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Because there isn't enough demagoguery already on the matter



Connecticut Attorney General Richard Blumenthal, a staple of these columns, and two Connecticut lawmakers have subpoenaed AIG executives to compel their attendance at a March 26 hearing.

More from Connecticut attorney/blogger Norm Pattis:

This subpoena is an abuse of process. ... Shame on you; each of you....

And it gets worse. The homes of AIG bonus-recipients in Connecticut are now tourist attractions for populist ragemongers. Buses will convey folks to the homes to gawk, scorn and harass the recipients. I say prosecute each and every one of these folks if they so much as step foot on property of one of these people....

All this rage and fury is misdirected. Lawmakers ought to be walking the street in sack cloth and ash begging our forgiveness instead of pointing the finger at others. Where was Congress, Mr. Blumenthal and state lawmakers when the bailout plan was hatched? Why didn't they notice contracts struck before the bubble burst?

At NRO "Corner": Andrew Stuttaford (Congress committed "economic arson"); Mark Steyn ("Maybe they can't see it from the shamrock-hued vistas of their 'cottages' on the west coast of Ireland, but the political class has done nothing this last week but destroy the wealth of this country."). And Noam Scheiber at The New Republic:

...the precedent of taxing income retroactively ... seems to introduce a level of arbitrariness that can't be good for economic growth. ...

...the precedent is pretty ugly. Getting people to hand over money under the threat of legislation that will take it from retroactively is pretty damn coercive. There are third-world juntas that would think twice before doing this.

But our United States House of Representatives didn't think twice.

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Isaac Gorodetski
Project Manager,
Center for Legal Policy at the
Manhattan Institute
igorodetski@manhattan-institute.org

Katherine Lazarski
Press Officer,
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.