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Congresswoman Foxx takes Democrats to task over AIG
RedState ^ | March 18, 2009 | Erick Erickson

Posted on 03/18/2009 8:30:44 PM PDT by conservativegramma

If you only see one video on the internet today, or if you only want to listen to one sound bite on the internet, this is the one you must play.

Republicans in Congress today pushed to the floor of the House of Representatives legislation that would stop AIG from using taxpayer money to pay out its executives’ bonuses. The Democrats killed the legislation.

Outraged, Congresswoman Foxx (R-NC) took to the floor to demand that Congresswoman Kilroy (D-OH) explain why Kilroy and the Democrats would not stop AIG from paying out the bonuses.

Kilroy flat out could not offer up any answer. Making it more delightful, Foxx refused to back down until she had an answer. Hilarity ensued.


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You have GOT TO WATCH THIS VIDEO!!!!!!!! Link Here
1 posted on 03/18/2009 8:30:44 PM PDT by conservativegramma
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To: conservativegramma

WOW!!!

I hear sooooooo many times that this or that video is a must see....WELL THIS ONE IS!!!!


2 posted on 03/18/2009 8:38:46 PM PDT by icwhatudo (The Dow is down over 5,000 points since democrats took back congress.)
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To: conservativegramma
The only problem is that there is nothing wrong with paying the bonuses. This may be good theater, but it's demagogic and wrong. The fact that the Dimocrat cannot defend herself when she hold the moral position is the only thing amusing here.

ML/NJ

3 posted on 03/18/2009 8:39:36 PM PDT by ml/nj
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To: conservativegramma
Congresswoman Kilroy (D-OH)

My moonbat representative.

4 posted on 03/18/2009 8:40:02 PM PDT by buccaneer81 (Bob Taft has soiled the family name for the next century.)
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To: conservativegramma

Foxx really nailed her.


5 posted on 03/18/2009 8:40:53 PM PDT by RobbyS (ECCE homo)
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To: conservativegramma

Kilroy.

It just writes itself.


6 posted on 03/18/2009 8:41:17 PM PDT by UCANSEE2 (The Last Boy Scout)
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To: conservativegramma

From now on, we should only refer to them as the, “Obama bonuses.”


7 posted on 03/18/2009 8:43:13 PM PDT by nickcarraway (Are the Good Times Really Over?)
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To: conservativegramma

humana humana


8 posted on 03/18/2009 8:44:09 PM PDT by nickcarraway (Are the Good Times Really Over?)
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To: conservativegramma
Virginia Foxx is my hero.

She is solid as a rock. She never wimps out.

This week has been a total disaster for congress. This week the public got to see how congress really works; the behind the scene under the table deals... the duplicity.

I see a ray of hope in that this is the time for true conservatives and others who put the welfare of this country ahead of party and ahead of Obummer worship to take action to stop this madness.

There are others besides Virginia Foxx, but there is no one her equal.

Obummer’s ego, Barney Frank's, Chris Dodd’s, Shumer’s, Buffett’s, Paulson’s and many others duplicity and downright dishonesty will cause them to self destruct if the conservatives will just pour on the pressure.

The public is sick of it and has had enough.

9 posted on 03/18/2009 8:45:03 PM PDT by old curmudgeon
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To: nickcarraway

I like it.


10 posted on 03/18/2009 8:46:21 PM PDT by icwhatudo (The Dow is down over 5,000 points since democrats took back congress.)
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To: conservativegramma

Hahahaha!! That’s priceless!

PWNAGE!!!

The folks from Foxx’s district should be proud. That’s the most backbone I’ve seen shown by a republican in DC in a long time. You could tell that rep from Ohio wanted to hide under a rug.

Way to go Foxx! I’ll be sure to spend some money in her district this weekend.


11 posted on 03/18/2009 8:47:27 PM PDT by KoRn
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To: ml/nj
With every democrat on the menu raving over the evils of non-governmental business practices...I don't think it is unseemly to ask why one or all of them do not vote the way they preach.

(I wish she'd asked if the 'gentle lady' knew how many of the AIG recipients were allowed to vote their own bonus or simply announce to their boss what the next pay raise would be!)

12 posted on 03/18/2009 8:49:13 PM PDT by norton
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To: ml/nj

You are correct in that payment is legal according to contract law.

However, it is possible to make their acceptance of the bonus so uncomfortable that they decide to let it go.

When a company is in danger of going under, it is common for the officers of that company and the top management to work for wages that will pay their bills and no more. It is common for wealthy management to work for $1.00 a year.

I have personally been in that position.


13 posted on 03/18/2009 8:50:14 PM PDT by old curmudgeon
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To: buccaneer81

“Kilroy wasn’t here”.


14 posted on 03/18/2009 8:50:36 PM PDT by dr_who
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To: icwhatudo

Foxx has NO RIGHT to push such legislation.

These Republicans are JUST AS TOTALITARIAN as the Democrats.

We have two parties: BOTH BOLSHEVIK.

The bonuses are LEGAL and LEGITIMATE.

They are PRIVATE PROPERTY.

Anyone in the government who claims the right to STOP the bonuses or CONFISCATE them

IS

A

COMMUNIST!!!


15 posted on 03/18/2009 8:50:57 PM PDT by Arthur McGowan
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To: RobbyS
Thank Goodness my state has a couple of decent Reps, Fox and Coble, but we also have the moonbats, especially Watts.
16 posted on 03/18/2009 8:51:08 PM PDT by mrsalty
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To: ml/nj

“The only problem is that there is nothing wrong with paying the bonuses.”

Please explain. The doors would be shut and no one at the company would be receiving a pay check at all if not for the taxpayers bailing them out. Why on earth is any one at that company due a taxpayer funded “bonus”??? A company who’s greed has cost us all billions.


17 posted on 03/18/2009 8:51:33 PM PDT by DB
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To: old curmudgeon
However, it is possible to make their acceptance of the bonus so uncomfortable that they decide to let it go.

Oh. It can't be actually stopped LEGALLY. So it's okay if the government just PRESSURES or TERRORIZES them. BULLY! THUG! COMMUNIST!

18 posted on 03/18/2009 8:53:45 PM PDT by Arthur McGowan
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To: conservativegramma

Thanks for posting this! Our guys are growing a spine big time now!


19 posted on 03/18/2009 8:54:14 PM PDT by PhiKapMom ( BOOMER SOONER! Mary Fallin for OK Governor in 2010! LetsGetThisRight.com)
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To: dr_who
“Kilroy wasn’t here”.

Wish that was the case in my district.

20 posted on 03/18/2009 8:55:50 PM PDT by buccaneer81 (Bob Taft has soiled the family name for the next century.)
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To: Arthur McGowan

Hey genius, the doors would be shut at AIG and no one there receiving a pay check at all if it were not for billions in taxpayer monies given to AIG to bail them out. A bail out that is on going... They keep coming back asking for more...

No one at the company is entitled to a taxpayer funded “bonus”. So go blow your smoke somewhere else.


21 posted on 03/18/2009 8:55:58 PM PDT by DB
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To: conservativegramma

Excellent video...the refusal of “gentellady kilroy” to simply answer the question speaks for itself!!!


22 posted on 03/18/2009 8:56:27 PM PDT by OleTimePreacherMan
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To: nickcarraway

Bravo. Well done sir. “Obama AIG Bonuses”


23 posted on 03/18/2009 8:57:01 PM PDT by trtdenver
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To: ml/nj

“The only problem is that there is nothing wrong with paying the bonuses.”

I was pondering the outrage today and asking myself ...”if the money doesn’t go to the executives - who will it go to?” What exactly IS AIG doing with all their dinero?

So - these executives get alot of dough - take it home and stimulate the local economy. They pay taxes on it. They pay their maid - pay their nanny. They buy nice stuff.

As far as I can tell the “other” money - the other chunk of billions seems to continue to get flushed down some mysterious black hole.

I figure the money is better spent just giving it to the “greedy” executives.


24 posted on 03/18/2009 8:57:37 PM PDT by Scotswife (GO ISRAEL!!!)
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To: buccaneer81
Congresswoman Kilroy (D-OH)


25 posted on 03/18/2009 8:58:50 PM PDT by FortWorthPatriot (Unions are great, providing you are too weak or too stupid to stay employed by your own merit.)
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To: conservativegramma
Das Liberale Demokraten don't want debate. They don't want to be questioned.

Que Bob Dylan, “The Times, they are a’ Changing”

26 posted on 03/18/2009 9:00:29 PM PDT by oyez (People! You're being pimped!)
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To: Arthur McGowan
LOL !!!!

Such a drama queen!

27 posted on 03/18/2009 9:02:40 PM PDT by investigateworld ( Abortion stops a beating heart)
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To: DB
Because there is this little thing called contract law which is the cornerstone of all business and without which no person's word would be worth anything.

Commerce on any large scale would come to a halt.

The real mistake was that congress did not let AIG go chapter 11. Had they done that, contracts would be no good.

I have been involved in quite a few bankruptcies as a vendor but never as a paid employee,. Government comes first, federal, state and local, then secured creditors which means holders of liens, notes, etc., and then common creditors. I doubt that AIG would have enough to get past the governments and secured creditors although that is a guess. I have no facts to support my guess.

Employees are in the common creditor group and therefore would have received no bonus, if all assets went to the secured parties.

28 posted on 03/18/2009 9:03:06 PM PDT by old curmudgeon
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To: trtdenver

Thanks


29 posted on 03/18/2009 9:07:52 PM PDT by nickcarraway (Are the Good Times Really Over?)
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To: oyez
Democrats never directly answer a question. They spout a bunch of gobbledegook's spin. I've watched this happen over and over for years.

I applaud Rep. Foxx.

30 posted on 03/18/2009 9:10:52 PM PDT by BARLF
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To: Arthur McGowan
I don't think that they could stop or get back the current or already paid bonuses after all they were retention bonuses (not performance). But I also don't think that the already paid bonuses are the point. The Democrats knew (at least the leadership and Whitehorse knew) yet they continue to get a free ride on this issue. It good to see someone take them to task for their hypocrisy.

I don't know about the specific bill mentioned but it is indeed chilling to think these morons believe it constitutional to write bill targeting individuals. However, they have a similar bonus program at Freddy Mac and Fanny Mae and that doesn't seem legitimate and the entire situation is getting (has gotten) out of hand. Both Freddy and Fanny have been slush fund organizations for Democrat bench warmers for 20 years and years. This sh*t has to stop.

31 posted on 03/18/2009 9:11:00 PM PDT by WHBates
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To: Arthur McGowan
You miss the point.

What is legal may not be morally correct.

I am drunk. I slip on the ice and break my arm on your front walk.

Legally I can sue you for everything you have because you did not scrape the ice off the walk.

Am I morally clean when I do so?

Is management immoral when they take money beyond basic living expenses when the company, the stock holders, the creditors all are wiped out on their watch?

So we have two questions:

What is legal?

What is moral?

32 posted on 03/18/2009 9:11:22 PM PDT by old curmudgeon
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To: investigateworld

You’re clearly not immune to mob psychology.

The rule of law and property rights be damned.


33 posted on 03/18/2009 9:11:35 PM PDT by Arthur McGowan
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To: old curmudgeon

If GOVERNMENT is going to be applying pressure, then I want GOVERNMENT to be LIMITED to pressuring according to the LAW, not MORALS.

Totalitarians trample on the law, and trample on the people, all in the name of “morality.”


34 posted on 03/18/2009 9:13:27 PM PDT by Arthur McGowan
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To: old curmudgeon
Because there is this little thing called contract law which is the cornerstone of all business and without which no person's word would be worth anything.

Yeah, the country has gone a long way downhill when conservatives are joining in the mob demanding that Congress throw out contracts and determine what compensation people are allowed to make based on public opinion.

35 posted on 03/18/2009 9:15:01 PM PDT by Wissa (I despise the liberal media.)
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To: Arthur McGowan
Not really, I'm just an old fashioned capitalist. When I (the owner of a company bes making money, everyone who helped gets a taste.)

Not 'cause I'm a nice guy or anything like that, I just try to encourage said behaviors that increase the bottom line.

So why are you getting upset? These bonus(s) are nothing but hush money ... for everyone in the chain of command or regulatory roles.

36 posted on 03/18/2009 9:18:59 PM PDT by investigateworld ( Abortion stops a beating heart)
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To: DB
Please explain. The doors would be shut and no one at the company would be receiving a pay check at all if not for the taxpayers bailing them out. Why on earth is any one at that company due a taxpayer funded “bonus”???

Consider this analogy - Tom Brady's contract with the New England Patriots called out certain bonuses that were due to him under the terms of the contract. He gets injured early in the season so he misses nearly all the games and the Pats completely miss the playoffs. Some disgruntled fans might ask "why should we pay a bonus to Tom Brady since he didn't play after the first game of the season and didn't even get the Pats to the playoffs and he didn't even show up for the Pro Bowl?" It doesn't matter, under the terms of the contract the Patriots owe him the bonus.

The same thing is true with AIG. Under the terms of the contract AIG owes these "bonuses" regardless of whether or not the company lost billions of dollars. Since the government poured billions of dollars into AIG, AIG had the cash flow to pay the contractual obligations it owed. Congress could have written provisions into the bailout legislation restricting executive compensation as terms of the cash infusion, but the DIShonorable Chris Dodd specifically exempted contractual compensation agreements from any restrictions. (Yes this is the same democrat banking finance committee chairman who is the number one recipient of AIG campaign cash.)

37 posted on 03/18/2009 9:20:11 PM PDT by VRWCmember
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To: ml/nj

Agreed. If such bonuses are common practice in this industry, then AIG cannot be expected to remain a viable and competitive firm going forward without them. We just can’t have it both ways. The idiots should not have bailed them out if they didn’t want them to remain a viable private firm.


38 posted on 03/18/2009 9:22:12 PM PDT by mtrott
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To: Arthur McGowan
The bonuses are LEGAL and LEGITIMATE. They are PRIVATE PROPERTY. Anyone in the government who claims the right to STOP the bonuses or CONFISCATE them IS A COMMUNIST!!!

And how do you know that? Have you seen the contracts? The owners of that money are the American people and we haven't even been told who got the money. We're told one minute it was retention bonuses and the next we find out it was given to people who aren't even working there any more. What were the terms of those bonuses, and were those terms lived up to? You don't know, neither do I, but as 80% owners of that company, we SHOULD be allowed to know that.

39 posted on 03/18/2009 9:27:48 PM PDT by McGavin999 (How's that change old Hopey Dope promised you working out?)
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To: conservativegramma

Just a couple of clucking hens with nary a scruple between ‘em!


40 posted on 03/18/2009 9:28:01 PM PDT by TruthHound (A Republican who acts conservative will whip the snot out of Democrat who acts liberal EVERY TIME!)
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To: conservativegramma

Kind of disappointing that a Republican representative was willing to resort to this line of reasoning in order to score points. This kind of mistake will allow dems to get to the right of us and look smarter with regard to business acumen.


41 posted on 03/18/2009 9:37:31 PM PDT by mtrott
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To: Arthur McGowan
"The bonuses are LEGAL and LEGITIMATE."

I disagree, for this reason- The bonuses were legal between AIG and some employees; AIG does not, in actuality, exist anymore, it is now USAIG, 80% owned by the US citizenry (so I've heard). The employees are owed the bonuses by a business that really no longer exists. Without the taxpayer bailout, there likely would not have been any bonuses.....The above is my opinion only.

42 posted on 03/18/2009 9:38:31 PM PDT by matthew fuller (Coming Soon: DJIA 3500 (03 07 2009).)
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To: matthew fuller

...and there should not have been any bailout, but there was. As soon as our congressidiots gave AIG the money, it became AIG’s money. That is why there should have been specific rules against bonuses. But there weren’t because Chris Dodd specifically wrote it out of the bill.

We have to hold the dems responsible for this. No matter how angry we are at AIG, the dems did this on purpose.


43 posted on 03/18/2009 9:48:04 PM PDT by Tex Pete (Obama for Change: from our pockets, our piggy banks, and our couch cushions!)
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To: matthew fuller

When one takes over a corporation, one takes over its assets and its liabilities. AIG as a corporation still exists under new ownership so its new owners still owe.

Now had AIG been liquidated and some entity purchased only the assets, there would be no liability to any one holding a contract.

I expect the contracts will hold up in court.

It is a moral issue as to what kind of person will take that kind of money under the circumstances.

I have argued both sides, but I believe the bottom line is that the recipients of the bonuses owe the criminal enterprise known as the congress absolutely nothing.

Had congress stayed out of it and had AIG any chance of making it, those executives should have given up the bonuses in hopes of saving the company for the stockholders who trusted them.

Since congress specifically wrote the clause that made them home free, they owe nothing. Now if anyone owes the stockholders, it is congress because they took ownership.


44 posted on 03/18/2009 9:56:24 PM PDT by old curmudgeon
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To: Tex Pete

I agree with almost all of your statement, there should have been NO bailout, but since there was, I don’t know if there were any conditions or restrictions or not- so it may have been given for a specific purpose (or not), and yes, it does seem to be a PLAN on the part of the Obamassa to allow AIG to get away with this. And yes, the dims did this on purpose, after having been shown the way by GWB. A pox on both their houses.


45 posted on 03/18/2009 10:00:37 PM PDT by matthew fuller (Coming Soon: DJIA 3500 (03 07 2009).)
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To: McGavin999; All

This issue is nothing more then noise to distract the publics attention away from other more dangerous moves this administration is taking.

While the press and our elected officials are falling all over themselves with the AIG issue, the Obama administration has:

Pissed away America’s sovereignty by signing a UN declaration that we will decriminalize homosexuality. We no longer control who makes the laws of our country the UN has been handed jurisdiction. Not only was his signing of this UN document unconstitutional the states once again are having their rights under the 10th amendment stripped. This time it’s not only to the feds, the states will now be beholden to the UN.

Removed policies that protected the rights of American’s whose ethical or religious beliefs prevented them from participating in anyway with an abortion. Those protections are now gone forcing pro-life citizens to either give up their careers or commit an act that millions consider murder. Another typical display of what “choice” means to a liberal.

The administration has stopped the program allowing pilots to carry guns in the cockpit. We’re being set up once again for an attack if terrorist groups choose to repeat 9-11. In fact, he’s made it easier for them. History shows terrorists repeat what has worked before.

To publicly and openly remove protections from a known plan of attack against U.S. citizens should be enough to impeach zer0. Even with non-stop AIG ramblings from the media, I’d venture a guess Al Quada didn’t miss that Obama just handing them, literally, the keys to the cockpit.

Bonuses paid out to AIG employees are less than .05 of 1% of the money they received yet that is all we are hearing about.

Obama may be worthless but he is not an idiot. He fully understands that the American public is nowhere near as leftist/progressive/communist/Marxist as he and that his policies and decisions would not be approved of by the vast majority of Americans.

AIG is nothing but noise to cover-up the bait n switch Obama is doing with our country, our freedoms and our safety.


46 posted on 03/18/2009 10:25:49 PM PDT by Brytani (Obama's Hope and Change - Hope for terrorists and Change left in our wallets)
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To: Arthur McGowan
Your over use of the word Communist suggests you have no idea of the meaning of the word, or are simply ignoring the words meaning, much like DimRats when they use the word Nazi.

Fox is engaging in politics. It is what she does and what voters elected her to do. Fox is exposing the DimRats for what they are, a bunch of posturing hypocrite's.

As for the bonuses, it is my belief they would NOT have been paid if there had been no public money available to pay them with. AIG should have been allowed to sink in the mud.

47 posted on 03/18/2009 10:29:27 PM PDT by Colvin (Harry Reid is a sap sucking idiot.)
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To: Brytani

obambi is our first gay Prez. He is a scumbag.

But whenever we try and call over FOUR hundred million dollars!!! ...............in bonus and retention cash paid out by a company that is FUBARed and 180 Billion dollars in debt to US...............a tiny number like .05 of 1%, we lose the rest of the arguments.

400 million is 400 million.

Of course the GOP is the one who started the Bullsheet Bailout. Obambi just took the baton from Bush and ran faster and longer with it.

AIG is not just noise. AIG is Thunder, the thunder posed by the $1.6 TRILLION DOLLAR portfolio of complex derivatives.

Put ... t h a t ... into tiny percentages.

The 9 percent Solution?


48 posted on 03/18/2009 10:45:39 PM PDT by TomasUSMC ( FIGHT LIKE WW2, FINISH LIKE WW2. FIGHT LIKE NAM, FINISH LIKE NAM)
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To: matthew fuller

The U.S. Congress has no right to pass bills of attainder, and that’s precisely what Schumer and Frank have been threatening.

My freedom is threatened infinitely more by fiends like Schumer, Frank, Dodd, and Obama, than by those people who have received their CONTRACTUALLY AGREED UPON compensation from AIG.


49 posted on 03/18/2009 11:11:21 PM PDT by Arthur McGowan
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To: Arthur McGowan; Brytani

http://online.wsj.com/article/SB123725551430050865.html


50 posted on 03/18/2009 11:55:55 PM PDT by ScaniaBoy (Part of the Right Wing Research & Attack Machine)
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