Friday, March 20, 2009

Dumb and dumber

What the heck are they doing now? Since when did Congress decide it was going to major in idiocy? For our next act, we are doing stupid pet tricks. Roll over and play dead.

I understand that they are aggravated. They are really aggravated. They screwed up by passing a bill that permitted enormous payments to those we feel are most responsible for the mess we call our economy. But don't clean up your poo by adding more poo on top of it.

"Members of both parties raised doubt about whether the legislation could survive a court challenge, saying it was tantamount to a retroactive 'bill of attainder" which is banned by the Constitution. Even backers of the bill acknowledged it amounted to an extraordinary use of the tax". (New York Times, March 20, 2009, House Approves 90% Tax on Bonuses After Bailouts).

When did the Congressmen and Congresswomen become constitutional experts? I guess in the hour they debated this bill they all completed a course in tax law and Constitutional law. I guess they are also experts on the environment, the health care system and the myriad other matters on which they wax eloquent and vote often. I would suggest that most of them never even read the versions of the underlying bill relating to executive compensation before and after being " Chris Dodded".

It is scary to think that we entrust our well being on a daily basis to people who believe that this latest cover our backs action is the best we can come up with for a solution to the problem. In these times of crisis we are entrusting them to deal rationally with trillions of dollars that are needed to keep us from falling to the bottom of the well. If this is the way Congress responds in a moment of panic then heaven help us all.

Hire the best contract lawyers in the world to support the position that the underlying agreements permitting the bonuses were fundamentally flawed and should be overturned. Create legislation without loopholes that prohibits companies from paying exorbitant sums by way of salaries, bonuses, or gifts to your Aunt and Uncle on any FUTURE monies given to these companies receiving funds from the American public. Tax EVERYONE at the highest reasonable rate imaginable who makes a lot of money. Don't do it by playing this shell game. It stinks, and makes us all look like 3 year olds throwing a temper tantrum.


Anonymous said...

How about putting some democracy into executive compensation- let shareholders decide beyond certain caps. Ted

Robert said...

A most reasonable alternative from a most astute thinker.