Read the rest here. HT: Cafe Hayek.
Here's an idea: If you stop nationalizing banks, there will be no need to engage in phony-baloney indignation over bonus payments anymore.
This cockamamie populism in Washington really hit its stride when Iowa Republican Sen. Charles Grassley suggested that AIG execs who earned bonuses should "follow the Japanese example and come before the American people and take that deep bow and say, I'm sorry, and then either do one of two things: resign or go commit suicide."
C'mon. If suicide were a proper penalty for piddling away taxpayer dollars, the National Mall would look just like Jonestown after refreshments.
These same senators who voted to nationalize banks with nary a pre-condition are also, apparently, stupendously talented actors. After all, most of these senators voted for a bill that contained a provision that specifically protected bonuses that were agreed upon before Feb 11. in the bank bailout legislation.
How is it that all those who cast votes on this provision — because, we imagine, no trustworthy lawmaker would vote for legislation they hadn't vigorously examined — are now threatening a "special" tax to snag AIG bonuses? Not only is it dishonest, it also means they, in a breathtaking abuse of power, believe using punitive taxation to appropriate someone's salary is a legitimate function of government.
Wednesday, March 18, 2009
If the federal government weren't nationalizing banks, bonuses wouldn't be a problem for anyone other than shareholders, who are the ones supposed to be minding their own shops. Here is David Harsanyi on the ridiculous spectacle of congressmen who specifically protected these bonuses in the bank bailout legislation lecturing AIG for paying them: