For the second day in a row, CNBC "Squawk on the Street" co-host Mark Haines took on a Democratic congressman over the issue that American International Group (AIG) paid out too much in bonuses for a company that received federal bailout money.
On March 19, Haines took on alleged tax cheat Charles Rangel, questioning whether or not he should be dictating tax policy while the House Ethics Committee investigates him for his tax problems. On CNBC's March 20 "Squawk on the Street," Haines took on Rep. Brad Sherman, D-Calif. on the issue.
Sherman contended the 90-percent tax on bonuses exceeding $250,000 that the House passed 328-93 didn't go far enough. He said a government receivership would have been the proper way to handle AIG, and not the bailout method the federal government employed.
Haines insisted a receivership would have caused a systemic collapse of the banking system. Sherman fired back by replying the people of Main Street would disagree and the two had a back-and-forth exchange as to who was more appropriate to determine what was good for the banking system - Wall Street or Main Street.
However, Haines interjected his opinion of Congress' handling of the entire situation.
"You know, this is witch huntery, I'll be perfectly honest with you," Haines said. "You and people who share your opinions seem to feel that you know, let's hold salaries on Wall Street to $100,000. Do you have any idea what Wall Street would look like if they did that?"
The eventual result according to Haines would be the collapse of Wall Street as we know it and the large financial institutions would relocate to other countries.
"All the business would go overseas," Haines said. "That's the bottom line."
To his credit, Sherman voted against the original Troubled Asset Relief Program bailout last year and garnered a lot of attention when he said "a few members were even told that there would be martial law in America."
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All this is idiotic! This is
March 20, 2009 - 18:46 ET by rbosqueAll this is idiotic! This is what happens when the clowns run the circus!
Re clowns
March 20, 2009 - 19:28 ET by slickwillie2001And these clowns want to nationalize our system of medical care.
All the businesses would go
March 20, 2009 - 19:03 ET by bigtimerAll the businesses would go over seas is right...along with what is left of littler businesses here going down..
That's the plan Stan...
As we just open the border as wide as we can...in every way possible, with O, Holder, Pelosi, Napolitano...at the helm...come on in, just register to vote 'D' is the only requirement...oh yeah, and Vote early, Vote often.
Btw...I cannot stand Sherman, been listening to him yap on the floor for more than I can stand most times....I either click the channel or mute it most times if I see his face and his mouth open about to speak.
What would be good for main street, Rep. Sherman..
March 20, 2009 - 19:19 ET by Gary HallWhat would be good for main street, Rep. Sherman.. would have been to have kept the federal government out of wall street. It was their regulations which fueled the entire housing bubble which resulted in the mortgage crisis. It started with massive regulatory demands like this:
Any idot can read that and clearly understand how a housing bubble was born - and in the midst of a dot.com bubble crash and a recession - in 2001. Created and caused by HUD - Fannie and Freddie and their bosses and friends, Bill Clinton, Andrew Cuomo, Barney Frank, Chris Dodd, Obama, etc.
Gary.... Thank
March 20, 2009 - 19:24 ET by bigtimerGary....
Thank you...thank you very much.
Nobody could have put the whole danged situation in a nutshell better than you just did.
Hey bt..
March 20, 2009 - 19:37 ET by Gary HallThanks, but actually many have dug into it a bit deeper than that.. but, indeed, that is the starting point. Without those actions by Clinton's HUD - the housing bubble would have never have occured. Fannie/Freddie and their partners in crime, the Countrywide Financial's, etc., would not have been out pusing the subprime mortages on an unable to pay audience, and in turn the ultimately bad mortgages would not have been peddled off to Wall Street to collectively figure out a way to package them and sell them to an unsuspecting world of of truely ill-informed investors, Thanks again, gary
Great Point!
March 20, 2009 - 19:56 ET by Franklins_LockeHaines makes a great point that if the government limits their salaries what would Wall Street look like. This is something Libs just don’t understand. If you limit their salaries, they will just go find another job that will pay them
http://franklinslocke.blogspot.com/
Thank God for CNBC
March 20, 2009 - 19:59 ET by Worriedand its reporters telling America about Obama and his band of thieves and liars.
When are these idiots in Congress going to quit making asses of themselves? Stupid question.
I feel like I'm in a nightmare and can't wake up and it's getting scarier by the moment.
Very few watch CNBC
March 20, 2009 - 20:31 ET by Kingfish17Not enough people watch CNBC. Even if some balance sifts out on occasion from someone on that network it will not matter.
I'm afraid that most people in this country are under the impression that $250,000 is plenty enough for anyone to make and capping all compensation to anyone working on evil Wall Street is a great idea.
"When will Barack Obama apologize to the American people for destroying their once great nation?" - MSM 2012
Could Hugo Chavez have thought of a better way?
March 20, 2009 - 20:17 ET by Kingfish17Step 1. Require that the top 20 largest financial institutions in the United States take low cost loans from the government to shore up their financial strength. A move that would have been totally unnecessary except for an accounting law that required these financial firms to mark assets down to next to nothing in a panicked market. Make it extremely difficult for these firms to repay the loans.
Step 2. After six months, come up with a plan that will confiscate all of the wages above an arbitrary number, $250,000, of anyone working at the same financial institutions that were forced to take the government loans. And the $250,000 will be a combined family income, so that in places like New York, this will effect regular middle income families.
Step 3. When all of the top talent leaves these very same financial institutions, it will be apparent that they will never again be profitable. The government will then have no recorse but to nationalize all of the banks and run them on a not for profit basis like the Post Office.
Why is our government essentially robbing all the banks? Because that's where the money is.
"When will Barack Obama apologize to the American people for destroying their once great nation?" - MSM 2012
"You know, this is witch
March 20, 2009 - 21:50 ET by TN Mom"You know, this is witch huntery, I'll be perfectly honest with you," Haines said. "You and people who share your opinions seem to feel that you know, let's hold salaries on Wall Street to $100,000. Do you have any idea what Wall Street would look like if they did that?"
There is soooo much in-the-tank for obama/dems that this comment made me yell with glee. Haines is right on the mark, however, in keeping with J'lism ethics, Haines should hold off inserting his opinion (and using words like 'witch huntery) during interviews. He should, instead, insert them at end of segment in a commentary like Cavuto does.
Haines of course is right about a 'push back'. There is word that financials from Wall Street and abroad are not happy. Well, Germany says they will 'stick it to US financials if this bonus tax passes'.....
Re Witch Hunt
March 20, 2009 - 22:08 ET by slickwillie2001Gangs of union and ACORN thugs are going into neighborhoods in Connecticut to harass AIG employees at their homes: AIG Mob Invades Neighborhood: http://wizbangblog.com/content/2009/03/20/aig-mob-invades-neighborhood.php
This is left-wing thuggery at its finest folks. Wonder where they got the names and addresses? From Barney Fwank perhaps? Blogger also makes the excellent point that if the odious EFCA is passed, this is how card-check will work.
Slick...and the mainstream
March 20, 2009 - 22:13 ET by bigtimerSlick...and the mainstream media remain silent about all of this for the most part.
This should be being covered....big-time...it is absolutely disgraceful as far as I am concerned.
someone help me out with
March 21, 2009 - 00:11 ET by nicksmith112someone help me out with this. I'm a simple man. A blue collar stiff.
when Chris Dodd is at the top of the money list of Fannie/Freddie and AIG...what exactly is contracted to do for these companies ? When does Chris get investigated?
I wish someone would ask him that question for us simple folk.
I'm a refugee from the Democratic Party.
I'm glad that someone is
March 21, 2009 - 01:43 ET by MANstreammediaI'm glad that someone is actually questioning a few of these jokers.
As far as AIG
March 21, 2009 - 04:29 ET by well99Those clowns getting paid bonuses for doing a lousy job is stupid.Still to tax them 90 % is bs.If they can do it to those execs they can do it to anyone.Congress has no right to single out groups like those execs to punish them.Why AIG would pay bonuses to retain those execs who screwed up I dont know?Yet that doesnt give congress the right to violate the constitution.
The median household income
March 21, 2009 - 09:04 ET by dervishin DC was about $55,000 in 2006; let's adjust generously for cost of living and say it's $60,000 now. I propose every member of Congress and the rest of the federal government have their household income (including spouse income and donations from lobbyists) reduced to $60,000 a year. After all, do they think they're that much better than the average person? And can they, with a straight face, suggest that they deserve more on the basis of their performance?
There is no point in
March 21, 2009 - 09:15 ET by dscottThere is no point in calling this hypocrisy on the Dems part. The Dems now have transended leadership with instigation of mob rule.
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
I have a better idea...
March 21, 2009 - 10:03 ET by taocpaLet's have Congress set the salaries for everyone in the country. Since the libs control Congress and the White House, let them pass legislation where they set salaries according to Census Bureau figures of median household income in every city and state across the country.
The only adjustments would be for inflation.
Let's see how long they last after that because that flies in the face of everything American.
Tom
That's EXACTLY where they are headed
March 21, 2009 - 12:16 ET by c5thenAnd appear to be meeting relatively insignificant resistance, even from the so-called conservatives in Congress. What you describe is called Socialism/Communism and has already been tried multiple times and failed.
Why? Because unless the entire globe is under a single Socialist/Communist government, rendering no escape impossible for people, there will always be a significant portion of the populace who will leave such a system for the opportunity to rise and succeed on their own merits. This is why EVERY socialist country necessarily turns into a totalitarian government/ police state. They have to stop their best and brightest from leaving the system, thus rendering it unsustainable. This is also why the Socialists/Communists are so fervent in their desire for a "global government". Unless it is a closed system, socialism/communism can not succeed. Even is a closed system, human corruption and greed will inevitably turn it into a corrupt oligarchy of rule by the politically connected just like the old USSR of the 60's and 70's.
Hey, I got the wrong "CHANGE"!
www.loyaltoliberty.com
This is an Unconstitutional Bill.
March 21, 2009 - 12:06 ET by c5thenArticel I, Section 9 of the US Constitution specifically forbids Congress from passing any Bill af Attainder and any ex post facto law. This bill, which taxes only specific people who recieved a specific payment after they are contractually due said paymnet, meets the requirements for both prohibitions.
Therefore, it is my opinion that ANY member of the House who voted for this abomination has violated their oath of office to uphold and defend the Constitution of the United States from all enemies, both foreign and domestic. The violation of that oath of office constitutes a high crime or misdemeanor and therefore, ALL such members should be impeached by their constituents.
These hooligans are no longer serving the people, but are infact serving the Government (themselves) in it's attempt to usurp as much power and authority of the people as possible, regardless of what the Constitution says they can and cannot do.
We are quickly coming to a fork in the political road. Either the US Constitution is going to be followed, adhered to and remain the supreme law of this country, or there is necessarily going to come a 2nd American Revolution and the country formed of 50 States will break up into two, three or even four speparate countries, with different political structures.
Hey, I got the wrong "CHANGE"!
www.loyaltoliberty.com
c5then, WRONG CHANGE yes sir ! Hay I ain't taken no OAF!
March 21, 2009 - 20:24 ET by upcountrywaterWe are living on some planet, that Star Trek visited, and the Constitution is in a lockbox , in a dusty Koresh like compound.
In a long forgotton outerworld.
The soiled dingy inhabitents were distrustful of Kurks landing party thought them to be raving soicalists, which they are. Wigged out further when those alien socialists were quoting the Constitution.
Anyways it is lookin like the Constitution, While written on hemp paper "is cool and all", it's just another annoyance reffering to some past lame history.
OAF, (first 9 seconds is my limit) YT clip.
it's lookin like alll bets are off, along with the Constitution.
P.R.I.N.T. Money 30 sec YT