Submitted by IceCreamYou on Mon, 03/23/2009 - 9:31pm
Posted in
This is a conversation with a friend I had regarding this blog post. I'm Isaac, in case you haven't picked up on that.
10:26pmIsaac
Basically, a few things
a 90% tax sets a dangerous precedent
and is blatantly illegal
also the bonuses were both contracted and necessary to retain absolutely necessary employees
and the bonuses weren't even very much money in relation to (A) other bonuses or (B) the money AIG was given
the result being that (A) professionals will be scared away and thus (B) the market sector will completely collapse which (C) will cause the entire economy to collapse since that is most of the entire American economy
which results in, as you said,
10:27pmSam
word.
10:27pmIsaac
either companies not accepting government money, or them accepting it and losing all their professionals
the only short-term solution to which
is to have the government hire all those people to fix it
how ironic is that
10:27pmSam
for sure
The thing about representative democracy is that the majority can still be wrong, even if they're the majority.
10:29pmIsaac
The thing about representative democracy is that we elect people to represent our interests, not our desires
It is not in our interest to write a 90% tax
Even if we desire it
10:29pmSam
EXACTLY
10:29pmIsaac
Because what the heck do we know about it
Whoever you were talking to seems pretty knowledgable about financial crises.