Nothing Like a Little Unconstitutional Tax

It's always nice to see our elected officials passing another unconstitutional bill. Seriously, what the hell are we paying these guys for? Even the most liberal President in history is looking at this bill and backing away, with advisors saying, "the House bill may go too far in terms of some -- some legal issues, constitutional validity, using the tax code to surgically punish a small group." It's always fun to see a Democrat actually remember the existence of our Constitution.

Passing a 90% tax on executive bonuses is just ridiculous. I know there is a lot of outrage out there right now, but directing death threats at AIG employees is not placing the outrage where it belongs. If you want to blame someone for the bonus 'scandal,' look no further than the people who are now up in arms about it: The US Congress.

The worthless Obama stimulus plan included language that specifically allowed this type of behavior. Everyone knew it, including that brainless git Geithner. Geithner then brazenly lied to the public, saying that he didn't find out about the bonuses until March 10th or so, when there was a raft of documentary evidence to the contrary.

Besides, regardless of how much Congress whines about it, they not only allowed for this behavior, they enabled it. How? Simple. They did not allow AIG to fail when they should have. By enforcing the idea of a bailout, they artificially prolonged the life of the company. It's not like AIG got into the predicament they are in through outstanding management. Had they been allowed to go bankrupt, how many bonuses do you think that company would be paying right now? That's right, NONE.

One thing I have rarely seen mentioned is that even if the bailout bill had included language to bar these companies from paying bonuses, these payments would not have been affected. No matter how powerful Congress believes it is, it does not have the power to abrogate contracts. As these bonus payments were already stipulated by contracts, they were going to be made as long as AIG was still in business.

If the 'geniuses' in Congress want to fix the economy, here's a tip. GET THE HELL OUT THE WAY. The market will fix itself without any help from you. It always has.