The bonuses of the big bad evil banking industry must not only be minimized, maligned and shamed but our Government must tax the workers 90% of what they receive after $250,000. They’ll get what’s coming to them I tell you! Recently Rep. Barney Frank and US Sen. Chris Dodd practically had a melt down over the $165 million bonuses. This is precious given that these two wonders of science helped create the sub prime mortgage crisis Sub prime Mortgage Crisis.
This week I interviewed Frank Salvatto who talked about his experience with the “Chicago Way” where means always justify the ends, where lying, bribes and diversion are a way of life in politics. He talked of Obama being born out of this inbred and well coordinated culture of compromise and deception. Check out his telling article.
Let’s look at some of this trickery and deception.
We have heard for months now the tantrums about the huge bonuses of the evil bankers. We have also heard how these big banks are failing and begging for money from congress. Well, of course we were all ticked off at the notion these big dogs would get big bonuses when they were on the Government hand out list which you and I pay for.
There are only a few small problems with our national rage and desperation for revenge against these jerks. We have all been manipulated and played. We were all supposed to think the major banks were greedy, begging for money while giving out ridiculous bonuses. We were all supposed to be in a rage enough that we forgot that the democrats i.e. Rep. Barney Frank and U.S. Sen. Chris Dodd directly caused the sub prime mortgage melt down and that the Democrats under Bill Clinton changed laws to pressure and practically threaten banks to give ridiculous loans to unqualified people who couldn’t pay Bill Clinton’s roll in mortgage meltdown. We weren’t supposed to notice the man behind the curtain. This way if we were good little, submissive and angry citizens the Government could steal more money with a 90% tax and control and run the big banks. After all they needed reforms and reigned in didn’t they?
There is only a small problem with all this. It’s not true! I made a few calls this week to very reputable and ethical contacts in the banking industry. They shared a few details neither the media nor this congress would bother to tell us. One of those small details is that all the top banking institutions in our country were ordered to take the 5 Billion each hand out from Tarp funds or no one could take any. A few banks did need it so it put incredible pressure on all of them. It was all or nothing. At least three of the big banks testified that they didn’t need or want the money and they had plenty of reserves. Congress gave them the speech….you all take the 5 billion each or no one gets a thing. They didn’t want the money, nor the controls from congress………..oh well, guess again.
My sources then shared with me that this new bill H.R. 1586 which would charge an employee a 90% tax after $250,000 would decimate the banking industry. The reason this is said to be so destructive is that most of the banking employees in the investment realm earn most of their money with commissions and bonuses. Most of the workers have small base salaries and depend on commissions and bonuses to have an incentive to achieve and make anything of significance. My two sources readily admitted that there is some greed and craziness with some bankers at AIG etc….but the proportional reality of this is that it is with a few not the majority.
I’m all for money being monitored carefully by the Government if it is requested by an industry for an emergency. However, it is a tad different when the entire banking industry has been forced to take 5 Billion each or else. Their employees literally are having any achievement and performance incentive ripped from their hands. This is clearly an immoral and fascist over reach and act of revenge on AIG translated to a whole industry for purposes of taking more banking control.
These bonuses in H.R. 1586 are also retroactive which offers oppression and control on yet another dimension. One of my contacts told me of his Supervisor’s concern that he had already spent his last years bonus on his kids school tuition etc…..now he and many employees like him will have to go into debt to find and return the money.
Violation of our constitution
This kind of bill is also a constitutional violation. This seems to be clearly a bill of Attainder targeting a specific group of people and this is prohibited by Article 1, Section 9, Clause 3 of the Constitution. Does anyone in this congress and administration remember that document or even know what it says?
Finally, grabbing up a tax rate of 90% is psychotically high! This type of crazy tax rate hasn’t been seen since the Kennedy Administration. This would set a dangerous precedent for targeting revenge and control schemes with sky high interest rates for other groups who get caught in the cross hairs Bill of Attainder/tax Rate.
© 2009 Dr. Laurie Roth – All Rights Reserved