But The New Republic more often than not supports neoliberal positions and neoliberals, whether or not those positions and individuals are good for the country.
And speaking of Summers and his cohorts, how about AIG?
Maybe I have become infected with that dreaded political disease, "group-think." I am as fed up with AIG as I have ever been at any American company since Enron, and maybe even including Enron. I hope it is not merely because I have been told by every elected official, every news reader, everyone, that I should feel this way. I would hate to become so wooly-pated that someone might confuse me with a marino.
The idea that these outrageous bonuses that this bankrupt company is paying to their executives out of OUR pockets constitute some kind of unbreakable contractual obligations is palpable nonsense. It's just an excuse, and a bad one at that. It's almost as if Summers or Geithner asked them to provide an excuse, ANY excuse, and they could try to make it fly no matter how wacky it was. They made the auto companies break their contracts with the unions, right? Those weren't as binding? Unlike GM, this company engaged in utterly irresponsible behavior and was instrumental in CAUSING our current financial problems. They should go bankrupt. They should already BE bankrupt. Unlike GM, this mess was, in fairly large measure, AIG's fault.
There are so many options to stop this that I have no way to list them all. Tax those bonuses at a 100% rate, which might be the best option because they could do that to ALL bonuses -- not just AIG's -- above a certain amount, or any amount paid by companies that are losing money. Take over AIG's obligations to policy holders at pennies on the dollar and let the rest of the company go belly-up Chapter 7, which is probably the most just and fair outcome. Mandate that AIG receive no further help unless these bonuses are NOT paid, and let the poor "betrayed' millionaire executives try to sue to compel payment. Those court proceedings would be a real hoot!
Or storm their offices with torches and pitchforks and drag the bonus recipients, and the executives who ordered them, out by their feet. Indeed, this last might be my personal preference. Looters deserve looting -- an eye for an eye.
If this is not stopped my confidence in Obama's power and wisdom will wane. I'm really quite ticked off.
I have said repeatedly Obama's sentiments are neoliberal, not progressive or even liberal. And if he doesn't ditch the neoliberalism and neoliberals like Geithner and Summers, he will fail as president.
Then we will be REALLY screwed.
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