Who are the Real Bad Guys Here?

My question is this: Just who is responsible for having the Wyden-Snowe Executive-Pay provision REMOVED from the stimulus bill and why?

From The Washington Independent

2/12/09 6:58 PM

The finance industry might be floundering, it might be broke, and it might be ringing the tin cup for federal help. But don’t say Wall Street has lost its sway over lawmakers on Capitol Hill.

Congress agreed on a final stimulus plan yesterday, but not before stripping out a provision forcing bailed-out banks to repay 2008 bonuses. Under the provision, sponsored by Sens. Ron Wyden (D-Ore.) and Olympia Snowe (R-Maine), companies receiving funding under the Troubled Asset Relief Program (TARP) would be forced to repay Washington for any 2008 bonuses in excess of $100,000, or pay a 35-percent tax on funds not returned. Wyden is vowing to continue the push to have it passed. From his statement:

Wall Street’s clout continues unabated in Washington, despite having wrecked our economy,” said Wyden. “I am unbelievably disappointed, but I want it understood that I will be back again and again to recover for taxpayers the exorbitant Wall Street bonuses paid for with TARP money.

It wasn’t supposed to play out this way.

In the wake of reports revealing that Wall Street firms doled out billions in executive bonuses — even after they’d accepted hundreds of billions of federal dollars — lawmakers had vowed to take steps to ensure that TARP funds weren’t going straight into the pockets of the same folks who’d run the banks into the ground.

Indeed, the Senate stimulus bill included several provisions — added as amendments during the floor debate — to do just that. One provision, sponsored by Sen. Claire McCaskill (D-Mo.), would have capped executive compensation at $400,000. Another, sponsored by Sen. Christopher Dodd (D-Conn.), would have banned bonuses for the 25 highest-paid employees of companies receiving TARP funds. The Wyden-Snowe provision was included as well, but was sliced for reasons that still aren’t clear. The removal is strange, if only because the measure was expected to save the federal government more than $3 billion.

It’s unclear if the Dodd and McCaskill amendments made the cut. Apparently, a full 27 hours after a stimulus deal was announced, lawmakers are still haggling over the details of the bill.

And we sit back and allow people like Barney Frank, Nancy Pelosi, Gary Peters, Steny Hoyer, Charles Rangel, et al openly go after the people who received their lawfully contracted bonuses by threatening to subpoena their personal information and by initiating incredible tax legislation. This  insane tax amounts to nothing more than the government stealing, yes stealing lawfully earned money. What’s next?  ( MSNBC story here)

This is outrageous.

We had better wake up and get these hypocrites out of our government while we still can.

Rebel Yell: Taxpayers Revolt Against Gimme-Mania

by Michelle Malkin

There’s something in the air. It’s the smell of roasted pork. President Obama heralded the signing of the trillion-dollar “stimulus” bill in Denver and promoted his massive mortgage entitlement expansion in Mesa, Ariz., at tightly controlled campaign events. But outside the Secret Service perimeters, a raucous grassroots rebellion against Beltway spending binges has caught fire. The new Boston Tea Party is here, baby, and it’s doused in barbecue sauce.

The first revolt took place on Presidents Day in Smurf-blue Seattle, where mom-blogger Keli Carender hastily organized a downtown demonstration to oppose what they called the “stimulus rip-off.” A motley band of nearly 100 protesters — moms and their kids, college students, libertarians, taxpayer groups, GOP activists — raised their voices and dined on pulled pork (donated by yours truly). They assailed both the substance of the overstuffed stimulus package and the short-circuited, nontransparent process by which it was passed.

Some wore pig noses. Others waved Old Glory and “Don’t Tread on Me” flags. Their handmade signs read: “Say No to Generational Theft”; “Obama’$ Porkulu$ Wear$ Lip$tick”; and “I don’t want to pay for the SwindleUs! I’m only 10 years old!” The event was peaceful, save for an unhinged city-dweller who showed his tolerance by barging onto the speakers’ stage and giving a Nazi salute.

Carender, a newcomer to political activism, shared advice for other first-timers: “Basically, everyone, you just have to do it. Call up your police station or parks department and ask how you can obtain a permit, and then just start advertising. The word will spread. I am only one person, but with a little hard work this protest has become the efforts of a lot of people.”

Why bother? It’s for posterity’s sake. For the historical record. And hopefully it will spur others to move from the phones and computers to the streets. For Carender, it’s just the beginning. She gathered all the attendees’ e-mail addresses and will keep up the pressure.

“We need to show that we exist. Second, we need to show support for the Republicans and Democrats that voted against the porkulus. If they think, for one second, that they made a bad choice, we have no chance to fight. Third, it sends a message to Obama and Pelosi that we are awake and we know what’s happening and we are not going to take it lying down. It is a message saying, ‘Expect more opposition because we’re out here.’”

The anti-pork activists turned out in Denver, too. On Tuesday, while Obama cocooned himself at the city’s Museum of Nature and Science for the stimulus signing, a crowd of nearly 300 gathered on the Capitol steps on their lunch hour to flame-broil the spending bill and feast on roasted pig (also donated by yours truly). Jim Pfaff of Colorado’s fiscal conservative citizens group Americans for Prosperity condemned the “Ponzi scheme, Madoff style” stimulus and led the crowd in chants of “No more pork!” Free-market think-tank head Jon Caldara of the Independence Institute brought oversized checks representing the $30,000 stimulus debt load for American families.

On Wednesday in Mesa, local conservative talk station KFYI spearheaded a third large protest to welcome Obama as he unveiled a $100 billion to $200 billion program to bail out banks and beleaguered borrowers having trouble paying their mortgages. The entitlement theme played well last week in Florida, where Obama played Santa Claus to enraptured supporters shamelessly seeking government presents. But nearly 500 protesters in Mesa came to reject the savior-based economy with signs mocking gimme-mania.

Their posters jeered: “Give me Pelosi’s Plane”; “Annual Passes to Disneyland”; “Fund Bikini Wax Now”; “Stimulate the Economy: Give Me a Tummy Tuck”; “Free Beer for My Horses.”

And my favorite: “Give me liberty or at least a big-screen TV.”

Plans are underway for anti-stimulus-palooza protests in Overland Park, Kan., Nashville and New York — home of smug Democratic Sen. Chuck Schumer. Schumer’s derisive comment on the Senate floor about the “chattering classes” who oppose reckless spending has not been forgotten or forgiven. The insult spurred central Kentucky talk show host Leland Conway to organize a pork rind drive. Angry taxpayers bombarded the senator’s office with 1,500 bags of cracklins.

Disgraced Democratic Sen. John Edwards was right about one thing: There are two Americas. One America is full of moochers, big and small, corporate and individual, trampling over themselves with their hands out demanding endless bailouts. The other America is full of disgusted, hardworking citizens getting sick of being played for chumps and punished for practicing personal responsibility.

Now is the time for all good taxpayers to turn the tables on free-lunching countrymen and their enablers in Washington. Community organizing helped propel Barack Obama to the White House. It can work for fiscal conservatism, too.