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AIG bonuses conceive public outrage
AIG's move to use taxpayer bailout money to pay lavish bonuses may ignite a public anger that could spread to Congress and the White House. President Barack Obama's economic team is now concerned that a public backlash against the sensitive issue looming at the American International Group could hamper their economic agenda. "We've got enormous problems that need to be addressed," David Axelrod, Obama's senior adviser, said in an interview, according to the New York Times. "And it's hard to address because there's a lot of anger about the irresponsibility that led us to this point." "This has been welling up for a long time," he said. Obama's aides have warned against possible populist anger that could offset the President's efforts in providing more bailout money for the US banking system. "Never underestimate the capacity of angry populism in times of economic stress," said Robert Reich, a professor of public policy at the University of California, Berkeley, and labor secretary under President Bill Clinton. "A big challenge for President Obama will be to maintain a rational and tactical public discussion in the midst of this severe downturn. The desire for culprits at times like this is strong."
The public response regarding the large bonuses made to auto executives who flew on corporate jets to Washington for Congressional bailout hearings, was very severe. "There's unquestionably a strong populist surge out there," said Joel Benenson, Obama's pollster, citing his own polls and focus groups. "It's been brewing for close to four years. For the last two years, Americans were clearly indicating that they believe that one of the biggest obstacles to progress on America's toughest challenges - notably health care and energy independence - was the influence of special interests and corporate interests on the agenda in Washington." Posted by: Fred 2009-03-17 |
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| http://www.rantburg.com/poparticle.php?ID=265244 |