Where’s my bailout?!
Arguing over contracts equals bad business. Huh? Well the whole AIG thing is rediculous. Not in the way you may think based on all the bad press it received. The fact is that the company had contracts with it’s employees. It was smart business to fulfill those contracts and pay-out the bonuses. Otherwise they would have faced lawsuits. People are crying foul all over but come on. Seriously? We are in America. We force people to honor their contracts.
We need to stop bickering and get business back to normal. The fact is that we are wasting time fighting back and forth about crazy stuff, and bailing out the auto industry which does not deserve it in the first place which is causing us to get further into a mess. We are still not addressing the issue at hand. That issue is the hundreds of thousands of small businesses that are failing every single day because of a lack of customers, clients, and sales.
I’m sure there are multiple solutions. But until we start thinking of them then we are not doing anything helpful. It is like putting a band-aid over a bullet wound.
Tags: aig, America, auto industry, bailout, bickering, contract, contracts, economy, lawsuits, small businesses
Posted in Off-Topic, Running a business |
3 Responses to “Where’s my bailout?!”
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March 20th, 2009 at 1:58 pm
AIG did not put these bonuses in the contracts, Senator Dodd and Tim Geithner are responsible. They were either originally in Sen. Dodd’s bill or were slipped in at some point, but if the legislation wasn’t being shoved through Congress someone might have had time to read it. Timothy Geithner has no excuse why this should have happened under his watch, our own government is responsible.
That being said, it’s wrong to tax these people 90%. No matter how mad we are, we can’t legislate out of emotion, and it’s unconstitutional to pass a bill of attainder like this. Think about it: are you really comfortable having a House that was able to pass legislation taxing a group of people 90% so quickly? They did this within one day with ease; what’s going to happen if they decide WE need to be taxed more?
March 20th, 2009 at 2:10 pm
Agreed. The taxing was a bad call and only done to make “some” people look good. It is basically the modern version of a witch hunt to do so because the call was made to please an angry crowd.
March 20th, 2009 at 2:26 pm
Also, from what I understand, the bonuses were already there. The part which Senator Dodd and Tim Geithner were responsible for were placing the loophole in the legislation that allowed the bonuses to be paid out with the bailout money. But the contracts were already in place before that.