I Agree With President Obama

Time for a positive post.

Here's the link: http://www-cgi.cnn.com/2009/POLITICS/03/22/obama.60.minutes/index.html

Here's the quote, on our President, President Obama:

The president also stressed that his administration won't endorse a House bill that would levy a 90 percent tax on bonuses paid out by companies that receive bailout money.

"As a general proposition, you don't want to be passing laws that are just targeting a handful of individuals," Obama said. "You want to pass laws that have some broad applicability ... you certainly don't want to use the tax code to punish people."

I think he's right. I think he's taking a good stand, and it's the stand i think he should be taking. I'm still not sure what AIG did that was wrong - the contracts were written that way, the government bailout plan said they could do it, and so they did it. It was all there. Sure, i think when you fail at your job maybe you shouldn't get a bonus, but it was perfectly legal and it was all spelled out up front. I can't believe the House and the Senate had nothing better to do last week than talk about $165 million.

At the risk of going negative, I just can't figure out what Senator Chris Dodd thought that legislation that allowed bonuses that had been written into contract prior to giving out bailout money to still be awarded, meant. Clearly he didn't understand that it meant that bonuses that had been written into the contract prior to giving out bailout money would still be awarded. And, magically, Geithner's crew now feels that there isn't a legal liability.