Thy Name is Inconsistency

Posted by KelmandKirk at 3/17/2009 7:04 AM
Categories: uncategorized
***Yesterday we told you about this gem from the SJR editorial board:  The SJR doesn't want politicians or voters to focus on earmarks.  Afterall, says the paper of record in Springfield, pork projects for one community is a solid public works project for another.  Besides, the SJR says: It’s time to give this issue a rest and focus on fixing the banking system, health-care reform, energy independence and other critical issues. Debating earmarks is as much of a waste of time as proponents claim the actual earmarks are a waste of money. Eliminating them does little to balance the budget or reduce our national debt.

Today we get this:   The federal government now owns 80 percent of AIG and has contributed $170 billion to shore up the company, whose reckless selling of credit default swaps (insurance policies on the toxic housing assets held by banks, which AIG couldn’t pay out) sparked its demise.

THAT'S WHY it’s hard to believe that the government can do nothing to prevent $165 million in bonuses from going to derivative traders who are responsible for billions in losses.

Outrage over these contractually obligated bonuses is understandable. Most Americans don’t work at jobs where failure is rewarded.


So, the SJR wants all of us to ignore $7.7 BILLION in earmarks in the $410 BILLION spending bill that The Obama signed last week.  Don't get distracted by the $7.7 BILLION dollars.  It's a waste of time, says the paper of record for Spfld.  Eliminating the earmarks will do little to balance the budget...

But, today they want us to be OUTRAGED at the AIG bonuses and they want the money paid back to the US Taxpayers.

Let's do some SIMPLE MATH, shall we:

The SJR loves the earmarks - OK, $7.7B of $410B is about 2% of the overall spending plan.  Of course, this is money that we taxpayers will never see again.  BUT, the SJR believes that it is silly for us peons to complain about 2% of the spending.

The SJR hates AIG - OK, $156M for the bonuses out of the $170B, approx, that AIG has rcv'd from the US Taxpayers.  That equals about .0009 or 9/100ths of 1% of the AIG bailout.  This is what we are supposed to be outraged by, says the SJR.

Oh, and the AIG bailout is a LOAN.  According to The Obama and the Congress, the US Taxpayers are supposed to get ALL OF THIS MONEY back at some point.  All of it.  Including the $156M in bonuses.

Does anyone at AIG deserve a bonus?  I don't know.  You don't know.  The Obama doesn't know.  Chuck Schumber doesn't know.  This is why govt. shouldn't be in the business of controlling businesses - they don't know what they are doing.

Based on media reports, perhaps AIG should've foregone bonuses this year for the PR value.  Agreed.  However, for the SJR and the Administration to get all bent out of shape and take the HOLIER-THAN-THOU attitude is doing exactly what the SJR scolded us taxpayers for on Sunday. 

The AIG bonuses are a diversion from the real theivery that is taking place every day at the hands of The Obama and the Dem Congress.  Don't be fooled, like the SJR.


***Oh.  Happy St. Patrick's Day


 

What did you think of this article?




Trackbacks
Trackback specific URL for this post
  • No trackbacks exist for this post.
Comments
Display comments as (Linear | Threaded)

Leave a comment

 Name

 Email (will not be published)

 Website

Your comment is 0 characters limited to 3000 characters.