The Times editorial boardAnd by “‘em,” The New York Times means you. In a populist screed atop Sunday’s editorial page, the august guardians of opinion at the Gray Lady implore the President to follow the lead of his British and French counterparts and tax the hell out of your bonus, should you be so lucky to receive one.
…the British found a way to realign the fat cats’ boundless greed with the public interest: slapping a hefty windfall tax on their bonuses.
That’s right, fat cats. “The best hope for curbing bankers’ unbridled appetite for risk” is a 50% one-time-only tax on bonuses that, in all likelihood, will be comically easy to evade.
That’s a pretty dubious proposition. It is an equally dubious proposition that Gordon Brown’s tax will drive every single banker out of Britain. Then again, is a $1 billion windfall worth the risk? Simply to prove a point? Either way, those dubious propositions have got nothing on this one:
A tax just might persuade banks to cut their bonuses and use the money to bolster their capital, which would make them financially secure.
Right. Because all of those tough measures the government has taken to date have proven extremely effective at getting banks to change the way they do business. No doubt this time we can force them into being responsible.
All that aside, however, is it worth it? Not to teach the bankers a lesson or to give one to the torch-and-tar-bearing set, but perhaps to raise a little scratch to feed that yawning budget deficit? To help buy Tim Geithner’s house? To buy suitable accommodations for the president in Scandinavia, where he has been spending a suspicious amount of time lately (socialist!)? As an inducement to liberals to support Ron Paul’s plan to destroy the world economy?
Taming the Fat Cats [NYT]
shaz-meow
And the editors still wonder why no one buys this fucking paper. i wouldnt buy this paper to wipe my ass with it.
Like Al Goldstein used to say
NYT… FUCK YOU!
Waaah, Waaah! The NY Times hurt my feewings! I'm moving to Singapore!
#3 die
#4 erection
The economic record shows that the last sentence of this opinion piece is incorrect and backwards. It wasn't a Representative from Texas and his proposed legislation that caused the "world economy" to falter and bring financial ruin and unemployment to over 10% of the United States' working population.
Rather, it was central planning at the Federal Reserve by individuals like Chairman Bernanke (Time magizine's "Man of the Year"), as well as the government agencies that intervened on behalf of lending institutions at the expense of the taxpayers.
Research "predatory lending, Office of the Comptroller of the Currency, Fed creates booms and busts", et cetera.
Best regards,
Charles
Anyone seeking to lay isolate a certain population like this ought to read Article 1, Sec. 9 of the US Constitution very closely. In particular:
No bill of attainder or ex post facto Law shall be passed.
Not saying the courts give a shit about the constitution any more, but there would be grounds for a lawsuit that would very quickly reach class action status.
@7 – there's a hundred ways a tax on bonuses bill could be drafted to be constitutional. It's not unconstitutional to tax different forms of compensation differently.
Best regards,
Charles
but there is no discussion on capping union benefits or compensation packages? The same argument can be about the unions destroying the car industry and taking bailout money to line their pockets and pay benefits to people who dont even work anymore!
BHO- would never say anything about the unions being irresponsible because he loves em like he loves basketball.
Shaz,
if its so easy to evade this new tax, tell us more on how to do it.
Over and out,
Charles, M.D.
Anyone who reads the NYT deserves the aggravation.
Move them to Dubai, they could use the help.
"Suffer little children, and forbid them not, to come unto me: for of such is the kingdom of heaven."
Peter Schiff
Bad Faith. Look it up.
Can't wait until these commies go bankrupt and have to sell their top-of-the-market new building to some "fat cat" at 50c on the dollar
Guess Shaz doesn't know that only douche canoes use the word "screed". He deserves a job at the NYT.
weird, i always thought you had to have a modicum of intelligence to get something published in the times….
shouldn't the us taxpayers be bitching instead about how great britain fucked them over by taxing overseas offices of us companies first? oh no, wait, that would actually require them to have a brain. never mind, we are all good, pick up the pitchfork and continue running, people. and do, by all means, trample on people's legal rights while you do that.
i am so annoyed, i just canceled my ny times subscription (bringing the total number of subscribes down to what, 3 people?)
@20 its actually down to 2 people. BHO- has both subscriptions.
@18/19, welcome to DB, son. You can close the window after you hit "post comment"
Too long didn't read.
@22 huh?
@22 eh?
@22 blanus?
Guess Shaz doesn’t know that only douche canoes use the word “screed”. He deserves a job at the NYT.