Quote:
Originally Posted by piece-itpete
But the bonuses paid with stimulous money WAS taxable at the regular rate, or no? I didn't see it in there.
I'm curious - since the government has been such an amazing success in private industry, 1) why doesn't it take over all large business, and 2) why not invest SS?
Pete
|
So you have been converted to all out socialism.
In the case of the auto manufacturers and the banks, the government stepped in to avoid a crippling economic crisis with profound national and international consequences. The recession has been bad, but nothing like what would have occurred with inaction. The government is the only entity large enough to step in when such a large scale disaster hits. Otherwise, many millions of Americans would have been left to suffer total economic devastation. The likely result would have been even more concentration of wealth, as those who have resources would have been able to acquire property and assets at fire sale prices.
Yeah, the bank bonuses were obscene, and had the TARP program been initiated under the Obama administration, there would have likely been greater oversight over the use of the initial TARP funds. I am glad, however, that the US still has a competitive auto industry.
Regards,
D-Ray