Bonus Outrage is Politically Driven

Channel: C-SPAN
Date: 3/19/2009

Ron Paul: Today there is a lot of expression of outrage, and indeed there should be. I don’t believe that this resolution really addresses the real problem that we have. It looks like it is giving the administration an excuse by saying that he is only doing what we have asked him to do. And in many ways, this is true.

And the real fault, I think, falls with the Congress ever giving this money and allowing this to happen. But to excuse the administration and then complain about these bonuses and think that that can solve our problems… it just won’t do that.

The real outrage, I think, is the lack of monitoring of what we do. We give out money, we have no strings attached, we give out hundreds of billions of dollars, and we totally ignore what the Federal Reserve does, by it issuing literally trillions of dollars, and yet this is the emergency legislation.

This is politically driven, I happen to believe, and I think people would like to express their outrage, and they do. It’s an easy target picking on AIG, but we create these problems. We create them by doing things that are unconstitutional. We come up with these schemes and these expressions and excuses.

At the same time we don’t address the subject of why do we spend money, why do we allow a monetary system to operate without any supervision by the Congress. That’s what our real problem is, and someday we will address that and deal with this rather than doing it in a political way and saying, “Well, it’s not our fault, it’s their fault”.

In his appearance on Wednesday’s Freedom Watch Ron Paul talked more about his position on the hot topic of bonuses. He clarified that while Congress should act to get the bonus money back because it was stolen from taxpayers, it’s the entire bailout that should have never happened.

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  • http://aol.com Chase

    Why the hell should I have to submit an e-mail address? Anyway, going back to at least 1990, members of governments overseeing AIG allowed it to get away with defaulting on its debts. The selfishness of members of Congress taking bribes from banking corporations is such that, not only do they allow the companies to defaults on their debts, they even steal money from taxpayers to give it to them; and rationalize and lie by saying they didn’t know waht they were doing; or, that it’s the best thing to do for the national economy.

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  • Fluidly Unsure

    Ron Paul’s concern are valid, but there are other questions:

    Was this a “bonus” or a deferred payment of past work?

    Why would 1/1000th of the bailout be such a big deal? (http://xkcd.com/558/)

    Wasn’t the bailout an attempt to stop bankruptcy so they could keep their past contracts?

    Didn’t AIG’s reckless activities escalate when it succumbed to political pressure and fired it’s CEO?

    About the 90% tax. Didn’t the US income tax start as a temporary tax to get the ridiculously rich to pay for the debts of the civil war?

    But then maybe Obama is simply stimulating the physical security industry.
    (http://www.msnbc.msn.com/id/29802167/)

    Some other good points:
    (http://money.cnn.com/2009/03/19/news/economy/bonus_tax_policy/index.htm)

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  • carol

    Dr. Paul is right about this issue. Congress agreed to all these big handouts without even reading the bills they have passed. They have handed over their power to the executive branch and pass any bill handed down to them.

    Now they want to try to undo some of the damage by using this unconstitutional 90% tax. Taxpayer money should never have been given in the first place for all of these failed businesses. By giving this money to prop up poorly run businesses, other businesses are prevented from taking their place and doing a better job.

    This 90% tax is just grand standing by congress in an attempt to cover their incompetence, and to distract people from the real issue of all the tax payer money in the trillions given to prop up banks and the super rich.

    Wealth is being redistributed, and the rich are getting richer while the middle class tax payer is becoming extinct. Everyone is excited about a few hundred million and OVERLOOK the trillions that have been handed out to banks. How easily the American public is distracted by this trivial bonus issue, while their future children will be enslaved to pay off these big bailouts in the TRILLIONS.

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    • http://strictlycycles Wayne Shaw

      I agree with the above but even a bigger issue not surfaced yet is the Oil. We have over 200 years of Oil and Gas in Alaska and over 40 years in North Dakota. ALL CAPPED OFF. We will never use our own Oil because if we do the price will go to below $3.00 a barrel and .61 gas at the pumps and the World Bank would not let us not to mention the Maffia and the bought and paid for Congress. Right now all looks Ok at $50.00 a barrel but by the summer it will be $75.00-$80.00 and we will be back up to $4.00 Gas. the $781 Trillion will get dwafted by $75 Trillion a month leaving every month for the mid east. This is the BIGGEST TRANFER OF WEALTH EVER..and this will kill us. Not to mention China receiving a special letter of Iminent Domain as security for our loans. This should have been our Number 1 concern but it will never be addressed. You will only hear about the public complaining about the gas prices. Not knowing every Barrel of Oil bought, a portion of the cost goes to pay our National Debt. Kissinger saw to that and sold us down the river as did Nixon removing us from the Gold Standard. Unless we use our Own Oil (there is no Oil Shortage in the US) Our Auto Industry and Export Industry of OIL….we can sell our own OIL of $35.00 a barrel and make $32.00 a barrel and get some of our Money back! We should Not import one Drop of Oil ! We can then replace the Trillions Printed with no Value! Why are we not talking about this….because Congress is bought and Paid for by the Oil Companies and we haven’t built a NEW Oil Refinary in 40years.

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      • Sean

        You are dead wrong. The United states has been running out of oil since the sixties and alaska has been running out since before the 90’s… There are 3.5 billion barrels of oil in north dakota and there are only so many billion barrels of oil in alaska… We consume 20 million barrels a day. IF there were actually 10 billion barrels of oil left in the united states, it would only last 150 days, or a 1/3rd of a year. Its a general consensus across the scope that we will run out sooner than later.

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  • Dan D

    GO RON! Very well said, please keep speaking up for us Constitutionalists like you have been! Everything that comes out of your mouth makes total and complete sense. I can’t find the reason more Americans don’t believe in what you’re saying.

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