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"Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others."

Ayn Rand

Nobody's listening.

March 18, 2009 Archives

HOW BIG IS NEAL'S HEAD?

By
webwench
@ March 18, 2009 11:23 AM
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Just to give you an idea, Cristina is modeling a couple of his hats from Big Head Caps.


THIS JUST IN!

By
Neal Boortz
@ March 18, 2009 10:54 AM
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A video has just surfaced on youtube of the Octomom giving birth. The horror.


THE CLOWN SHOW CONTINUES

By
Neal Boortz
@ March 18, 2009 8:20 AM
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Today in Washington we are going to have a Congressional beat down of AIG CEO Edward Liddy. He is going to appear in front of a House financial services subcommittee. And I think we can safely say that he is going to get a less than pleasant welcome. Liddy is going to have to defend the concept of abiding by the terms of your contracts with your employees. Look for Maxine Waters ask Liddy some questions ..

"What is a contract?" would be a good start. Mensa Maxine is so darn good at this sort of stuff. We'll also be treated to some posturing from the man most responsible for this mess ... and that would be Barney Frank.

So it turns out that AIG paid bonuses of $1 million or more to 73 of its employees. Eleven of those bonuses went to former employees. The contracts were written in March 2008, and they guaranteed 100% of their 2007 pay for 2008. They were not based on performance. Apparently the top individual bonus was more than $6.4 million, and the top seven received more than $4 million each. Did these people really earn this money? Possibly not. But they were parties to a contract .. and if the money had not been paid they would have most certainly sued for it.

Here's something I'm guessing you don't know. The Financial Services Division of AIG is headquartered in Wilton, Conn. In Connecticut they have a little gem called the "Wage Act." This law says that if an employee has to sue for wages payable pursuant to a contract they recover twice the amount that is contractually owed. That would have meant $330 million instead of $165 million. Add some attorney's fees on top of that. So ... you're running AIG. What would YOU do?

Now ... here is just a sampling of some of the comments coming out of Washington.

I'm sure that Chuckie Schumer would like to have his way with Edward Liddy. Did you hear what he had to say about these AIG bonuses? If not, here's a brief synopsis of what Chuckie had to say on the Senate floor:

"My colleagues and I are sending a letter to [AIG CEO Edward] Liddy informing him that he can go right ahead and tell the employees that are scheduled to get bonuses that they should voluntarily return them. Because if they don't, we plan to tax virtually all of it. He should tell his employees that if they don't give the money back, we'll put in place a new law that will allow us to tax these bonuses at a very high rate so it is returned to its rightful owners, the taxpayers. So for those of you who are getting these bonuses be forewarned, you will not be getting to keep them."

He wasn't the only one who had something to say about these bonuses. Harry Reid declared on the Senate floor, "Recipients of these bonuses will not be able to keep all of their money."

And slobbering Barney can't let a good wealth-envy moment go to waste. He's still sputtering about all of these bonuses asserting, "The time has come to exercise our ownership rights. We own most of the company. And then say, as owner, 'No, I'm not paying you the bonus. You didn't perform. You didn't live up to this contract."

Oh and we're not done yet. Senate Finance Committee Chairman Max Baucus says, "They're not going to get the financial benefit of those bonuses."

And Ohio Democrat Tim Ryan introduced a bill into the House that would tax at 100% bonuses above $100,000 for any company receiving bailout money. Ryan says, "We will use any means necessary ... It boggles my mind how these executives can be so unaware of what the American people are going through." Democrat Rep Steve Israel also sponsored this bill. Israel says, "If we can't kill the bonuses, we'll tax the bonuses." He says, "American families shouldn't be forced to reward these professional financial failures with extravagant bonuses that could buy fancy cars and yachts ... AIG may not like it, but since they had to come to the federal government for help, the federal government now has a say in how they spend taxpayer money."

Another bill introduced by Democrat Rep Gary Peters would "create a 60 percent surtax on bonuses over $10,000 to any company in which the U.S. government has a 79 percent or greater equity stake in the company. Currently, AIG is the only company that meets this threshold."

This is an absolute orgy of pandering to wealth envy. In the meantime the government cruises along operating a Ponzi scheme that makes Bernie Madoff look like he's selling brushes door-to-door. That would be Social Security. Someday we're going to face a meltdown over this soon-to-be welfare program that is going to make AIG and Madoff look like two-bit operators.


THE CONSTITUTION NEED NOT APPLY

By
Neal Boortz
@ March 18, 2009 8:19 AM
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Does this ring a bell with anyone .. particularly anyone up there in Washington?

Article 1 Section 9

No Bill of Attainder or ex post facto Law shall be passed.

Article 1 Section 10

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

Yeah ... it's in our Constitution ... not that the constitution matters that much anymore.


I mean, c'mon folks. Are you listening to yourselves? The outrage over these bonuses from the general population .. the very people that put Barack Obama in the White House .. is filled with mind-numbing wealth envy.

I'm reading just one story about America's reaction to these evil, greedy AIG executives. Here is some of the reaction. Are you ready?

Tess Beauchamp runs a restaurant in Lubbock, Texas. She isn't going to cut AIG any slack, "I think this country has a serious problem with executive entitlement .. I think it's outrageous. I think this country could stand a redistribution of wealth and not to AIG executives or corporate execs, for that matter."

Gary Jarvis of Herron, Illinois lost his job as a forklift driver. He says that AIG executives are "not going to bleed to death because I'm not sure that they've got blood. I think it's ice water that runs through their veins ... To me, it's just stunning to think they're not even ashamed of their disgusting greed."

And then we get this line from Maria Panza-Villa. She asks, "Wasn't Obama supposed to fix this?"

I've said it before .. but in 40 years of talk radio I've never seen the level of hatred and envy against the wealth as intense as it is right now. I propose that everyone out there who hates the rich quit their jobs and go get one from a poor person.


YOU KNOW WHAT'S SAD?

By
Neal Boortz
@ March 18, 2009 8:17 AM
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What's sad is that more people in this country are shocked and horrified about the revelation that American Idol is fixed. More people are outraged that America won't get to choose the top four on American Idol, but they are not outraged that the man they have chosen to be president is spending this country into the ground. Or that Barney Frank and his wealth envy crew are on a mission to "recover" bonus money from AIG executives.

The Washington Times is reporting that the Obama administration is quietly ending the federal firearms program that allows pilots to carry guns if they've completed a federal-safety program.

This past week, the administration apparently diverted $2 million from the pilot training program to hire more supervisory staff, who will engage in field inspections of pilots. Since Barack Obama was elected, the approval process for pilots to carry guns on planes "slowed significantly." And with this move last week, the process has completely stalled.

The question is, why? As of right now, 12,000 pilots have been approved to carry guns. There are zero cases in which those pilots have improperly brandished or used those guns. Doesn't matter to PrezBO though. The Democrats are in charge, and Democrats don't like for the people they wish to control to be armed. All that simple.


O.B.A.M.A.

By
Neal Boortz
@ March 18, 2009 8:13 AM
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John from North Carolina spotted this, grabbed a pic and sent it in to us. See, you are not alone.


A LOT OF HATE MAIL ABOUT "GREED"

By
Neal Boortz
@ March 18, 2009 8:11 AM
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Webguy and Cristina tell me that there has been one common theme throughout most of the emails lately .. and that would be wealth envy. Particularly the word "greed" .. a word that few people can actually define. No surprise that wealth envy is on the increase ... the Democrats are feeding it with every committee hearing and press avail.

  • Name: Adam
    Subject: the execs pay
    Sir; what you fail to realize is that they never deserved to make millions. The pay difference from reg worker to exec was always too much of a difference. We set their living standard way to high in the first place and now we are correcting it. There is no reason in this world of poverty and poor that one person should make millions and fly around on private jets while the loan officer doing the bulk of the work gets paid 40,000. The execs mind was never worth millions. Jesus. It is time for a more fair world. And i don't have wealth envy; i work two jobs and am well on my way to making well over 100 grand a year and I don't envy anyone. However, I am willing to give up some of my pay to help the less fortunate. You're all just a bunch of "greedy American." Thats why the rest of the world hates us. I love your show but disagree on a lot.
     
  • Name:dave davis
    Subject:digging
    you need to add greed to the topics to avoid. i love your show and usual objective views and insights of national issues. However,your attempts to defend greed make you sound naive. the deeper you dig,the sillier it sounds. quit digging.
     
  • Name:Catherine Jones
    subject:AIG Retention Bonuses
    I used to be a religious listener to your show. I thought it was fair and balanced and you called out both Republicians and Democrats when it was deserved. After the 2008 elections, I no longer listen because I think fair and balanced no longer applies to your show. I know you will read this and laugh and make a joke about my public education. BTW: I graduated from a state college also. You did too, right?
    I tried listening again today. I was happy to see that your show continues to be unfair and unbalanced. Where was your outrage when the auto union contracts were voided? Were these contracts less important or less legally binding than the AIG contracts? Or, is it that contracts for blue collar workers are not writen with the same legal "ink" as contracts for white collar workers? The auto unions decided that saving their company (and hopefully, their jobs) was in the best interest of everyone, including the United States of America. The AIG executives are indeed the face of greed. I am outraged that tax payer money went to "retain" greed oriented people. I just wish they had used their "smarts" for the good of more than just themselves. If the bailout had been put to a vote, I would vote to let AIG fail! That way everyone would suffer and not just the people at the botton of the economic totem pole.
    I have never called or written your show. I decided to write because you would just shouted me down and not given me chance to make my point if I had called.

Note: I'm not aware that any auto workers contracts were voided. Concessions were granted, but no contracts voided. If AIG wanted to void those contracts they could have done so .. through Bankruptcy Court.


READING ASSIGNMENTS

By
Neal Boortz
@ March 18, 2009 8:10 AM
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Maureen Dowd says that the teleprompter is being pretty tough in Washington of late.

The Politico Whiteboard has a question today: Can Obama talk about anything other than AIG? I guess that depends on whoever is responsible for putting the words for Obama to say on the teleprompter.

With all this brouhaha in Washington right now over AIG bonuses, Chris Dodd is trying to undo the very executive compensation restrictions that he fought for in the economic stimulus bill.

Is Obama really going to yank the VA health benefits from our veterans? I guess if anyone would, this would be the guy.

A number of AIG executives are now resigning, thanks to the circus in Washington. They will be going to work for companies not under the thumb of Barney Frank.

What do companies like Intel and Lockheed Martin have to say about Barack Obama's policies? Something to the effect of "are you freaking serious?"

What is the actual cost of Barack Obama's plan to turn healthcare over to the government? Try $1.5 trillion over the next decade.

Reason Magazine explains how our government is stimulating us to death.

Remember when Barack Obama promised that his stimulus plan was going to save Caterpillar from laying off workers? Unfortunately that didn't turn out as he planned.

Guess what Americans aren't buying ... hybrid cars. But guess what politicians are forcing the car companies to produce .. hybrid cars. This is not how supply and demand works.

The AFL-CIO has promised RINO Arlen Specter that if he votes for this card check bill, they would help him survive his re-election. Yeah, no kidding. Will Specter cave? Does a hog love slop?

Do you want your healthcare system to be described as "third world"? Well then take a look at what is happening with Britain's National Health Service.

Here's some more comforting news. Russia has decided that it is going to rearm itself. Are they doing this because they recognize weakness in our current president?

Did you hear that liberal bloggers, political reporters, magazine writers, and policy wonks have an off-the-record online meeting space called JournoList?

Sheriff Joe out there in Maricopa County, Arizona says that there is no way in hell he is going to testify before a congressional committee about his alleged immigration enforcement abuses.

Rep. Corrine Brown of Florida just has to be one of the most braindead people in Washington. Here's her latest speech she gave on the House floor. I want to "gradulate?" "Okahoma?" "Coarch?" "Gusty play?" This is how they waste our time in Congress?


Jamie Dupree's Blog

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