12/02/2008

No Country For Middle Age Men


"...AIG is the poster corporation of the unrepentant as it is now enjoying a bailout of its bailout, having burnt through the first $80 billion in little more than a month.

Even among those inclined to turn a blind eye to corporate crimes, there was disgust when AIG executives went on a corporate retreat at a California oceanfront resort, where private rooms for pets with silver water bowls filled with “Dog Perginon” go for $545 a night. Former AIG chief Maurice Greenberg is still living the high life, putting his name on a $50 million endowment at Yale, with Henry Kissinger claiming that his losing his job has been punishment enough..."

by Margaret Carlson
from CEOs Give Thanks to Hank This Thanksgiving

4 comments:

Roadkill said...

Sunny,

This is a subject upon which liberals and conservatives should be in lockstep agreement: we should not be using taxpayer funds to bail out failed and/or failing companies. Let these failures declare bankruptcy and reorganize -that is, let the invisible hand of the marketplace sort out the winners and the losers.

Both major parties are complicit in this immoral and unjustified transfer of national wealth to failing industries. Do not be surprised that the executives of these companies are squandering the bailout money; they have already demonstrated their irresponsibility and incompetence by driving their busiensses into the ground.

Let's all agree. Memo to Bush, Obama, and Congress: No more bailouts.

Sunny B said...

RK, do you think any of the bailouts that have happened are legally justified? Do you think the government is justified in expanding unemployment bennies and food stamp assistanace?

Roadkill said...

Sunny,

I don't know what you mean my legally justified bailouts. To be sure, it is not illegal for Congress to throw away taxpayers money...its just irresponsible.

I wonder how many Congressmen and Senators are investing their own personal assets in companies like the big 3 automakers, AIG, and citibank? I suspect none.

As for unemployment benefit extensions, just remember that whenever government subsidizes anything, we get more of it. So to be in favor of unemployment benefit extensions (and extensions are what we are talking about here, not the basic benifit) is to be in favor of getting more unemployment.

Food stamps? My take is that the entire program should be axed. Instead, let the goverment mandate that some perfectly dietarily balanced gruel be provided free to the public at every food retailer. Those people who are truely going hungry can fill up and cook a bland but nutritious meal. If they want something richer, they should redouble their efforts to get a job that can pay for the fast food and doritos. In the meantime, they will not starve, and in fact will probably improve both their diet and their physical well being.

Roadkill said...

Sunny,

I was hoping to hear your thoughts regarding whether US Reps and Senators who vote for bailing out the Big 3 should be expected to invest some of their own personal assets (and not just other people's money - i.e. taxpayer's money) in these failing companies. Do you think it would change any votes?