Ichiwawa!! Short-story version: Those useless waste-of-spaces up at AIG figured out a way to make themselves rich by basically selling thin air and are now being rewarded for their b-to-the-ullshit as the rest of the world watches their savings tank faster than a single girl’s sobriety at a gay bar.
Am I mad? Yer damn right I’m mad!
BUT, demanding the bonuses be taken back or creating some Terri Schiavo-esqe tax legislation to swat these sonsabitches’ testicles will not solve one iota of the problem that created this hellacious economic debacle. In fact, these demands are distracting from addressing the real issue – lack of regulation. And lemme tell you, the free marketeers are hoping this “populist tantrum” will do just that – create a huge spectacle refocusing Congress’ efforts away from bringing back appropriate regulation that would have prevented this mess in the first cotton-pickin’ place.
Derivatives once again need to be outawed – as they were back in the early 20th century. Phil Gramm and his little butt buddies in Congress brought forward legislation back in late 1999 – that Bill Clinton signed – deregulating derivatives. And these AIG jackasses sold them. Allowing someone to basically buy “insurance” that a company, such as Overstock.com, will go out of business when the purchaser has no interest in the company whatsoever makes absolutely no sense. It is legalized, unregulated gambling – especially when AIG claims falsely they could back this insurance. (If you need to learn more about derivatives, watch this 60 Minutes program.)
Why were they allowed to get away with this? Because the free-marketeers, “capitalism in its purist form is the best way to run the economy” peeps erased any power by the government to regulate or monitor these new “products” on the Wall Street Market.
Now, I don’t know about you – but I haven’t heard one word from Obama or Geithner regarding reinstating these market regulations. I haven’t heard Barney Frank or Chris Dodd or any of the main players “outraged” about the AIG bonuses calling for new legislation that would focus directly on these bubble schemes the idiots on Wall Street erected.
This is the moment, rife with public anger, to enact these regulations that will prevent the further shredding of our capitalist strength. A completely unfettered free market allows the know-hows to screw over the rest of us and bring everybody and their cousin down the toilet with them. We need these regulations. Without them, this Corporatocracy of America will continue to allow big biz to shit all over everyone who doesn’t have their hand in the pot.
So, tomorrow, when Bernanke and Geithner go before Congress, we need less talk about these AIG bonuses – they’re just red herrings – and more talk about the detriments of derivatives and short selling.