Prediction: Geithner Gone by April 1st

I can be wrong, but I want to be on record with this prediction.

Wednesday 3/19: Senator Chris Dodd blames the White House for changes to the executive pay restrictions in the recent stimulus plan, which allowed for the AIG bonuses. Dodd claimed to have no knowledge of the bonuses.

It wouldn't be terribly difficult for the White House to point the finger at Chris Dodd, due to his past record of unbelievable mortage deals from Countrywide, and receiving more political contributions from AIG in 2008 than EITHER presidential candidate.

But instead Treasury Secretary Timothy Geithner admits to specifically asking for a loophole allowing for the bonuses to go through, claiming he was afraid the government would get sued otherwise. As if the government has never been sued. Heck, AIG has already sued the US Government over a tax dispute; talk about biting the hand that's holding the I.V.

It seems pretty clear that the administration has asked Geithner to fall on his sword for this one. He's not particularly popular, nor is he seen as competent. This presents a perfect opportunity for the President to identify a scapegoat while throwing a weak link under the bus.

I will refrain from saying anything too negative against Secretary Geithner, because I know people who have met the man and have had only good things to say about him as a person and his intelligence. Besides, the problem will not go away with him, nor will it until we are able to put a stop to the reckless government intervention that is taking a recession - a natural economic phenomena - and using it as an opportunity to transform the economic landscape of the wealthiest and freest nation in the world.

This AIG nonsense is just a ruse to distract us and channel our anger somewhere other than the government. Where's the outrage over Nancy Pelosi refusing to hold a vote over abolishing automatic annual Congressional pay raises? They've done such a great job too, shouldn't their pay increases be done away with?

But I digress. How about Jamie Dimon as the new Treasury Secretary? Nevermind the fact that's he's too smart to take such a job.

Congress says "Tax AIG Bonuses"

There should be no argument from anyone that it's pretty disgusting to see AIG take taxpayer money from you and me, and uses it to reward failure by giving out more bonuses. These guys should never have gotten a dime from the government. This systemic failure is total nonsense; if a company fails let them fail. As a small business owner, I know that if I can't keep my doors open I'm not getting any free money.

HOWEVER - Don't start cheering when Chris Dodd and Nancy Pelosi start talking about taxing these bonuses at such a high rate rate that they get all the money back. Or Barnie Frank saying "We should start exercising our ownership rights." or that "We should take over the company."

The government was stupid enough to give these losers money - no strings attached. You can't change the rules after the fact. And by supporting the government into doing targeted taxing, you're walking down ANOTHER slippery slope. How long before they decide that other companies or industries should also be taxed extra, for whatever reason they see fit? What happens when they go after you?

Next time, let them fail. You can't expect a failed company to take money from the government and be successful. How many success stories are there of people who took welfare money and started a successful business with it?

Incidentally:
Chris Dodd and Barack Obama Top Recipients of AIG Contributions
Will they get taxed excessively on this too?

Churchill not Welcome in the White House

Why are we trying to buddy up with Russia and Iran while snubbing the UK?

I know this sounds like the start of a joke, but this a true story from earlier this week.

Barack Obama and Gordon Brown recently met and exchanged gifts. Mr. Brown gives the President "a pen holder carved from the timbers of the sister ship of the one the White House desk is made from and a first edition of a seven-volume biography of Winston Churchill"

Pretty thoughtful.

Obama's gift: 25 DVD's of classic American movies selected by the American Film Institute (AFI).

Don't get me wrong, I like old movies. But all I could find on Amazon and eBay was AFI's top 100 movies. What happened to the other 75? If I had to guess: The movies with Ronald Reagan and Charlton Heston were removed. After that went any movies that made capitalism look good.

But then again, what did Gordon Brown expect? A few weeks ago the President removed a bust of Winston Churchill from the Oval Office, loaned to the US from the UK after 9/11. It was another thoughtful gesture; a symbol of a man that stood for freedom and opposition to tyranny during some of the darkest days the free world has ever experienced.

Let's hope the Karl Marx bust hasn't yet arrived.