This week the big issue has been regarding AIG’s reported hundreds of millions in bonuses to executives who drove them into their demise. When that news broke, Americans demanded something to be done, and congress acted. The Democratic-led House purposed HR1586 which was approved by a 328-93 vote. ("yes" votes were 243 Democrats and 85 Republicans, with 6 Democrats and 87 Republicans opposed) This was to impose a 90% "punishment tax" on bonuses given to employees with family incomes above $250,000 at AIG (and other companies that received at least $5.0 billion in government bailout money).
Great news! Finally our elected officials are doing something to help out the “hockey moms and Joe the plumbers”.
WRONG!!
First off: the bonuses were STATED in the bailout package but was ignored or missed by our elected officials. My take, Congress knew about this and when the news media found out, our elected representatives needed to throw the blame on someone else, and who better than the “evil villains in the banking system”. Then the media packaged that message in a neat little spoon full and shoved it down our throats.
Second, and more importantly: "No Bill of Attainder or ex post facto Law shall be passed" (Article 1, Sec 9.), basically legislation punishing or penalizing a specific person or group without a trial. In the Federalist Papers #44, James Madison wrote in 1788, "Bills of attainder, ex-post-facto laws, and laws impairing the obligation of contracts, are contrary to the first principles of the social compact, and to every principle of sound legislation."
Last Word: This is not change we can believe in; this is the same rhetoric that we have dealt with for too long. You can’t fix your mistake by offering a retroactive solution. That’s like the Pope saying some crazy like you can deter AIDS by just be abstinent… (Wait, what? he did say that? wow, I miss JP2)
This move by our elected officials is nothing but a cheap political stunt which belittles our entire political and judicial systems. I am ashamed by the democrats’ decision to become the Robin Hood-want to be party, this move is UNETHICAL and UNCONSTITUTIONAL. So why don’t you stop going to dinners/lunches and other social escapades and do some actual work. Stop having your Legislative aides and interns do all your work while you shake hands in a three piece suit. If you talk the talk, you better walk that walk.
Refusing to be manipulated by fear,
Kdubs
(Alexander Hamilton)
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