Wednesday, March 25, 2009

You Can Tax Away AIG's Bonuses, But Capitalism's Never Gonna Be Fair

By Richard Korman

(NOTE: This is the latest in a series of articles and commentaries written by Gotham team members that we will be featuring here. This piece originally ran on

Let's tax away AIG's bonuses because we now own AIG. And let's try to prevent Wall Street traders from running the world economy over a cliff. But don't pretend that we will ever tame big corporations or even bring executive compensation under government control through regulations. Business isn't fair.

After the crisis has passed, President Obama and the Democrats will have to step aside and let American business run on its own without trying to micromanage executive compensation, union organizing and other matters. Otherwise we'll waste years with experimentation and controversy, as FDR and the New Dealers did, instead of letting their sound reforms (the FDIC) and basic Keynesian stimulus do their work. The risk of a D.C.-centric economy is that investors will just sit on the sidelines.

We have a capitalist system that needs to be bailed out and re-regulated but sooner or later we must return to capitalism and all its potential excesses to produce more wealth and jobs.

For some perspective, let's talk about trust-busting Teddy Roosevelt. I love almost everything about him, including his personal bravery and environmentalist drive and his actual voice (but not his imperialist warmongering). I'll refer you to historian Richard Hofstadter, who pointed out that a lot of the trust-busting was not a true expression of class conflict and that Americans are basically at peace with corporate capitalism as long as the job-creation machine is keeping most everybody warm and dry. That populist rhetoric is a disguise for the accommodation we have with large corporations. And that there is more consensus in American life than class conflict.

Manhattan Island was settled by Dutch traders and the very first financial panic, in 1792, came only five years after the ink was dry on the Constitution. Changing the culture of Wall Street is about as likely as Bernie Madoff getting birthday cards from his former clients. Take the AIG bonuses as just another burst of excess that needs to be turned back. Right now I'm more concerned about keeping America out of the soup kitchen than whipping up a populist storm about the malefactors.

Richard Korman is the editorial manager for


Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...

After reading you site, Your site is very useful for me .I bookmarked your site!

Anonymous said...

Hi, as you can see this is my first post here.
In first steps it is really good if somebody supports you, so hope to meet friendly and helpful people here. Let me know if I can help you.
Thanks and good luck everyone! ;)

Anonymous said...

I have developed a new clean web 2.0 wordpress theme.

Has 2 colours silver and blue, has custom header(colour or image).
I am curently working on it, so if you have suggestions let me know.

You can view live demo and download from here
If you found bug reports or you have suggestions pm me.
Wish you a happing using.

many thanks to [url=][/url] for paying the hosting and developement of the theme


Anonymous said...

If you¡¯ve clear on your upbraid, right now comes the really complex bit, the quest as a replacement for the right shoes. Should you whack the budget and show thoroughly on a double of Christian Louboutin Pumps,

or should you be substantive and drop to the more affordable high-priced street? When you are shopping, inspect on as many pairs of Christian Louboutin Shoes as possible and rabbit on g rely with the most

comfortable. You¡¯ll be on your feet most of the hour and there¡¯s nothing guaranteed to beldam that serene grin in your photos more than aching feet!

Matching the fad of your dress
If you¡¯ve chosen a standard bridal dress, opt an eye to classic shoes with a lowish heel. As your camouflage is reaching the level, you won¡¯t investigate much of the shoes so it¡¯s powerful that

the bits that are discoverable round out it. Aculeous toes are a persistent fair-haired boy and names to look unconfined as categorize Christian Louboutin Sandals, Christian Louboutin Mary Janes and

Christian Louboutin Wedges A shorter, ballerina-length dress, on the other part, is objective crying revealed because a unite of round-toes shoes. GChristian Louboutin Sandals secure a skilful selection.

Summer weddings
If you are planning a commemoration in the summer months, you whim be spoilt in regard to choice. You may unvaried be tempted at near smart pearly or gold evening shoes or jewelled sandals. It¡¯s

benefit checking d‚mod‚ extraordinary street stores as most of them receive ranges that are imagined as a remedy for brides.

Winter weddings
A alliance during the winter months, on the other man, can create its own problems. You don¡¯t be to pulling down your fine shoes in the snow or rainfall and sandals are a no-no. An

luring alternative is a twosome of white Christian Louboutin Boots that settle upon look stylish and be field too. Christian Louboutin has a stock Victorian-style boot, while

Christian Louboutin ¡¯s satin knee-high boot is scattered with diamant.

Nearly the framer: is online shoes shipping rely on, it sales a lot of mode shoes, include[url=] christian louboutin[/url] and[url=] UGG[/url], you can suss out [url=]christian louboutin sale[/url] and [url=]ugg sale[/url]

info here.