

But bottom line, any time the government wants to tell a non-government business what they can pay an employee, I’m against it.

hawksruleva on March 16, 2009 at 3:48 PM

Of COURSE the Caliph can deny anyone, anywhere at anytime any salary or bonus the Caliph deems ‘unfair’.

Hussein al-Chicago knows, in his heart of hearts, AIG has not ponied up his cut. In retaliation, he will bring the most considerable force of Chicago style politics to bear. If I were an AIG Exec, I’d be looking for large, swarthy men carrying violin cases.

SeniorD on March 16, 2009 at 3:48 PM

DJIA 7217.21 -6.77 -0.09%
NASDAQ 1403.71 -27.79 -1.94%
S&P 500 754.47 -2.08 -0.27%

Y-not on March 16, 2009 at 3:43 PM

I said it before and I’ll say it again. The Obama administration needs to cork their pieholes about the stock market. Every single time they speak, it goes to h*ll in a handbasket.

mjk on March 16, 2009 at 3:48 PM

I think a good start would be for every pol, wonk and sycophant who works for the taxpayer in DC to start eating, travelling, entertaining, sleeping, etc. on their own dime.

I think they can fly themselves around on 174,000 a year.

I wonder what their real salary is, when adjusted for all the perks, pension and benefits?

600, 700K+++? My goodness, that is into EVIL executive range!

reaganaut on March 16, 2009 at 3:49 PM

oh and the market lost 40% of its narrow gains after prompter Jesus worked his magic…

sven10077 on March 16, 2009 at 3:24 PM

Wow, almost like clockwork. Does someone have the tools to do a time correlation on the various markets and the Obama administration talking?

Count to 10 on March 16, 2009 at 3:49 PM

T.v,radio,internet,

seems to be locked stepped,

into the ‘Talking Points’,

of “Outrage”!

Sounds like the devious work of Carville
and Paul Begala!!!!!!!!!!!!!!!!!!!!!!!!!!

canopfor on March 16, 2009 at 3:49 PM

RESOLUTION AUTHORITY
[COUGH TWICE]
EXCUSE ME, I’M CHOKED
UP WITH ANGER HERE
[HOLD FOR LAUGHTER]
RESOLUTION AUTHORITY

Ronnie on March 16, 2009 at 3:50 PM

myrenovations on March 16, 2009 at 3:44 PM

Bonnie Franklin! Talk about someone who dropped off the face of the earth. She was actually kind of hot.

AubieJon on March 16, 2009 at 3:50 PM

Dow currently up 0.09%, but NASDAQ is down 1.81% and the S&P is down 0.08%. I’m confused. I know that the NASDAQ and S&P are Bush’s fault, but overall should I be happy or unhappy?

Y-not on March 16, 2009 at 3:50 PM

runner on March 16, 2009 at 3:47 PM

Sure, it is all their fault in the con world .

getalife on March 16, 2009 at 3:51 PM

Wow, almost like clockwork. Does someone have the tools to do a time correlation on the various markets and the Obama administration talking?

Count to 10 on March 16, 2009 at 3:49 PM

I did the work for the first two weeks, it goes like this…Chicago Jesus speaks for five minutes it drops a half percent…..every five thereafter it falls a whole point….

they better ban shortselling in microbursts or we’ll get rolled.

sven10077 on March 16, 2009 at 3:51 PM

Barney Frank railing about rewarding incompetence is just rich. He must go along with Dodd. Seeing Pelosi surrender her broom and Reid defeated will be sweet.

msmveritas on March 16, 2009 at 3:52 PM

Dow currently up 0.09%, but NASDAQ is down 1.81% and the S&P is down 0.08%. I’m confused. I know that the NASDAQ and S&P are Bush’s fault, but overall should I be happy or unhappy?

Y-not on March 16, 2009 at 3:50 PM

the tinfoil in me thinks the bailouts were to repay the people who tilted the crude markets so they can ram the gates some more….

too bad we lost the SEC would have had some neat work.

sven10077 on March 16, 2009 at 3:52 PM

Yep, as many of you have said, Obama speaks – market tanks.

Shut.him.up.

Oink on March 16, 2009 at 3:53 PM

O/T, but did anyone read up on that story about Obama reinstating the embryonic stem cell federal funding ban two days after he lifted it? It was buried in the budget he just signed. The reason I ask is that speculation was that he did it (lifted the ban then reinstated it) so that fat cat investors could get out of companies working in that sector without taking a financial pounding.

Y-not on March 16, 2009 at 3:54 PM

Firstly, where is the authority granted to the president of the united states to set employee compensation? Or congress, or the supreme court? Who gave them the authority to see wages, bonus, or benefit packages?

Secondly, if you are going to claim the authority to set wages, compensation, benefits, then let us all adopt the standard set by organized labor. Union dock workers, electricians, auto workers, steel, mining all make pretty good wages around 100k or so. Let us all have a piece of that pie. Everyone makes, by law, 100k per year including non cash benefits.

I’d like to see Mr Obama make that work. Gopherit, dude.

Skandia Recluse on March 16, 2009 at 3:55 PM

But cons are against regulations.

No biggie.

getalife on March 16, 2009 at 3:44 PM

Hey genius, how come your not talking up the Dow?

Dow earlier today: Up 150
Obama opens piehole: Dow drops 150

Oh and just for kicks let me play being getalife ……

Obama is a stupid president because I say so.
Obama’s plan for the economy is destroying America.
Obama has created the biggest depression ever.

fogw on March 16, 2009 at 3:56 PM

His teleprompter told him “to show outrage” to get the focus off his failures.

tarpon on March 16, 2009 at 3:56 PM

Oink on March 16, 2009 at 3:53 PM

Bingo-and attempting to dismantle/override business& contract law isnt exactly helping Obama or the stock market either.

canditaylor68 on March 16, 2009 at 3:56 PM

But bottom line, any time the government wants to tell a non-government business what they can pay an employee, I’m against it.

hawksruleva on March 16, 2009 at 3:48 PM

Agree in principle, but easier said than done. To have your statement hold up in reality, we should also NEVER have “non-government business” accept “government” or “our” money. When a business does so in gynormous amounts, it automatically loses the *moral* authority to prevent government intrusion into its business. Now, whether the government *can* dictate employee pay or not, is a different (legal) matter. However, I can’t, just can’t, see the AIG claiming the moral high horse here.

peter_griffin on March 16, 2009 at 3:57 PM

Barney Frank railing about rewarding incompetence is just rich. He must go along with Dodd. Seeing Pelosi surrender her broom and Reid defeated will be sweet.

msmveritas on March 16, 2009 at 3:52 PM

Yep.
(Phone Ringing)

Kettle: (picks up phone) Hello?
Pot: Yeah, this is pot.
Kettle: Oh hai!
Pot: Hi, just wanting to say, um, you’re black.

carbon_footprint on March 16, 2009 at 3:57 PM

What’s missing… How many people will get bonuses from the $165 million… How does this compare to their “normal” bonus pool…

All this outrage just insured that AIG will be gone in 3-5 years…. The best employees will get cherry picked by firms who did not take TARP funds… And then our “investment” in AIG will be worthless, because financial firms have highly mobile work forces.

The old school investment banking banks (Goldman Sachs, Morgan Stanley, and even BoA w/ its Merrill Lynch sub) are in fierce competition to be the first to get out of TARP hell and start hiring away the “best and brightest” from the other banks.

95% of an Investment Bank’s expenses are compensation, and if you can’t compensate those who bring in business, you will have no business…

phreshone on March 16, 2009 at 3:58 PM

Pot: Hi, just wanting to say, um, you’re black.

carbon_footprint on March 16, 2009 at 3:57 PM

Racist.

myrenovations on March 16, 2009 at 3:58 PM

Good point by Kristol in the update but I read cons do not believe in regulations and the greedy capitalists are the victim here.

Truly a bizarre con world.

getalife on March 16, 2009 at 3:58 PM

I thought Bill Kristol was against populist talk back in the fall?

myrenovations on March 16, 2009 at 4:01 PM

Que the Fifth Dimension….

“This is the dawning of the Age of Incompetence”

PappaMac on March 16, 2009 at 4:02 PM

I hear Obama’s teleprompter is getting a well deserved bonus this year and I’m outraged!

(the most underpaid exectutive in the WH is Gibbs—he can echo lies/excrement without the TP, and the Chucky Todds of the world can’t swallow it fast enough.)

Rovin on March 16, 2009 at 4:03 PM

But,but,but,Obama said that the bailouts were crucial,the timing was ever so crital,I I,mean,it had to be passed,like
yesterday,and inbetween the time that Obama squandered on
picking a fight with Rush Limbaugh,it sat on Hopey’s desk through the weekend,and,and if the other bailout didn’t pass
and the timing was of thee essence, that the whole economy was going to be in a free-fall of biblical perpor
tions,

but,but,now Hopey says,the economy is not that bad,and,and,

everyone around him is becoming outragrously outraged!!

Its perplexing i tell you!!!!!!!(Sarc).

canopfor on March 16, 2009 at 4:03 PM

myrenovations on March 16, 2009 at 4:01 PM

It’s an opening McConnell jumped on but the con ideolgy will forbid it.

getalife on March 16, 2009 at 4:03 PM

I love how obama and everyone upset with AIG are the sameones who want to continue to give them more money. Dirty capitalistic pigs, now here is some more of our tax payer $$.

lavell12 on March 16, 2009 at 4:03 PM

I said it before and I’ll say it again. The Obama administration needs to cork their pieholes about the stock market. Every single time they speak, it goes to h*ll in a handbasket.

mjk on March 16, 2009 at 3:48 PM

And comedians REALLY can’t find anything funny to say about Obama? Couldn’t even the least creative person (like myself) do a split screen gag where Obama’s giving a speech on the upper half of the screen, and the lower half of the screen has an arrow depicting the fluctuating market.

And with every new plan he talks about it tanks further, and further. And maybe if he says something like, “I’ll be away on vacation for 2 weeks” it starts to rapidly climb, but when he says, “but when I come back I’ll vigorously create new programs to stimulate the economy…” and the Dow nosedives again.

Come on, that took me 3 minutes out of a coffee break to come up with, professional comedians/writers could easily come up with that and more.

DrAllecon on March 16, 2009 at 4:04 PM

Obama+The Who+Crisis= goodness.

portlandon on March 16, 2009 at 4:04 PM

I’ll repeat from the other thread:
Colloquial “bonus”: spreading the wealth in times of plenty.
Business “bonus”: performance based compensation for services.

Count to 10 on March 16, 2009 at 4:05 PM

I’m outraged that you’re outraged that I’m outraged that they’re outraged because this is outrageous…. Politician doublespeak for “I know it’s my fault but I have so many convenient scapegoats that I can teflon myself into infinity”. Stay focused on taxation without representation and they will all fall. Viva la tea parteeee!!!!

HomeoftheBrave on March 16, 2009 at 4:05 PM

By the way, to the posters and the trolls who keep droning on the market figures, please realize that the market movements have little to do with what politicians *say*, unless it is the declaration of a specific policy. For the last few months the market has been jittery because of one overriding factor: BANKS. If the markets believe the banks can be stabilized, they will rise. That is why they were in bear territory for the last couple of months, and that is why they staged the recent 5-day rally. They are being cheered by:

(1) the fact that we may not M2M the bank assets

(2) the up-tick rule for short selling may be re-enacted, which will help rescue the bank stocks

The markets (at least that’s what all my trader friends tell me) do not pay that much attention to the pols, everyone knows they talk a LOT.

peter_griffin on March 16, 2009 at 4:05 PM

What exactly did he think was gonna happen when he used those ‘outraged’ taxpayers’ money to keep a drowning company afloat?

IDIOT.

ballz2wallz on March 16, 2009 at 4:06 PM

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