Monday, March 16, 2009

Obama needs to fire his economic team, stop the bailout-funded bonuses

Yesterday I posted a reminder on the abomination that was written by Senator Chris Dodd last fall - the 450 page bailout bill that began with Bush. But the post addressed several concerns, including this thought:

I say Obama should add Summers to the list of people who need to be fired. Obama can give Larry his pink slip just as soon as he signs walking papers for Bernanke and Geithner.

And today I continued thinking more and more about the post and got increasingly angry with what's happening. From my perspective, firing Larry "We are a country of law" Summers and his two cronies isn't enough. I want them gone today and I want an apology from President Obama for Mr. Summers' highly misleading statements. This stuff has got to stop. And while I actually kinda liked him, my affinity for President Obama has worn quite thin. I'm sick and tired of these bailouts for the rich and powerful. And Obama is the only who can stop it. But maybe he's learning?

This morning the NYTimes reported that Obama was bracing for a populist backlash against these AIG bonuses. And by tonight Obama was directing Geithner to try to stop the bonuses.

But ya know something... I don't want Mr. Geithner to try to stop the bonuses. He must stop the bonuses. And if he doesn't, I'm done with Obama. I'll have had enough of him. And FWIW... others are quickly losing patience with him. When it comes to these obscene bonuses and all the bailouts too... you can consider me in bed with the SEIU this Thursday:

The SEIU is right. Enough is enough.

Mr. Obama needs to man up and quit the nonsense about "We are a country of law." No Mr. Obama! The law was rewritten last year. And you wrongly voted for the bailout* and did nothing to fight the other various bailouts.

The fact is that AIG would be bankrupt today if these endless bailouts hadn't happened. So I request that you stop the bonuses, then fire your entire economic team (starting with Bernanke, Geithner and Summers), then start to learn about monetary policy before you continue down this path of destroying the dollar, inflating the currency and hurting those most in need through The Fed's inflationary policies.

Tim White

* But that's nothing new... he opposed the US Constitution last year when he voted in favor of a bill of attainder.


Anonymous said...

I believe the bonus payout excesses at AIG are just the tip of the iceberg of what is happening with the other Wall Street bailouts including Bank of America. Working productive Americans are bailing out the same crooks that destroyed our economy along with 45% of the wealth in the world. Now the American taxpayers and our posterity will be forced to live a far lower standard of living with reduced prosperity and opportunities due to the accumulated national debt to fund the bailouts and once again we will pay the price.

Washington has bailed out the banks, Wall Street & their Washington special interests and much of the cost is added to the national debt to by paid by this and future generations while real estate and investments continue to fall. I believe Washington plans to monetize the debt in future years while they tax and destroy our remaining wealth by depreciating the dollar.

To stop this wealth attack, the Campaign to Cancel the Washington National Debt By 12/21/2012 Constitutional Amendment is beginning now in the U.S. See:

Pro said...

FALLOUT GROWS: Those who voted for the stimulus supported the clause to protect the AIG's bonuses. Obama's Own Stimulus Bill Protects the AIG Bonuses He Now Condemns —