Word: populists
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...There has been a populist uproar over executive compensation paid to management at companies that have received financial assistance from the government bailout. These bonuses continue to receive enormous coverage in the media, inflaming the passions of voters and politicians alike. Informed by this sentiment, a New York Times/CBS Poll conducted in February found that "83 percent of respondents said the government should cap the amount of compensation earned by executives of companies that are getting federal assistance...
...Unlike economic risks that TALF may be exposed to, political risks may pose a greater threat because they are less susceptible to accurate forecasting. The furor over AIG bonuses demonstrates that the political attitudes of the administration and the legislature are subject to the vagaries of populist outrage. The proposed legislation to impose a tax of 90 percent on the retention bonuses received by AIG executives, currently before the Senate, calls the sanctity of private contracts into question. It demonstrates that the government may retroactively alter the terms of financing agreements between it and private companies. It is likely that...
Some of the journalistic resentment exists clearly because it's populist media done better than it's been done before. Another part of it is really about Huffington. HuffPo's speedy rise to prominence, courtesy of others' work, reminds some of its founder's own journey. Female ambition is a curious force. When its outlets are blocked, it sometimes seems to settle on the nearest object - a spouse, a child, a cause. But in rare cases, it finds its perfect vehicle. When that happens, it's best to get out of the road or jump in for the ride. Huffington...
...With all the political theater and populist grandstanding, though, the bigger issue has been obscured. And that is, Just what is AIG doing with the $170 billion? Does the company's strategy, which is to wind down its exposure to toxic assets and sell some of its profitable insurance divisions to help pay off the government debt, stand a good chance of succeeding? And if it does, will the world avert financial Armageddon...
...Filibusters, in moderation, are a good way for the minority to prevent or, at the very least, delay the sometimes-overreaching ambitions of the majority. That can be a good thing. Indeed, it is particularly useful in times of crisis and populist hysteria to have a braking mechanism that causes Congress to at least stop and think before it acts...