How has a popular Democratic president with a convincing electoral mandate failed to translate the opportunities of recent events into the "change" for which voters clamored?
It seems every news story about the AIG bonuses now makes reference to anonymous death threats that are pouring into the company. I started making left-wing political cartoons one month after 9/11. I got my share of nasty emails.
Anybody who hasn't been living in a cave knows how bonuses got a bad name: excess and greed in large business. But what those of us in small business, where a bonus is a reward for a job well done?
What if the regulators were better rewarded for their efforts? Much better rewarded? What if they could keep some hefty percentage of the proceeds of every scam they uncovered, every scheme they shut down?
Tim Geithner's actions throughout his career, including his time as Treasury Secretary, are proof that the toxic thinking that got us into this mess is part of his DNA.
If AIG were to donate the 418 bonuses to charity, it would be a brilliant preemptive PR move to neutralize its current out of touch public persona. Here's what the money could provide.
New York is the national epicenter of ostentation and consumerism. Now those qualities are considered tasteless. Wealth has become a dirty word.
The indignation over AIG will serve a useful purpose if it focuses public attention on the much larger issue of the failure of the entire approach that Tim Geithner and Larry Summers are using to rescue the banking system.
The AIG "tax" bill passed by the House (and supported by President Obama) is retroactive. It taxes income at a special rate retroactively. Taking property without due process of law.
There was no risk management on Wall Street, there was mostly excessive risk-taking. And it was largely due to outsized bonuses that rewarded risky banking while penalizing minimally for losses.
Rather than allow these bonuses to remain intact or to take them away outright, how about deferring them until the companies and their troubled business units turn their financial fortunes around?
The fascinating thing about this Wall Street greed is that it is so deeply ingrained that neither the bankers themselves nor our economic leadership understands just how disgusting and dangerous it is.
Have things changed so dramatically that Obama will have room to dump his biggest campaign contributers overboard? That question will be answered in the coming weeks.
I appeared on ABC's World News Tonight and ABC's Nightline last night about the economic meltdown. You can watch the Nightline clip here. As I've w...
If there has ever been an example of "sow and ye shall reap" gone awry, it is the madcap stripping of the national treasure by those who have brought us to the edge of the cliff.
How long will and should Obama continue to defend Geithner in the face of the smoking gun proof of what he knew about AIG and when he knew it?