So What Now AIG?

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• Yes, I did hear most of Liddy's testimony, and I did hear the insistence that these were contracts. So, I ask: if AIG was left to go completely bust, what money would have paid the policyholders? Are those not contracts? Or is it because those contracts are with mere mortals they are somehow less important that those of the financial wizards? Because, taxpayers buy into protecting policyholders - that was the point of the bailout, or so we thought because so we were told. Taxpayers do not buy into big salaries, and cannot comprehend "bonuses" in this context.
  

• Yes, I did hear Senator Dodd say he was the one to allow the bonuses because it was a compromise with the Treasury Department. So I ask, who in the Treasury Department? And did that "who" act alone? Specifically, where was Tim Geithner? Don't these meetings have minutes? I hear the Fed knew? Which Fed? Tim Geithner's New York Fed that he was president of at the time?

• Yes, I did hear Congress up in arms. But I ask: Don't you read every line before you vote on it? I imagine given the public outcry surrounded this legislation, and Paulson's attempt to have no review, no oversight and unlimited power in the first draft that it might, just might, have been a good idea to read every word before you voted on it?

• Yes, I did hear the Republican members of Congress try to blame this Administration. So I ask: Which Administration presided over the free for all that created this mess? Wasn't the last President a Republican? Now I agree: please use conditions to try to do what you can. But when the horse is out of the gate, and the Republicans opened the gate and egged on the horse to move as fast as he can, can the Republicans really complain about the gate and the horse now?

• Yes, I did hear President Obama. And without being biased, he's really the one who's the most correct. He didn't sign those contracts, but he takes responsibility. Translation - ok, now that we know, prepare for strict rules and regulations. And then at his Town Hall at Costa Mesa he did a fantastic job of explaining this mess in plain english - you know, the language that us mere mortals speak - and why it has to be fixed. When I find the video, I will be sure to post it.

So where are we?

Well, Liddy has said he has asked for a portion of the bonuses to be returned, and we hear that some people are returning all of the bonus. I commend them for that.

For those who do not want to return any portion of the bonuses, and are really content with Congress taking up time tomorrow for the House to try to tax 90% of these bonuses, and the Senate to try to tax 70% of these bonuses, I humbly submit that you are making matters worse for yourselves, your professional future, and your own profession. Frankly, Congress has lots of work to do to fix the economy that all these exotic products destroyed. It doesn't really have the time to do something it really does not want to do ideologically - and that is impose taxes of this magnitude. Shockingly, neither party wants to do this ideologically. But they will.

Respectfully, you bonus recipients are missing the entire forest for the trees. When the Government gets "tax happy" - watch out!

If this wasn't so important, and so sad, this would be a real soap opera.

Is This For Real? Republicans Support The Bill But Don't Want To Vote For It?

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Is this for real?

Senator Specter says some of his colleagues support the bill but don't want to vote for it.

Huh? Are they kidding?

And politicians wonder why the general public by and large despises politics ?

So, if Senator Specter's colleagues are supportive but unwilling to vote, am I to understand that the House Republicans again provided not one vote in favor of the bill not because they have a substantial point of difference, but because they just don't want to vote for it?

So Republicans would rather have history record that they did nothing to help the people because they have elections coming up?

Is that what politicians get voted in to do? Stay in office by any means necessary, including doing nothing for the people who elected them?

So what's the point of democracy if you aren't going to say and do something constructive for the people? Are Republicans reading the world economic and political news? Do they understand what has been on the line since this crisis started? Is this going to go on for the next four years? Opposing just to oppose when so much is on the line?

Memo to House and Senate Republicans: Please think of the people you represent - all of them.

Read the Article at HuffingtonPost

Hip Hip Hooray for Democracy!

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Tonight, thanks to all the Senate Democrats - especially Ted Kennedy who returned specifically for this vote - and Republicans Senators Olympia Snowe (Maine), Susan Collins (Maine) and Arlen Specter (Pennsylvania), the US and the world is one gigantic step closer to stability, closer to recovery, closer to job creation, and closer to the return of "normalcy".

Yes, tonight was the indicative vote on the Stimulus Bill but it was indicative that it would pass with 61 votes. Tomorrow is the real vote.

Whatever the motivations of the Republicans, they found something they could live with. They were willing to keep talking until they did, but did so quickly recognizing the urgency of the problem. Democracy did well tonight. And in all of US history, this period will be one of the most pivotal and the names Snowe, Collins and Specter will be recorded for having placed their priorities in the right place - at least trying to do something for the people.

After tomorrow, it will be up to the House to reconcile their differences. Let's hope for even more people who want to be on the right side of history. And let's hope for another good day for Democracy.

Yes, President Obama - Tell Them!

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President Obama says "The time for talk is over. The time for action is now."

Watch him in this video courtesy of MSNBC. It is worth watching.

Also, in a different piece in today's Washington Post: The Action Americans Need, he spells it all out. And please check out the very last line: "The writer is the president of the United States". That he is!

Senator Harry Reid now says he has the votes to pass a stimulus bill. Today, CNBC reported that passage may come next week. Let's get on with it!

Is America no longer at war? Did I miss the announcement?

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No, really? Is America still fighting a war in two countries, and fighting terror and facing international threats? That must be all over because I can see no other reason for this incessant delay in passing the stimulus bill.

Look, I get politics and politicians. I had the privilege of serving in the Senate. I understand the need, and the responsibility more importantly to be heard and to speak up. Making law is an extremely serious responsibility that can make or break a person's life, and an entire society. I understand the need to represent your constituents. But what is going on? Is this really what you are all doing?

Honestly, I am lost. Last I heard, America was at war. Economic instability cannot be helping your military strength. You need money to fight, and economic power to negotiate. If you have economic stability in a global interconnected world, there is more incentive to find peaceful solutions since all countries have a vested interest in find opportunities for their own economies to grow - i.e., markets and people who can afford to consume their goods and services. Maybe you don't remember when the world was more polarized and we were not so interconnected - when people did not see advantages of trade. Do you remember what they did? They just preferred to conquer.

I thought the internal bickering stops at the water's edge. I thought the country was united in the face of a foreign threat. Does no one make the connection between economic stability and ability to defend themselves?

You know what the problem is? Job security. Yes, the people with the power to pass the stimulus bill have job security. Unless there is a revolution, or they are found to be corrupt, they cannot be removed. They have to be voted out on a certain date in the future by law. And that's democracy and democracy is good. But somehow, there is a major disconnect between the people who are guaranteed monthly cheques for a number of years to come and those who have lost their jobs and others who fear every moment of every day if they are going to lose their jobs tomorrow or the next day. Somehow, Congress seems to be missing the day to day reality of the rest of the population they serve who do not have job security, and are becoming paralyzed with fear of the unknown. Every day that the Congress does not act, they are making the situation worse.

Congress needs to find something that it can live with and do it quickly. Bad law is worse than no law. But no law is worse than inaction. As long as you are not behaving in an unconstitutional manner and affecting the rights of your citizens, you can find middle ground. Law is never perfect, but it can be sufficiently effective. If you don't ever get pass round 1, how will you get to round 2? When will anything else get done if the economy becomes frozen?

Here's a video of President Obama explaining what is in the stimulus and what it is intended to achieve.

You have to be independent to have a Congress. Perhaps Congress should give some thought to whether its own job security is on the line.