There is no better way of starting off this article then heeding the words of Mark Twain…
“Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it.”
Had mark Twain been here to witness Congress’ actions this past week he would concluded, as I do, we have a collection of imbeciles in Washington and no smart people.
Forget for the moment about the ‘dog and pony show’ over the AIG’s bonuses because the imbeciles had a herd mentality of being stampeded by the masses (who are asses) in what was an obvious display of CYA.
The imbeciles in Washington along with our amateur President have set into motion the idea of taxing all bonuses above $250,000 on everyone and every business and it doesn’t matter whether or not you received government money or not.
The “unintended consequences” are so far reaching to our economic well being that it is mindboggling and will grantee economic stagnation for the foreseeable future.
For those who can, they will pack up and leave this country as fast as they can for greener pastures and take with them the very life blood of our economy, investor who invest. And without investor who invest in new ideas and businesses you have nothing.
Now I understand the imbeciles in the White House are designing a plan for private investors to partner up with the government in buying ‘toxic assets.’
Does anyone in the world really think that investors are going to want anything to do with this government after watching Congress in action last week? Not as long as the inmates are running the asylum.
This government is spinning out of control and are dragging us down their Marxist’s sewer with them.
The New New Plan — Same As the Old Plan
The newest plan to undo the legion of toxic junk sitting on the balance sheets of the major financial institutions is, well, the same old junky plan. First there was the M-LEC, a Citigroup-proffered, Paulson-pushed plan to junk all of the junk. It was followed by the TARP, the modified TARP, the completely changed TARP, the GARP (Geithner Asset Relief Program), and now this amalgam. And it relies on the same formula as all of the other plans — somehow getting the nation’s big financial institutions to accept the idea of selling off all of the stuff they’re holding on their books at a value that doesn’t stink for them, but somehow also satisfies the private investors who would be expected to buy into this mess of junk.
SideBear: As of Sunday the administration had no takers.
U.S. Rounding Up Investors to Buy Bad Assets
Obama administration officials worked Sunday to persuade reluctant private investors to buy as much as $1 trillion in troubled mortgages and related assets from banks, with government help. . . . But some executives at private equity firms and hedge funds, who were briefed on the plan Sunday afternoon, are anxious about the recent uproar over millions of dollars in bonus payments made to executives of the American International Group. Some of them have told administration officials that they would participate only if the government guaranteed that it would not set compensation limits on the firms, according to people briefed on the conversations. The executives also expressed worries about whether disclosure and governance rules could be added retroactively to the program by Congress, these people said.
Administration seeks increase in oversight of executive pay
WASHINGTON: The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.
The outlines of the plan are expected to be unveiled this week in preparation for President Barack Obama’s first foreign summit meeting in early April.
Increasing oversight of executive pay has been under consideration for some time, but the decision was made in recent days as public fury over bonuses has spilled into the regulatory effort.
The officials said that the administration was still debating the details of its plan, including how broadly it should be applied and how far it could range beyond simple reporting requirements. Depending on the outcome of the discussions, the administration could seek to put the changes into effect through regulations rather than through legislation.
SideBear: One has to wonder whether there are any ADULTS WIITH BRAINS in this administration.