Posted on 03/21/2009 5:53:51 PM PDT by jimbo123
The Obama administration wants to soften the impact of bills speeding through Congress that would impose heavy new taxes on Wall Street bonuses. But some potential allies in the Senate are reluctant to cooperate, fearing the political consequences of watering down the legislation.
Financial-industry officials launched a campaign Friday to fight back but are finding their hands tied: Anti-Wall Street sentiment following the American International Group Inc. bonus payouts is making it difficult to reach once-friendly lawmakers to make their case. Key senators and their staffers, nervous about appearing to support the industry, are refusing all meetings, and, in some cases, turning away phone calls. "Unless you have a pitchfork and a noose nobody's listening to you" on Capitol Hill, said one financial lobbyist.
(Excerpt) Read more at online.wsj.com ...
I feel his pain...not!
Yep. All the guys that can actually invest the money properly that charge a % of the profit as an incentive get to not do that anymore. Yep! That should fix the economy. All the smart people should lose all incentive to produce.
I’m just pleased that they are turning on there own. Gives lie to the old Dem position the wall street is republican. It isn’t.
It is a shame that congress apparently has never read the document that they a sworn to uphold, however.
GOP need to keep their mouth shut as the former Wall Street donors to BO wage a war against the Dem Congress. Personally I would like the taxes to remain so many financial experts would leave the banks and financial companies crippling the ability for them to help BO and feds to de leverage the financial system from the devestated derivative debt market. Financial chaos and financial collapse will throw the Dems out of Congress in 2010 and BO in 2012. GOP need to stop opposing the tax law so it can serve as a financial WMD to destroy the economy and with it BO and Dems. I think the White House staff have finally cornered BO and read him the facts and consequences of nixing bonuses. BO knows about this, and he knows what is the right but unpopular thing must be done. GWB demonstrated that courage, BO has not.
The fun part will be if Hussein vetos the bill if it isn’t watered down in the Senate. What will the moonbats do? And will Congress be able to override the veto?
“I’m just pleased that they are turning on there own. Gives lie to the old Dem position the wall street is republican. It isn’t.”
Exactly, and for that reason alone, it is to Conservatives benefit if these absurd taxes become law.
Times were easy under GWB, taxes were low, addled brained regulations and laws were also kept fairly low, they supported “Hope and Change” will by golly, I hope they get what they supported.
He’s not softening anything. He’ll re-enact the punitive provisions later.
Hey Wall Street, you get what you pay for.
I want Obama to fail, not the economy. You have to understand: Obama succeeds if the economy fails. He wants everyone out of stocks and into govt run everything.
0bama will sign anything put before him.
It wouldn't be voted on in the Senate if a veto couldn't be overridden.
Step up to the plate Mr. President and be a man. Veto the bill.
http://www.ft.com/cms/s/0/4ff2f77e-1584-11de-b9a9-0000779fd2ac.html
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