Sunday, March 22, 2009

What Took Them So Damned Long?


It's not as if corporate greed is a new phenomenon. It just got out of control during the Reagan/Friedman/Laffer years of supply side economics then went into hyper drive during the Bush administration. It's not as if leading economists such as Paul Krugman kept from us the fact that while pay for rank and file workers have gone up exactly 1% in the last several decades, executive pay is now, on average, 400 times greater than those of rank and file workers.

We were outraged last fall when we found out AIG had spent $440,000 on a retreat at the St. Regis resort in California and was about to blow several hundreds of thousands of dollars more on another.

So how come Congress is just now getting off its ass and doing something about reining in executive compensation for bailed out companies by strengthening the oversight process? The Democratic party, which obviously was more enthusiastic about the $700 billion TARP program, has been in control of Congress since early January of 2007. While they set several pre-existing conditions before disbursing the first half of the bail out money, there plainly weren't enough. And what few conditions there were, Hank Paulson effectively ignored when the money passed through his hands and into the grasping paws of his old friends in the corporate sector.

The result? Banks that were supposed to be using their share of the TARP money to free up liquidity and help unfreeze the credit market stopped making loans even to qualified applicants. The money flooded into Wall Street under the ridiculous Reagan-era assumption that it would soon trickle into Main Street. Now the Connecticut Attorney General is telling us that AIG did not disburse $165 million in executive bonuses to the very same people who landed AIG, its shareholders and clients into this mess, but over $210 million.

Yet only now is Congress getting outraged enough to mount their moral high horse after having completely ignored history. It's a history that tells us when government adopts a laissez faire, hands off tactic with the corporate sector, when there is little or no oversight and completely deregulated, the man on the street will get reamed.

If we could trust corporate executives, they wouldn't continue lining their pockets for tanking their companies such as what we saw at Merrill Lynch and AIG. We wouldn't be hearing people like AIG CEO Ed Liddy telling us that the bonuses were "distasteful" but, hey, what are you gonna do? It's out of my hands. Howz about we give back, say, half so we can still keep over $100,000,000?

This housing/credit/stock market crunch that's dragging the rest of the economy into its black hole should serve as a durable, if not everlasting object lesson as to the futility, stupidity and naivete of assuming that corporate executives could and should be trusted to be responsible captains of industry, that the free market will ensure the viability of both Main and Wall Streets.

History obviously tells us otherwise. And we all know what George Santayana would've said about not heeding the lessons of history. Except, We the People are doomed to repeat it while companies like AIG continue doing business as usual. And business, at least regarding their vast personal finances, is very, very good.

7 Comments:

At March 22, 2009 at 1:08 PM, Anonymous Anonymous said...

gee, i could SWEAR i just recently read that you don't care about politics any more. what a relief that you were wrong. keep coming back as often as you can. we, all of us, need you and your voice and your passion.
barbara

 
At March 22, 2009 at 1:23 PM, Blogger jurassicpork said...

I just wanted to get a few more thoughts out there without having any idea of how much Internet access I'll have in the coming weeks and months.

I mean, March 19th came and went without my not writing about the anniversary or even being aware that it was the 19th.

Consider this possibly my last hurrah. And this isn't my best post, by far. I've gotten rusty.

 
At March 22, 2009 at 4:14 PM, Anonymous Anonymous said...

write what you can, when you can. you still matter.
we don't need your writing to be your best, we just need your writing. btw, where IS that paypal button?
best, Barbara

 
At March 22, 2009 at 5:08 PM, Blogger jurassicpork said...

Barb: To tell you the truth, I wouldn't even know how go about setting up a Paypal account. Right now, I haven't even a bank account. Then if I get money (and maybe I'd get a few bucks in the beginning and it would peter out to nothing) I'd feel pressured to come up with quality content to justify the kindness and generosity of my readers. Besides, times are tough for everyone. This would be an inappropriate time to ask for money.

I can't guarantee I'll even have regular internet access.

 
At March 22, 2009 at 9:26 PM, Anonymous Anonymous said...

i know, i know, i know, i don't have a bank account anymore either. we just want you to be happy and productive. we're not going to be standing over you with whips saying, where's our impassioned prose, dammit? we just want you writing and we are willing to contribute to the cause if that would make it easier for you. pls check it out. BP

 
At March 23, 2009 at 1:26 AM, Blogger John said...

It was not all corporate greed that led to the m,ess we find our economy in. The SEC was told not to bother AIG at all. Not one minute of regulation should be spent on AIG. The politicians walk hand in hand with the corrupt be-atches at AIG. They are one and the same.

 
At March 23, 2009 at 11:28 AM, Anonymous Anonymous said...

JP,
I'm on your side, but how can you exist without a bank account?
Gzumcro!

 

Post a Comment

Links to this post:

Create a Link

<< Home

All Time Classics

  • Our Worse Half: The 25 Most Embarrassing States.
  • The Missing Security Tapes From the World Trade Center.
  • It's a Blunderful Life.
  • The Civil War II
  • Sweet Jesus, I Hate America
  • Top Ten Conservative Books
  • I Am Mr. Ed
  • Glenn Beck: Racist, Hate Monger, Comedian
  • The Ten Worst Music Videos of all Time
  • Assclowns of the Week

  • Links to the first 33 Assclowns of the Week.
  • Links to Assclowns of the Week 38-63.
  • #99: Dr. Strangehate edition
  • #98: Get Bentghazi edition
  • #97: SNAPping Your Fingers at the Poor edition
  • #96: Treat or Treat, Kiss My Ass edition
  • #95: Monumental Stupidity double-sized edition
  • #94: House of 'Tards edition
  • #93: You Da Bomb! edition.
  • #92: Akin to a Fool edition.
  • #91: Aurora Moronealis edition.
  • #90: Keep Your Gubmint Hands Off My High Pre'mums and Deductibles! edition.
  • #89: Occupy the Catbird Seat/Thanksgiving edition.
  • #88: Heil Hitler edition.
  • #87: Let Sleeping Elephants Lie edition.
  • #86: the Maniacs edition.
  • #85: The Top 50 Assclowns of 2010 edition.
  • #(19)84: Midterm Madness edition.
  • #83: Spill, Baby, Spill! edition.
  • #82: Leave Corporations Alone, They’re People! edition.
  • #81: Hatin' on Haiti edition.
  • #80: Don't Get Your Panties in a Twist edition.
  • #79: Top 50 Assclowns of 2009 edition.
  • #78: Nattering Nabobs of Negativism edition.
  • #77: ...And Justice For Once edition.
  • #76: Reading Tea Leaves/Labor Day edition.
  • #75: Diamond Jubilee/Inaugural Edition
  • #74: Dropping the Crystal Ball Edition
  • #73: The Twelve Assclowns of Christmas Edition
  • #72: Trick or Treat Election Day Edition
  • #71: Grand Theft Autocrats Edition
  • #70: Soulless Corporations and the Politicians Who Love Them Edition
  • Top 10 Secret Service Security Breaches
  • Top 10 LA Radio Shows That Are Rated Higher Than Rush Limbaugh's
  • Top 10 Reasons Operation American Spring Went Flat
  • Top Ten Facts of the MH370 Air Disaster
  • Top 10 Tips for GOP Congressmen Running Against Women
  • Top 10 Signs Walmart's Mistreating its Workers
  • Top 10 Diversions John McCain Found During Syria Hearing
  • Top 10 George Zimmerman Excuses for Speeding.
  • Top 10 Reasons Paula Deen Got Fired by the Food Network
  • Top Ten Ways Pope Francis is Deviating From Convention
  • Top 10 Reasons For the Pope's Resignation
  • Top 10 Emails Hacked From the Bush Family's Email Accounts
  • Top 10 Lies Told by Mitt Romney at the 2nd Debate.
  • Top 10 Examples of How Hard the Campaign Trail is on Ann D. Romney.
  • Top 10 Ways to Tell The Boston Red Sox Are Finished.
  • Top 10 Things Mitt May be Hiding in His Tax Returns.
  • Top 10 Events at the Romney Olympics.
  • Mitt Romney's Top 10 Wild & Crazy Moments.
  • Top Ten Reasons Why Dick Cheney Got a Heart Transplant.
  • Top 10 Facts About Tonight's New England/Denver Game.
  • My Top 10 Resolutions.
  • Top 10 Rejected Slogans of the Romney Campaign.
  • Top 10 Reasons Herman Cain Suspended His Campaign.
  • Top 10 Trending Topics on Twitter During #OWS Eviction.
  • Top 10 Herman Cain Pickup Lines.
  • Top 10 Changes Since Anthony Weiner Decided to Resign.
  • Top 10 Inaccuracies re bin Laden's Death.
  • Top 10 Ways to Prevent a TSA Patdown.
  • Top Ten Things Not to Say When You're Pulled Over.
  • Top 10 Reasons Why Donald Trump Bowed Out of the Presidential Race.
  • Top 10 Ways Evangelicals Will Prepare for the Rapture II.
  • Top 10 Revelations in Today's Parliament Inquiry into News Corp.
  • Top 10 Reasons Why There Was No Vote on the Debt Ceiling Last Night.
  • Top 10 Revelations in Dick Cheney's Upcoming Memoir.
  • Top Ten Ways Americans Will Observe the 10th Anniversary of 9/11.
  • Top Ten Advances in Women's Rights in Saudi Arabia.
  • Top Ten Inaccuracies in Bill O'Reilly's Book About Lincoln.
  • Top Ten Suggestions From the Cat Food Commission.
  • Top Ten Worst Moments in George W. Bush's Presidency.
  • Top Ten Facts in George W. Bush's Memoir.
  • Top Ten Reasons Terry Jones Postponed His Koran Burning
  • Top 10 Causes for Dick Cheney's Congestive Heart Failure
  • Top Ten Ways That Jan Brewer Will Celebrate Cinco de Mayo
  • Top Ten Demands in Sarah Palin's Contract
  • Top Ten Whoppers in Karl Rove's New Book
  • Top 10 Items Left Behind in Rush Limbaugh's Apartment
  • Top Ten Things Barack Obama said to Rush Limbaugh in the Hospital
  • Top Ten Bizarre Promos Offered by the New Jersey Nets
  • Top 10 Bush Executive Orders Labor Wants President Obama to Repeal
  • George W. Bush's Top Ten Lesser Achievements
  • Boolean Bozoism

  • #19
  • #18
  • #17
  • #16
  • #15
  • #14
  • #13
  • #11
  • #10
  • Empire Of The Senseless.
  • Christwire.org: Conservative Values for an Unsaved World.
  • Esquire's Charles Pierce.
  • Brilliant @ Breakfast.
  • The Burning Platform.
  • The Rant.
  • Mock, Paper, Scissors.
  • James Petras.
  • Towle Road.
  • Avedon's Sideshow (the new site).
  • At Largely, Larisa Alexandrovna's place.
  • The Daily Howler.
  • The DCist.
  • Greg Palast.
  • Jon Swift. RIP, Al.
  • God is For Suckers.
  • Hullabaloo, Digby's place.
  • The Rude Pundit.
  • Driftglass.
  • Newshounds.
  • William Grigg, a great find.
  • Brad Blog.
  • Down With Tyranny!, Howie Klein's blog.
  • Wayne's World. Party time! Excellent!
  • Busted Knuckles, aka Ornery Bastard.
  • Mills River Progressive.
  • Right Wing Watch.
  • Earthbond Misfit.
  • Anosognosia.
  • Echidne of the Snakes.
  • They Gave Us a Republic.
  • The Gawker.
  • Outtake Online, Emmy-winner Charlotte Robinson's site.
  • The artist formerly known as Politits. The politics are still liberal.
  • Skippy, the Bush Kangaroo
  • No More Mr. Nice Blog.
  • Head On Radio Network, Bob Kincaid.
  • Spocko's Brain.
  • Pandagon.
  • Slackivist.
  • WTF Is It Now?
  • No Blood For Hubris.
  • Lydia Cornell, a very smart and accomplished lady.
  • Roger Ailes (the good one.)
  • BlondeSense.
  • The Smirking Chimp.
  • Hammer of the Blogs.
  • Vast Left Wing Conspiracy.
  • Argville.
  • Existentialist Cowboy.
  • The Progressive.
  • The Nation.
  • Mother Jones.
  • Vanity Fair.
  • Salon.com.
  • Raw Story.
  • Citizens For Legitimate Government.
  • News Finder.
  • Indy Media Center.
  • Lexis News.
  • Military Religious Freedom.
  • McClatchy Newspapers.
  • The New Yorker.
  • Bloggingheads TV, political vlogging.
  • Find Articles.com, the next-best thing to Nexis.
  • Altweeklies, for the news you won't get just anywhere.
  • The Smirking Chimp
  • Don Emmerich's Peace Blog
  • Wikileaks.
  • The Peoples' Voice.
  • Dictionary.com.
  • CIA World Fact Book.
  • IP address locator.
  • Tom Tomorrow's hilarious strip.
  • Babelfish, an instant, online translator. I love to translate Ann Coulter's site into German.
  • Newsmeat: Find out who's donating to whom.
  • Wikipedia.
  • Uncyclopedia.
  • anysoldier.com
  • Icasualties
  • Free Press
  • YouTube
  • The Bone Bridge.
  • Powered by Blogger

    http://DeeperLeft.com