I was reading blogs this morning. I came across one offered by ABC News Senior Political Reporter, Jonathan Karl. You can read the entire entry here.
It shares this opening salvo…“The AIG Bonus Tax:”Give the money back or we’ll take it away”.
Now this is an interesting concept. The public is outraged that these employees are being rewarded. Elected officials are patiently standing in line, waiting their 2 minute soundbite opportunity.
The angry mob has gathered.
Do you really think let this throng loose will stop at AIG?
One of the ideas offered is that the employees that received these bonuses should just give back the money that is contractually theirs. The thought is that the contract they signed and the work they have done should be tossed aside and they should just – GIVE IT BACK.
Another idea being tossed around it to have the tax code changed so that the bonuses can be taxed at a rate of “95%”. This would certainly put the money back into the U.S. Treasury.
The only thing missing from all this uproar is a very bright caution sign.
Slippery Slope Ahead
Once we get past those nasty derivative creators, who should be next on the list? Once we trash the Constitution and get the nasty rule of law out of the way, which is the next group that will we vilify?
How about we move down the line. Let’s target the lenders. They made money on every loan. Some of them made lots of money making bad loans. It would make perfect sense to parade their greed over the television via all the talking heads. Don’t let anything like the facts get in the way. The public could become enraged and all the politicos could stand before microphones and denounce the actions and demand that all lenders and mortgage brokers return the money they earned on any loan that has defaulted.
GIVE IT BACK.
Give back those fees. Give back those points. Give back the money you were paid. It can go right down to the loan processors. Publish their names. Print every dollar earned in all newspapers. Release the home addresses. Send in the crowd. If that doesn’t work, well we will just change the tax code and tax earnings on loans that went into default at 95%. This will certainly put money back into the U.S. Treasury.
Don’t stop there. Next we should move to those greedy real estate brokers and agents. They made money on every transaction. Some of them made lots of money representing buyers that have since defaulted on their mortgage. In the spirit of continuing to trash the Constitution, we should parade their greed and avarice on all the major networks. Let the talking heads continue to share outrage. Give the elected officials another chance to rail against the horrible greed of someone accepting money that was contractually obligated. They could demand that all brokers and agents return any money earned on a transaction that involved a buyer that has since defaulted on the loan.
GIVE IT BACK
Give back those commission earnings. Give back that money earned to process paperwork. Give back those dollars paid at the table. Print the name and earnings by transaction of every broker and agent that represented a buyer that has since defaulted. List the home address of all those involved. Let the world know how much money was pocketed representing buyers that defaulted. If that doesn’t work, well we will just change the tax code again and tax all those earnings at 95%. This will certainly put money back into the U.S. Treasury.
The country as we know it…goes up in flames.
I suppose we can keep going down the list. We can gather in everyone in the entire cycle. I think if we play the hypothetical game, we will eventually reach the elected officials. They will have no one else to blame. It seems that they will be left with but one option.
They will just have to stand alone and fall on their sword.
Hmmmm……………..maybe we should rethink our outrage. Maybe we should see if we can not quell the angry mob. Maybe we should focus on the solution and stop taking our eye off of our goal. Maybe the crowd should be sent home and told……..let’s get on with the business of correcting our faults.
This is no way to resolve anything.
(the flag representing the Constitution) will only lead to something like this…..
If we keep saying GIVE IT BACK
There will be nothing to GIVE