Time for some real old-time American populism — before The New Bonus Army marches on The Village. USAmericans are getting restless over the AIG bonuses that can’t be undone, Bernie Madoff’s hardships in pre-sentencing solitary confinement, the difficulty of having to wear a ten-year-old dress to a charity event. It’s time for STIM TWO: THE BONUSING.
A bonus for the rest of us. A little trickle-down from the BonusWorld Boys who have benefited for so long from this crooked, rotten economy of ours.
Here’s my proposal: one thousand dollars for every man, woman, and child who is a citizen of the United States, excluding the top ten percent who did just fine under The Bush Economic Miracle. Yes, I propose a one-grand payment to 270,000,000 Americans, at an approximate cost of $270,000,000,000. The United States Treasury can identify the top ten percent of taxpayers, since they did just fine during the past eight years, and then send everyone else a check for $1,000.
Call it the People’s Retention Bonus. You want to retain our silence, Mr Geithner? You want us to maintain our cool in the face of utter financial depravity among our elites? You want us to keep our torches unlit and our pitchforks unsharpened? Bribe us all, quickly and bravely, with a one-thousand-dollar keep-quiet-and-spend-this bonus. Charge the top ten percent of taxpayers a special surcharge. Call it the Off-With-Your-Heads-NOT excise tax.
Because we are angry. The news from BonusWorld has made us restive. You need to retain our goodwill, and quickly. You need to reward us for our good behavior. And, believe me, Mr Geithner, we have been well-behaved. Consider the alternatives: Sony executives held hostage in their offices while laid-off French workers demand better severance packages; middle-class Icelanders riot to demand some value be returned to them after their economy was looted by BonusWorld Boys; restless Greek youths ask, not so nicely, that general prosperity return to their land.
Things could get worse in America, Mr Geithner — and they could get worse for your pals very quickly. Better act now. Time to make a down payment to stop the Other Class from fighting back in the class war the upper class have waged on us since the 1980s.
It’s coming to America, Mr Geithner — and you need to spray some foam on these smoldering embers, not accelerant. The AIG bonuses are an accelerant, Tim. A Bonus for The Rest of Us might just keep scared and angry Americans at bay long enough for you to turn this ship around. Maybe.
Americans are living in dozens of tent cities.
Americans are forgoing medical tests and procedures.
Americans are paying outrageous debit card fees to access our unemployment benefits.
Americans are sending in seven hundred applications for one janitor’s job in Ohio.
It’s time to calm the people down, Mr Giethner, with one simple, immediate direct cash payment, regardless of how worried the Chinese premier is about our debt he’s holding.
The descamisados elected your boss. We want our shirts back, please.
Send one thousand dollars to every man, woman, and child in the bottom ninety percent of American taxpaying families. We need it. We’ll spend it. We’ll pump it into the economy immediately. And we might cut you some slack on your inability to make AIG obey you on bonuses. Because we’ll be breathing a little easier ourselves, for a change.
Just send money. Do it now.




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I may be for sale, but I don’t come cheap. It is going to cost them a lot more than a grand to keep me away from the sharp objects and inflammable liquids.
sign me up teddy!
Hi Teddy!
Hiya firepups!
Hey, Cassie!
How’s life treating you these days?
Yeah I’m angry and I want National Healthcare now we can pay for it by ending the wars in Iraq and Iran plus cutting military spending 20%.
Londo B5
Glen Beck is waiting back home thats the third front. America is no good to anyone until we get our act together.
Plus I want the $1,000 Teddy’s taking about:)
Answer quick because as the people get angrier the price goes up.
It’s a start, though, right?
Hi Suzanne
Hi Cassie!
Things are good. I’m on vacation for a week and back to blogging and hanging out.
Selection Sunday may not be the aptest time for this post. I am just saying with slight snark.
What Dr. Dick said!
Seriously, I think the expanded commercial loan facility is meant to be that bonus.
Yeah how come regular Americans go to payday loan companies and bankers get bonuses?
Hey Snark how’s school?
Dugg, Teddy!
A down payment only. They need to institute a lot of economic reforms as well. Dramatically raise the top marginal tax rate (at least 50%, like it was for most of my life), tax all income the same (including capital gains and inheritances), slam the lid on credit card interest with stringent usury laws and prevent them from changing the terms of the agreement without direct cause, push through cram down measures on mortgages, pass card check and other laws to protect and strengthen the ability of workers to organize, stricter worker protection laws with strict enforcement ….
And I am just getting started. I am all about all out class war and if they give us this, maybe we can let them keep the shirts on their backs.
School’s great.
Teddy, mustn’t omit from your litany of woe Americans trampling each other trying to be “America’s Next Top Model.” Those heels hurt like a bitch and I imagine the people getting stepped on think so too.
edited Comment from an other thread but it fits
Cramer gets TDS treatment people applaud, Bernard Madoff goes to jail people applaud, . I see a Pavlovian response being created here.
The next step is that people will want to applaud.
Bankers with bonuses getting dark public fates.
Tumbrels ho!
Oh, come on Teddy.
Aren’t ya just thrilled to get that extra 13 forking dollars a week on yer paycheck Like I am?
Shoot, that is enough to get a half case of cheap beer so I can anesthetize myself against think about the Billions of dollars these bastards are getting for running their corporations into the ground.
/s, / give a fuck, (open) survival mode.
The GOP the Neocons need to understand the rich don’t get drafted they don’t fight wars sure John McCain but did Bush, Cheney, any Kagan, Neocon, Bush Twin, Rush, O’Reily, Beck etc?
No so the rich need to pay higher taxes.
Much higher taxes. I like Ike’s top marginal rate – 90% on income over $250K. In a couple of decades that might almost pay for some of the damage that these aristocratic asshats have inflicted on our country to feed their greed.
The names of the recipients of these bonuses at AIG need to be revealed. Still having a job is too good of a bonus as it is for these a**holes.
A thousand bucks doesn’t even start to cover the payback due us. Divites este!
They’d just flee the country. Be nobody left but us poor fucks and we don’t have any experience running things… Probably end up electing some yokel from the Redneck Comedy Tour… No wait, we already did that.
We need to make an effort to try a bottom-up solution. Shoving money at the oligarchs isn’t working.
Hah! Where would they go? Europe and Japan also have high tax rates (and actually collect more of it) and nowhere else has the infrastructure to support the life styles they have become accustomed to.
What does that mean?
I should also add, that based on actual performance, we could hardly do a worse job of running things than they have.
The rich need to be kept out of elite schools unless they earn the position. We can’t have Bushies ridding the small school bus to Harvard leading us anymore.
We need to fully fund college so colleges don’t need to rely on legacy admissions for cash anymore.
Merit not inbreeding and cash should determine who gets in to schools.
America cannot survive the Genius of the Strausian Elite in war or economic policy anymore.
They are stick-up artists: pay our bonus or we’ll destroy the economy.
It’s PJ O’Rourke writ large (buy this magazine or we’ll kill this dog).
“Eat the rich.”
I think Rush has an architect drawing up plans for a (sexy, smooth, naked, young) boys school in the DR. He undoubtedly wants to be head master.
Cancelling all student loan debt would be a good start.
Now that’s a great idea.
$1,000 would almost cover the cost of stephanie’s community college courses for this quarter
Hey its very fair my Uncle dodged the draft in WW 2 he could never come back to America nor my grandparents.
Bush getting into the Texas National guard the way he did? Its the exact same thing.
A 90% tax rate for your life its fair. My Grandma lost everything going back to Mexico but she kept her son.
Your money or your life seems a fair choice its unfair for the rich to keep both and for us to risk both because the rich tell us to.
I think he might find living there much less pleasant than an occasional visit. Body guards, armored limos, and security perimeters are expensive.
Agreed any ideas?
I think we’re looking at numbers that a far and away too small. We have given roughly two trillion in bailout bucks already with the Federal Reserve kicking in another 1.7 trillion that they won’t even talk to us about. $3,000 per head just might make a dent, but better yet, just pay off everyone’s mortgage and credit cards. Wipe the slate clean and begin all over again. if we can print money with careless abandon, just keep those printing presses going 24/7 and we’ll get there.
Lot cheaper there than here. More bang for his ill-gotten (young) bucks.
I’ve been really responsible (one car, paid in full – 5 years left on a 15 year mortgage on a house which cost half what our RE agent said we could afford)
I guess that means I shouldn’t get a bonus
The whole bonus system as far as I can see is predicated on making certain to reward foolish monetary decisions.
We should just subsidize slot machines.
Everybody gets a day of free pulls.
I like it. I really do think that the old communist system (in the idealized form rather than in actual practice) was the best system for education. Free universal comprehensive education for everyone all the way through advanced graduate degrees if your test scores qualified. That was on top of a substantial living stipend for all students (no need to work).
More fear there, however. The rabble fight back down there.
An educated populace might hit on the notion of holding it’s leaders accountable. In addition, it would have the potential of depleting church coffers. Mustn’t let either of those things happen.
Right
The rich don’t want to leave – they just threaten
Fact is that they would be there already if they wanted
(see Figure A – They are rich)
Cool beans!
Edit has returned
Cool a few more ideas and we will have a
manifestolist of demandsa way to save money and pay our debts a better way that the Chinese will like.End the wars in Iraq and Afghanistan cut military spending 20% that cash we save can pay for national healthcare which is cheaper than our current system.
Plus the banks are in trouble because of bad home loans?
The number one cause of not paying you home loans Medical emergencies you can’t afford.
So save money stabilize the root cause not the symptoms of bank failure use the extra to prevent inflation and keep the Chinese from loosing their investment.
After a couple drive-by scattershots – I’m off to sleep
Exactly!
I need to rest up for a busy week of sloth and indolence. Nighters to all.
Piker. Cut defense spending by 50% and we are still outspending anyone else in the world by a large margin and close to outspending everybody else – combined!
Schools get rid of the legacies means more room for qualified Chinese, American, everybody to be students at Harvard. The Chinese love education.
Night mack and ratfood. Pleasant dreams of bankers roasting on an open fire.
I’d like it to be us trickling down on them for a change.
The reality of the New Deal, which the conservatives and lords of the universe have forgotten, is that Roosevelt felt that was the minimum reforms necessary to prevent the possibility a socialist revolution in the US.
Love it, Teddy – thanks for this post. And – thanks to
BarryPBO’s failure to figure out a $2.7 trillion dollar hole in demand required a $2.7 trillion stimulus plug, not a $.9 trillion dollar patch – we’re still short $1.8 trillion worth of the stimulus spending required to avert complete economic depression.That’s enough room for roughly seven total repeats of the $.27 trillion package you wisely propose. Disbursed every six months, I think that would take us through…um…October of 2012?
Now that’s math even
BarryPBO can understand.The rich elected Bush they should pay. You think that you are being punished for the smart choices you made for success?
Well time to make another choice do bankers get bonuses for loosing money or do the people get some cash.
People need help they are loosing their homes the rich get richer the poor get poorer if nothing is done about it.
Thats why my family left Mexico.
True success is security enough to entertain the desire to help others.
And with that 1000 dollars we can start to pay off the 1.144 Quadrillion in derivatives we owe.
Time for me to head out as well. Another week of corrupting young minds ahead of me.
Ok if I’m a piker then you should do a Diary and explain what we can do with a 50% cut in military spending:)
sob I can’t believe I’ve been out lefted
I’m a socialist and (generally) a pacifist.
Helicopter Ben didn’t like it when Steve mentioned “printing money” on 60 Minutes tonight.
I’m joking :)
And ’show text’ too!
Nice math, Kirk
It was hard enough living through the morning talk shows listening to Summers over using the word outrageous while the wrinkles on his face shot upward as he turned into a laughing prune, only having to suffer further listening to the bearded one. Next comes the Ballard Of Timothy Geithner. I kid you not. Enjoy!
http://www.youtube.com/watch?v…..annel_page
How about playing some hardball? Giethner controls the IRS, right? How about writing a special rule just for 2008 taxes that for employees of organizations that had to be bailed out by the federal government, any excess cash bonus over and above salary shall be taxed at, oh, let’s see, 99%. Wouldn’t that see a lot of squealing around AIG and Merrill.
Don’t see Geithner having the cohones for this kind of thing though.
Damn, I missed it. What Helicopter Ben fails to recognize is that the banks are in a liquidity trap. Per the Wikipedia:
Ben missed the highlighted part of the lecture and has instead been helicoptering freshly printed money to the bankers, who “prefer to keep assets in short-term cash bank accounts rather than making long-term investments, [which] makes a recession even more severe, and can contribute to deflation.”
But, come the turnaround all trillion dollars that he recently printed will hit the streets at once, setting off a wave of inflation.
sounds like a great idea BUT the division that is scheduled to receive the bonus is the London office……. what are the odds that they pay US taxes?
Obama’s econ team is the pits.
Trying to give him the benefit of the doubt:
I’m wondering, setting aside the possibility that Obama is for maintaining the traditional place for financial service types (on top and completely in control) for the moment, did he get stuck with a bad team because he wanted experienced hands that he imagined he could mold into a solid crew, or is he just plain lost?
$1000 is not even nearly enough.
AIG’s constant excuse for everything from throwing expensive retreats for top earners to the latest round of bonuses is “it was already planned.” Since economic circumstances have forced everyone else to change their plans, AIG, maybe you dipshits should suck it up and change yours as well.
As for losing the “best and brightest” who skullfucked your company and the country in the first place, I submit that they’d rather lose their bonuses and keep their salaries than to try to do any better in this market. Better yet, throw the fuckers out and let them flip burgers for a couple of years.
“Angry” is such a weak word under these circumstances, Teddy. Stocks and rotten eggs for these people would be a good cathartic start.
I’m all for inquiry, but the assumption here’s kinda like setting aside friction when designing vehicles… *g*
Chump change. I’ll okay a grand for every child under 18, but I think every head of household ought to get $50K partly to make up for our losses in our 401ks and partly to get us out from under the usury rates of the credit card companies. Then maybe there’d be some discretionary spending again or just enough to live on until finding a job.