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The Notorious AIG

Zack Rosen

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So I can’t really take credit for the title of this article; gotta give it to Jon Stewart in an episode of The Daily Show a couple weeks back when he had Bruce Springsteen on as his special guest.

Regardless, there is no doubt that the economy is in a terrible place right now. From what the Republicans say is Obama’s naïvety to what the Democrats blame on Bush’s unintelligence, it’s certainly somebody’s fault. But whose!?
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Senator Kent Conrad, D-N.D., chairman of the Senate Budget Committee, cautioned Treasury Secretary Tim Geithner that Americans are angry about the corporate bailouts.

Just a day before AIG would award $165 million in bonuses to about 400 employees, Conrad said had a message for America.

“I have never – in the 22 years I’ve been here, I’ve never seen such anger, with the sense of betrayal, that people in positions of responsibility took advantage of them. The outrage of people cannot be dismissed.”

A short while ago, the House of Representatives rushed a bill that would tax bonuses. Additionally, the  United States Senate made a similar proposal.

“The notion you’re going to get more money out of Congress to stabilize the financial system is a pipe-dream at this point,” said Jaret Seiberg, policy analyst at Concept Capital’s Washington Research Group. “Politically, it’s not possible to approve more cash and get re-elected.”

House Minority Leader John Boehner, R-Ohio, claims that Geithner is on “thin ice.” Boehner says that Geithner didn’t do enough early on to stop the bonuses. Democrats have been more measured in their criticism, saying last week that they wished Treasury did a better job of communicating with Capitol Hill.

What personally bothers me, however, are those groups of people – and yes, primiarly Repbulicans, who have been criticizing Obama from day one. Now, but no means do I say things are going smoothly – but there has been barely enough action for criticism, or merit, at this point.

My advice? Wait and see how things play out. Don’t judge incorrectly, and don’t defend or attack President Obama. Have faith that things will get fixed eventually. We’ve all seen, or heard, that it has hapened before. Years of bad economic flaws only to end in a good economic climate. The least we can do is acknowledge that we are all waiting for the good to return. And, as we do, we may as well keep paying into the Social Security program that our generation will likely never see.

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The Notorious AIG