Obama’s AIG Outrage
Yesterday’s news of AIG executives receiving $165 million in bonus payments was indeed enraging. Even more troubling was the news that AIG paid out over $100 billion to Goldman Sachs – a private business with deep ties to the US Treasury.
Today, Barack Obama expressed “outrage” over the executives bonuses, urging Goldman Sachs insider and current Treasury Secretary Tim Geithner to use “all legal means to stop AIG bonuses“, going so far as threatening to withhold further TARP infusions.
I have only one thing to say to this. Mr. President, your “outrage” today is much too little coming much too late. If you actually had any kind of moral opposition to wasting taxpayers money like this, you would have voted against the original Bailout Bill back in October. But you didn’t. You came in from the campaign trail to vote FOR this morally reprehensible legislation along with your opponent, John McCain.
If you actually thought there might be a moral hazard to giving away billions of dollars from our children’s future you would have joined the vast majority of American citizens who called, faxed, emailed and rallied against the Bailout Bill before it was made law. But you did not.
Your words today are hollow and insulting to all of us who said in September that nothing good would come of the Bailout. It is too late now, Mr. Obama, to play at righteous indignation over something you helped create.
Also jumping on the outrage bandwagon are Ben Bernanke (who asked for and wrote the Bailout), Tim Geithner (who oversaw distribution of the Bailout), Larry Summers, NY Fed President (and ex-Goldman economist) William Dudley, Rep. Barney Frank, Sen. Bob Corker and others (who voted for the bailout).
Americans, if you are indeed outraged by what is being done with your money it is time you learn who your true friends are. The Campaign for Liberty, Lew Rockwell and the Mises Institute are among those who spoke out and coordinated efforts against the Bailout. In fact, these are the people who knew the housing bubble would pop, knew it would effect the whole economy and know that the actions being taken now to “rescue” the economy will only make matters worse. Isn’t it time you got to know your real friends?