Santelli: Forget the stupid AIG bonuses and get angry about the bailouts

posted at 6:00 pm on March 17, 2009 by Allahpundit

Via Greg Hengler and Townhall. The boss has been hammering away at this same point for the better part of 24 hours, but I suspect she and Santelli are both expecting too much if they think public outrage will transfer from the bonuses to bailouts generally. The One has a trump card he can play with the latter that he can’t with the former — namely, necessity, the idea that the fragility and complexity of today’s financial world ensures that if any one pillar goes down, the whole structure will come down with it. Since no one really understands the magnitude of the problem, no one’s in a position to seriously challenge that hypothesis. Hence the outsized outrage for what amounts to chump change in the form of the bonuses, a rare aspect of the crisis that people can easily understand and channel their anger into. I wonder when the next TARP infusion into AIG will be.

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Feedie on March 17, 2009 at 9:34 PM

+1

tartan on March 17, 2009 at 10:34 PM

Just be sure that you’re willing to go against a military that has a certain loyalty to the Commander in Chief.

sethstorm on March 17, 2009 at 10:17 PM

Are you suggeting the Commander in Chief would order the military to take up arms against the citizenry.

I think there is a law against that and a remedy for it.

I love the military by the way the current ruling class not at all!

dhunter on March 17, 2009 at 10:35 PM

Are you suggeting the Commander in Chief would order the military to take up arms against the citizenry.

dhunter on March 17, 2009 at 10:35 PM

Well, there is certainly precedent…

JohnGalt23 on March 17, 2009 at 11:38 PM

Just be sure that you’re willing to go against a military that has a certain loyalty to the Commander in Chief.

sethstorm on March 17, 2009 at 10:17 PM

.
Their oath is to the constitution.
.
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The bailout is the problem, not the contractually obligated “bonuses”. Would you be as upset if they were called commissions?
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I’m tired of people complaining that people are being paid in accordance with there employment contract.
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But correcting what I said earlier.
The AIG bailout was for the purpose of supporting European banks. To disguise this they are making a big fuss over the bonuses. the reason that they supporting the European, and Chinese banks is the knowledge that when there is a revolution, a different group comes to power. As far as the socialists are concerned, what good is making America socialist if they lose Europe, and china to laisser faire capitalism.
.

darktood on March 18, 2009 at 3:06 AM

I think most of us are in agreement that we can be upset, even outraged about both topics – bonuses and bailouts. When we speak of billions in crap that is resulting in trillions in deficit budgets, millions seem rather small.

Ethically I think AIG should have modified the bonus structure under the circumstances, but I don’t know the contract details. This so called Washington outrage over the bonuses is merely a smoke screen. These people knew up front that the bonuses were there before they gave the bailout money. By professing outrage they can show the American people that they are standing up for us in the face of corporate mismanagement and greed. BS!! While we’re being sidetracked what nefarious deeds is the Government hiding in the background? How about… talk of taxing these bonuses at 100%? Doesn’t that upset anyone? If the idiot government pulls that one off, no one is safe. THAT scares me more than the bonuses.

ladyhawke53 on March 18, 2009 at 6:44 AM

Ethically I think AIG should have modified the bonus structure

The first thing everyone has to do is stop falling for the perception that “bonus” is something “extra” that most of these people received. Most of this stuff was written into peoples contracts and had nothing to do with the performance of the company. Do athletes have to give back their signing “bonus” when they don’t perform? These monetary amounts were part of most of these peoples pay packages and were in no way discretionary. They want us screaming about bonus’s while they cut and slash at our liberty. The people who are most responsible for this country’s economic mess are being chauffered to work this morning in washington dc.

peacenprosperity on March 18, 2009 at 7:13 AM

I think most of us are in agreement that we can be upset, even outraged about both topics – bonuses and bailouts.

ladyhawke53 on March 18, 2009 at 6:44 AM

This is not about being for or against the bailouts. This is far worse. This is about the absolutely juvenile and cr#ppy legislation that the geniuses in Congress and the administration passed through. Tons of money, and no one there has any idea what the legislation they voted on says. Dodd even forgets the amendment that he put on a spending bill. The sheer idiocy, incompetence, ineptness, interminable stupidity is beyond imagination.

And, on top of this, no one is talking about the House Republicans, who were the only ones to ever slow down any of these pathetic bills as they were rushed through, while taking a ton of sh!t.

And the remedies they now recommend are just insane. Absolutely insane.

progressoverpeace on March 18, 2009 at 8:07 AM

The first thing everyone has to do is stop falling for the perception that “bonus” is something “extra” that most of these people received. Most of this stuff was written into peoples contracts and had nothing to do with the performance of the company.
peacenprosperity on March 18, 2009 at 7:13 AM

I don’t disagree with you. We don’t know the verbiage of the contracts, and the “bonus” may be the bulk of their salary. I only said ethically – restructure as a suggestion in light of the current economic situation. IF AIG had not received a bailout, would the bonuses have been paid? I truly don’t know. IF the government had done the bailouts properly prior to mailing the checks, this discussion would no doubt be a moot point.

The people who are most responsible for this country’s economic mess are being chauffeured to work this morning in washington dc.

Amen. and until the midterm elections give the voters a chance to begin to change the names in this disgrace, I fear we’re in for more unpleasant surprises.

ladyhawke53 on March 18, 2009 at 8:46 AM

The sheer idiocy, incompetence, ineptness, interminable stupidity is beyond imagination.

And, on top of this, no one is talking about the House Republicans, who were the only ones to ever slow down any of these pathetic bills as they were rushed through, while taking a ton of sh!t.

And the remedies they now recommend are just insane. Absolutely insane.

progressoverpeace on March 18, 2009 at 8:07 AM

well said.

ladyhawke53 on March 18, 2009 at 8:51 AM

$9 Billion in earmarks is not that big a deal according to Obama but less than 1% of the bailout money paid to AIG is.

Considering the negative publicity, if given the choice, where do you think a talented finance worker is going to go…..a TARP company or non-Tarp. The only way I’d work for one of the bailout firms is if I was guaranteed a large bonus.

JohnnyL on March 18, 2009 at 8:58 AM

progressoverpeace on March 18, 2009 at 8:07 AM

+100

becki51758 on March 18, 2009 at 9:01 AM

Mike Gallagher is talking about this right now.

$160 million verses $30 billion??? This is stupid.

Forget the bonuses, I want the entire freakin’ bailout back!!!!

ladyingray on March 18, 2009 at 9:16 AM

Soon we will all be talking about zillions and billions will be the new chump change.

$165 million bucks is still a lot of money any way you want to slice it and it is real money. The trillions coming down the pike do not even exist. Those dollars will have to be borrowed or printed.

joedoe on March 18, 2009 at 9:27 AM

Santelli brings the story back into perspective, and it’s even worse than the bonus story. :)

AnninCA on March 18, 2009 at 9:47 AM

Since no one really understands the magnitude of the problem, no one’s in a position to seriously challenge that hypothesis.

This has been the reason for passing a bill without reading it? These lame brain excuses are floating around from people supposed to be in the know? What does an uneducated bozo do when he doesn’t understand what’s going on? He picks his nose and waits to find out what to do or he scratches his butt. One thing he doesn’t do is go out and spend his last cent!
If our government would just take a month off our country would heal itself.

Herb on March 18, 2009 at 10:03 AM

Keep up the pressure Santelli. At least it may stoke enough outrage to get rid of some of these incompetent, inept clowns in the mid-term elections. Wish we could completely clean out the Congress and the White House, and bring in some folks with principle and common sense.

Christian Conservative on March 18, 2009 at 11:11 AM

Forget the bonuses, I want the entire freakin’ bailout back!!!!

ladyingray on March 18, 2009 at 9:16 AM

SAme here. Under no circumstances should US taxpayers be insuring European and Chinese banks and companies.

james23 on March 18, 2009 at 12:59 PM

Wow, a guy not on FNN that knows what he’s talking about…what’s the MSM coming to?

Dr. ZhivBlago on March 18, 2009 at 5:33 PM