Mr. President, Congress, Wall Street: I know You Don't Get It - But The Bailouts Should Be Tied To Something Tangible

Okay, its happened again. American International Group (AIG) has just paid $165 million in bonuses--to FORMER Chief Executives. Now I ask you, how is that going to help banks start lending or otherwise stimulate the economy? Answer; it won't! And that's the issue! And I ask you, on this the third time, why aren't the bailout moneys being tied to real outcomes, companies having to sign contracts containing terms and conditions on how the money is to be used, and the entire program being managed by Government Program Managers?

As more evidence that these folks are on a different page, note this from the Associated Press:

"Senate Republicans...applying the brakes to Democratic attempts to quickly tax away most of the bonuses at troubled insurance giant AIG and other bailed-out companies.

Sen. Jon Kyl, the Republicans' vote counter, blocked Democratic efforts Thursday evening to bring up the Senate version of the tax bill to recoup most of the $165 million paid out by AIG last weekend and other bonuses in 2009. The House had swiftly approved its version of the bill earlier in the day.

By rushing, Kyl said, Democrats were letting populist outrage trump informed decision-making in the Senate, which is supposed to be insulated from the pressures of public passion."

Why on earth wouldn't Republicans, who claim to be fiscal conservatives, want to get the taxpayer's money back? And just what do they mean by populist rampage? Those of us who are "rampaging" are the citizens of the United States--the folks who elected you to serve. Remember us?

And what's Obama's stance on this? He's "stunned."

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Looking at this whole saga, again, just stresses the point that non of these folks get it--the American people are tired of Government as usual. But we are also tired of being tired. The folks in Washington have heard it all before and they know what we want. But why are we not getting it? I think Tavis Smiley is on the right track, the American people need to hold the folks in Washington more accountable by asking why our specific concerns have not been addressed. We also need to ask them how they are going to.

In this pursuit, The African-American Pragmatist is in the process of drafting a letter to the President and Congress asking that specific concerns be addressed. A short list follows:

1. Why were the bailouts not tied to concrete results?
2. Why isn't this being run as a Government program with auditors monitoring how taxpayer money is being spent?
3. Who is monitoring where all of this money is going?
4. Republicans, please provide specific reasons why AIG should not return taxpayer money used to pay bonuses?
5. What specific measures are you going to take to prevent this from happening again?
6. In measurable terms, explain how giving money to Wall Street and banks is supposed to stimulate the economy? Also, please explain why it has not worked so far.

Do you have a question you would like to ask the President and Congress about this issue? Tell me, and it will be included in the letter. I have set a suspense of April 4. Is this to soon? Please let me know.

Friends, the bottom line is the President and Congress must realize that the American people don't care what side of the isle they sit on. They must either give us tangible solutions to the problems facing this county or get out of D.C.

$18.4 Billion in Bonuses: Don’t Blame Wall Street!

Okay, what don’t the American public, Congress, and the President understand? You gave money to people who are in the business of making money—ANY WAY THEY CAN. You gave them the money with little or no strings attached and now you want to complain? That’s both stupid and ineffective; controls should have been put in place to ensure that taxpayer dollars were being spent as intended. At least, as a public sector contracts manager, I’m sworn and held accountable to do. And that’s the problem: no one is held accountable. Wall Street got themselves into this mess with shady deals, questionable investment practices; executives got their companies into this mess because they were more concerned with rewarding the stockholders and themselves than the overall health of their companies; banks got themselves into this mess by granting loans to people who obviously could not afford them; and the American public got itself into this mess by buying more than they could afford. Now, when the curtain falls and the show is a flop, no one wants to be held accountable.

You know, accountability is not all that hard, we, as citizens, just need to ask a few questions.

Write your President, Senator, and Representative today and ask them:

• President Obama, why did you, as a Senator, agree with a bailout plan that put little or no controls on how the taxpayer’s money could be spent?
• Congressman, why did you do the same?
• Are there no provisions to take the money back? Are there no sanctions?
• Mr. President, Congress, have you put provisions to safeguard taxpayer interest on the money you are about to give them?

You may contact your Congress via this online link from Contacting The Congress. White House.gov has a convenient online form you can use to contact your President.

And by the way Mr. President, if this happens again, don't call names, take the darn money back!