Bill Haling
Silverthorne

Back to: News
March 23, 2009
Follow News

Bill Haling: Where's the outrage?

President Obama has been in office just 60 days and we have tripled the nation's debt. Wow! All those that voted for change certainly got it " along with the rest of the taxpayers.

Everyone knows this depression is Bush's fault. "Give the stimulus time!" is the response. The Bush depression will take time for the Democrats to rescue this country. How long will it take for our children and grandchildren to pay for the excesses? Any outrage?

The news of AIG paying $165 million in executive bonuses has certainly created a lot of media attention and outrage. We are learning that AIG made political contributions of over $100,000 to both Sen. Dodd and Obama. What a surprise ! Maybe Dodd and Obama should be made to return these contributions.

What about the bonuses being paid by Fannie Mae and Freddie Mac?

Fran and Fred have either received or requested $238 billion bailout from the tax payers. Rep. Barney Frank has said the federal subsidy is a "free lunch." Apparently Frank does not know " There are no free lunches. Any outrage?

We now learn that Fran and Fred are going to pay their executive vice president and CEO $611,000 in addition to his annual salary of $676,000. This CEO received $260,000 retention bonus last year and is due to receive another $517,000 this year. Any outrage?

These government chartered firms have been very generous in their political contributions and executive benefits. Franklin Raines " former Clintonite " got a $140 million retirement package. Jamie Gorelick was paid $25 million for her contributions to Fannie Mae and Freddie Mac. Any outrage?

What has happened in the mortgage market is not only tragic, but demonstrates what happens due to the lack of regulation and greed.

Why are 92 percent of the legitimate mortgage holders going pay to bail out the other 8 percent subprime mortgages holders?

I know this may offend some readers, but seeing our president fly around the country when we are experiencing a national "catastrophe" reminds me of a cartoon character from my younger days. It was a small elephant that could fly. It had big ears and was very talkative.

I don't remember its name.


Explore Related Articles

The Summit Daily Updated Mar 23, 2009 12:43PM Published Mar 23, 2009 12:43PM Copyright 2009 The Summit Daily. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.