March 18, 2009

Classless Warfare on AIG

Democrats have always used class warfare as a vote getting method. Class warfare in this sense meaning play off the poor and the middle class against the rich. Blame the rich, promise to punish the rich and watch the votes from the poor and middle class flood in. But while the mentality of "hang the rich" may have made sense in Marie Antoinette's France, in modern day America it is a baseless notion and a base instinct.

After all, the United States has a welfare system, as imperfect as it is. No one should be going hungry. No one should be homeless. True there are people who do, either by choice or by neglect. That is why it is an imperfect system. That and the fact that the welfare structure creates and reinforces a cycle of dependence.

More importantly though, those who create wealth for themselves, through the truism of Adam Smith's Invisible Hand, also create wealth for others by creating jobs. To punish them is to punish millions who depend on them for jobs or for products as cheaply and freely available as possible (with quality as another important factor). They are not saints nor are they martyrs. But they do help the economy.

It is against this backdrop that the AIG bonus scandal unfolds and the Doomocrats reveal their unrepentant classless warfare in order to maintain their supposed claim as champion of the little guy, as well as their hypocrisy with respect to the details of the controversy.

Consider the following;

-$20 billion of the AIG bailout went to European banks - talk about a lack of oversight.

-Chris Dodd hypocritically wants to get the bonus money back from these executives;

While the Senate constructed the $787 billion stimulus last month, Dodd unexpectedly added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009,” which exempts the very AIG bonuses Dodd and others are seeking to tax. The amendment is in the final version and is law.
-These bonuses were paid to employees (often executives) - people who worked in good faith towards a contractual obligation. Was it a poorly written contract that was set up to reward failure? Yes. Was it a legal and binding contract? Yes.

-Geithner knew about this issue as far back as last week or he was clued out about it when he should have been paying attention. Either way, it doesn't look good on him. Hiding from the fact to 'champion' the little guy, is more evidence of hypocrisy and deceit. What's worse - the Feds knew for months about it. There's a disconnect. So why the sudden fury over the bonuses weeks after the administration parceled out another $30 Billion for AIG?

-Chuck Schumer and Nancy Pelosi (among others) want to claw it back using the intimidation of the state. That is taxation without representation and truly institutionalized theft. It also smacks of Democrats refusing to admit to an error in oversight or in judgement.

-Finally President Obama is going on the tonight show because he is still either in campaign mode or in calm-and-trick-the-proletariat mode.

Given all that, what can we call the Dems except cynical vote hungry politicians without a conscience? Unfortunately the MSM won't get that point across to the public, it doesn't fit with their objectives. But if the shoe fits, wear it.

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