We’re Sorry, Selfish Jerks, Please Come Back… by John Allen

I love this line from President Oprompter’s press conference Tuesday evening:

At the same time, the rest of us can’t afford to demonize every investor or entrepreneur who seeks to make a profit. That drive is what has always fueled our prosperity, and it is what will ultimately get these banks lending and our economy moving once more.

Oh sure, now he tell us. For two years he (and members of his party) have been telling the nation that these investors and entrepreneurs are the modern day robber barons who are living luxuriously at the expense of the poor. Remember how Robert Gibbs was dripping with contempt as he referred to Rick Santelli as a “derivatives” trader. And just the other day Obama was leading the charge of “outrage” against the AIG executive bonuses, even though some of those AIG executives worked without compensation at the request of government (and turned down offers from other companies). Those bonus contracts were their incentive to stay on and try to turn the company around.

Now, when it’s his economy (yes, his) he suddenly realizes that he needs the capital that they provide to get the economy moving again. He suddenly realizes that he needs their “greed”. He suddenly realizes that all of the public employees and minimum-wage earners aren’t going to drive the economy. And, when the investors and entrepreneurs do get this economy rolling again, President Obama has a nice way of saying thank you (higher taxes).

Mark Steyn puts it better than I could (of course), but all of this outrage against the AIG executives is going to have a big, negative consequence. What executive in his right mind would agree to work for any company that took bailout funds from the government? Why, so you can be paraded in front of congress for a public smackdown? Or, maybe you like the idea of having Obama cap your compensation at $500,000 a year (a paltry sum compared to what you could earn at other companies)? Or, just maybe you love the idea of having your compensation taxed at a 90% rate? Well, if you don’t like any of that, the idea of having elected officials threaten to release your name to the public, putting you and your family in danger, would certainly appeal to any would-be executive? And, finally, you would have to be crazy not to jump at the chance to have the community-organizing group ACORN load people (and the media) up on buses and drive around publicizing where you live? Who wouldn’t want to work for a company that received TARP funds?

It’s amazing that the very companies that we, the taxpayers, have a stake in seeing turn it around and become successful so they can pay us back are the same companies that our elected officials are ensuring will never be able to hire or retain talented, competent leadership. Our tax dollars are at stake and we would like to be reimbursed and the President and “leaders” in Congress are making sure these companies that are “too big to fail” will forever be managed by the 3rd string benchwarmers. Thanks.