Why did it take National Outrage to Force Obama to act on AIG bonuses?

[babsbunny]

http://www.huffingtonpost.com/2009/03/16/national-outrage-forces-o_n_175554.html

Huffington Post | Nicholas Graham | March 16, 2009 07:30 PM

Faced with a growing chorus of national outrage, the Obama administration has changed its position regarding the $165 million in bonuses that AIG is distributing to the small group of employees whose risky trades brought the company to the brink of collapse. President Obama today excoriated AIG, saying the company was in its present position because "recklessness and greed":

"It's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay," Obama said at the outset of an appearance to announce help for small businesses hurt by the deep recession.

[polichick]

1. My guess: Wall Street contributors and a financial team too close to the evil-doers...

On the positive side, the outrage gives needed political cover for nationalization.

http://articles.latimes.com/2008/mar/21/nation/na-wallstdems21

[notesdev]

5. Nationalization isn't helpful

There's no reason to nationalize these stinking, festering piles of bad debt. The best thing is for them to go out of business like any business that has behaved like that should. The only things we should even consider bailing out are those things with federal guarantees attached to them - there's only so much money to go around before we crash the bond market, making it impossible to borrow and forcing an immediate cut of the size of the government of 60% or more. Let the banks go, let the shareholders get wiped out, let the bondholders eat the cram downs and divvy up what's left (if anything), and spend from the Treasury only to make depositors whole up to the FDIC limit ($250k). There's no way we will have enough money to deal with the situation if we try to make every bad debt whole.

[polichick]

9. With so much of our money already invested, it seems too late for that.

[1]

2. because... our government doesn't always act in the best interest of its citizens...

and when it doesn't the citizens need to speak up?

[emilyg]

11. Aye.

[Massacure]

3. Obama didn't know about it until he read about it in the newspaper.

According to World News anyways.

[hatrack]

4. Could it be that no one could have guessed their arrogance, stupidity and greed?

That's my bet . . .

[Ghost in the Machine]

6. Because he's a Corporatist at heart?

:shrug:

[Uzybone]

7. What national outrage?

You are eating media spin.

The story broke Saturday afternoon. Obama spoke on Monday morning. Yet the MSM wants you to think Obama was happy with the bonuses until "national outrage" took over.

[FrenchieCat]

8. Why outrage now, after great assist from the normally compliant media

after years and years of outrageous things happening right before our very eyes?

Is anyone asking that?

Or are we just supposed to be outraged at the Obama administration only?

Fuck that shit! I'm not stupid, even if others are going hard for the bait.

Watch your health care reform evaporate right before your very eyes,
as the outrage does nothing but reduce any mandate that Obama
would have had if we asked more questions besides the obvious simple ones.

[polichick]

10. The outrage isn't at the administration - it's at the criminals at AIG.

[1]

14. aye.

[FrenchieCat]

16. No. That is not what the OP is about.......

The OP has posted an article that gives the appearance that Barack Obama only became outraged based on the response of the "Populist anger" that was generated on Saturday and Sunday all day long by our Corporate media.

I call bullshit, and ask again, where was the Corporate media's outrage until today?
Why this, and why now and not before?

I want the OP to respond to my questions,
as I have to assume that OP shares the view of the article posted.

[sendero]

12. Act?

In what way has he acted, rhetoric?

[MadMaddie]

13. Honestly, I think it is because Obama and his financial

team though (in a naive way) that the corporations like AIG would actually do the right thing. Especially, with the crisis going on in America.

Nopity! These greedy bastards have shown they deserve no mercy. Take em down.

[99th_Monkey]

15. Well, gee. Obama listens to "the People". What's wrong with that? seriously. ~nt~

[stillcool]

17. When were these last bonuses reported?

and have they actually been given yet?

[NYC_SKP]

18. Stupid false premise. It did NOT take National Outrage. (facepalm)

Stupid HuffPost article titled, "National Outrage Forces Obama Administration To Act On AIG Bonuses".

Why even bring the bullshit here?

Do I really have to explain how "journalism" works???

Correlation is not Causation.