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Milton J. Madison - An American Refugee Now Living in China, Where Liberty is Ascending

Federalism, Free Markets and the Liberty To Let One's Mind Wander. I Am Very Worried About the Fate of Liberty in the USA, Where Government is Taking people's Lives ____________________________________________________________________________________________ "Extremism in defense of liberty is no vice. Tolerance in the face of tyranny is no virtue." -Barry Goldwater-

Saturday, March 21, 2009

The Obamessiah screws up big time.....

I want to go line by line through every item in the Federal budget and eliminate programs that don’t work, and make sure that those that do work work better and cheaper.

-Sen. Barack Obama, NBC Presidential Debate, Nashville, TN, 10/7/08-
Ok, line-by-line. This is change that we can believe in.
President Barack Obama said he was surprised when he learned about the bonuses paid to employees of American International Group Inc. after the troubled insurer had to be rescued with taxpayer funds and vowed to recoup the money.

"Stunned is the word," Obama said last night in an interview on NBC’s "The Tonight Show with Jay Leno."
Shocked. Shocked I tell you.
From page H1412 of the Final Stimulus Bill, “SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE:

"(iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a writte employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary."
Whoopsie daisy, I guess he did not read the bill line-by-line, or maybe he or his Renfields did not read it all all. Maybe the Obamessiah confused this line item with the Obamabucks that were going to the "Friends" of the Democratic party for getting these foolish people elected.

Apparently this clause was written into the Porkulus bill at the behest of Treasury by the ethically challenged Chris Dodd and jammed through Congress under the push by the Campaigner-in-chief and the boneheaded Democratic congress.

Now that they have been caught looking wildly stupid, they are now trying to abrogate these contracts, that were reported in AIG's SEC filings before the middle of last year, and has been public knowledge for many many months. There are several problems with this:
1. If one tries to nullify contracts, no matter how heinous, outside the courts or rule of law, one destroys the strength of all contracts and weakens the ability to conduct commerce.
2. By focusing on small class of people for punishment, if the public allows this, then it opens up the government's ability to target other groups for similar retribution. Maybe the next group will be Journalists that do not do what the government wants or some other group that does not acquiesce to government desire.
3. Qualified people will leave those institutions that receive the hostility and go to others that are not subject to it. Those that are less qualified will stay and it will be more-and-more difficult to fill positions within a broad group of companies.
We have come to expect this kind of class warfare from our public officials and attempting to punish some people does not raise the lot of the others.

I find this whole thing so incredibly funny as government again proves that it is even less than incompetent and is completely incapable to effectively intervene in business. Also, the Obamessiah's populism and his inability to fathom or grasp what needs to be done is hilarious. He seems completely out of touch with reality. I wish we had the "incompetence" of Bush over the incompetence of the Obamessiah. At least Bush would have been able to explain and would have stood behind the concept of contract, taking bullets and angst if need be. Populist Kleptocrats, oh I mean Democrats, are incapable of doing so. Bush would have taken bullets whereas the Campaigner-n-Chief is like a deer in the headlights. An embarrassment. Laughingstock of the world is what he is.

How funny will it be when the government sues AIG over this. These idiots will be suing themselves since they already own 80% of company. The government owns AIG. Ha ha ha. Does Congress even know what AIG does?

Also, imagine all the screw-ups we have in store when this clown gets a hold of healthcare!!!! Ha ha ha. Americans elected a complete incompetent.

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