Professor Elam

Our socionomic perspective here on the blog is that ANGER would be increasingly evident. Several of the students months ago expressed surprise noting that they were not angry. Well

check out the reaction of Senators, on both sides of the aisle, over the AIG bonuses.

No doubt the tar and feathers would be ruled  unconstitutional, good thing for those execs! I cannot recall when both sides of the aisle were last this angry. Clearly they realize they have been had with the request for TARP funds for AIG without any subsequent supervision. We have detailed for you that a good deal of money went to overseas banks, and now million dollar bonuses for the execs that masterminded the disaster. And remember, Senators and Congressmen make about $165 K a year, plenty of class resentment there over millinon dollar bonuses! And note that no one is safe. Congress overlooked Geithner's tax indescretions saying he was THE man for the job just weeks ago. Now, gee no outrage that he did not pay his taxes but plenty over his lack of oversight for AIG.

This is all part of a predictable outrage over Wall Street, that of course was hailed as a never ending money machine to baby boomers. Those boomers have seen years of 'savings' melt in a few months. No wonder they are angry.  The $500 K cap on salaries for firms receiving FED bailout money is a similar angry reaction. Does Cognress really believe that people who make billions for shareholders will be happy with $500 K? Will that same Congress limit the pay for movie stars or baseball players?  No way…..