http://apnews.myway.com/article/20090320/D9720I901.html
- - - FAIRFIELD, Conn. (AP) - Pillars of the community are now pariahs fearing for their safety in a ritzy area of Connecticut home to many executives at American International Group Inc. (AIG), hit with a backlash over bonuses it paid to top brass even as it accepted federal bailout money. The payouts to executives appear to have helped put a face on the economic struggles the country faces, and the anger targeting AIG is palpable. Death threats have been pouring in since the brouhaha broke, the company said, and its workers are taking no chances. "It's scary," one executive said, speaking on condition of anonymity because he feared retribution. "People are very, very nervous for their security." - - - The farce going on in Washington over these retention bonuses--the lying about who knew what, when, and the unprecedented attack on contract law and use of IRS as a weapon--is part of a broader movement afoot. Two days ago the Fed did something unfathomable... and the media *totally* ignored it. It pumped $1.2 trillion into the money supply backed by... uh, nothing. Fiat money, plain and simple. Not getting any takers in the international market for federal debt, they basically just printed it into existence. Keep in mind that there is only about $800 billion in circulation, and about $800 billion in reserves. Or rather, that was until two days ago. Most banks are sitting on bailout money because they don't have economic justification to spend it. Hence the high reserves, and government angst over their not spending it. But when conditions change and they all start pumping that money in circulation it is going to create hyperinflation of the kind not seen since the Weimar republic, or after the collapse of the Soviet Union. The banks are actually doing everyone a favor by not spending it as fast as expected. The purpose of the funny money cash injection is literally to force them to start spending sooner. The actions of Congress in response to the *contractually obligated* retention bonuses that were known for over a year and specifically exempted by the bailout legislation per Dodd (who blames some unspecified person in the Obama administration) must have been a circus to distract from the Fed's shocking and unprecedented action. But it was worse than that because it marked a low-water point in our politics, when the Congress went after specific individuals with an ex post facto law to tax their legally obtained income. It doesn't matter what any of us feel about the appropriateness of the bonuses... it is NONE OF OUR DAMN BUSINESS, so long as they were legal, which they unquestionably were. Factually every argument against the bonuses was false, and morally what is happening in Congress per the new Bolshevik (Democrat) and Menshevik (Republican) parties is reprehensible. We know these people aren't this stupid. They must know the fiscal and monetary policies being pushed through Congress and the Fed using this recession as an excuse will wreck our financial system, not fix it. They must know voiding mortgage contracts and bonus contracts by government decree will destroy contract law and inject the kid of uncertainty in business that used to be reserved for third world banana republics. They must know the only logical outcome of pumping monopoly money into the system at such a break-neck pace is devastating hyperinflation at some point, sooner rather than later. They must know that the constant chasing of fake money after bad will have long-lasting negative effects, that letting losers fail is the quickest, least damaging route in the long-term --- history has proven it time again. So why the resurrection of Keynes at a time when *there is no money to spend*!? Well look at what they are doing politically. The punitive ex post facto taxes on the bonuses is so unconstitutional it defies any rational defense. The atrocious "Give Act" that is being pushed through Congress quietly as we speak to create mandatory "volunteerism" not just for young people, but people of any age, with boot camps and uniforms and everything being part of the plan... The creation of a civilian "paramilitary" organization, promised by Obama in an obscure campaign speech, should horrify everyone. The stoking of class envy to the point where people are afraid for their lives and safety, not to mention property and income... Is this America anymore? No great gift of prevision is required to see what's happening. Totalitarianism is the new "Change". And "Change" is come to America. Heaven help us. - Bob _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
