Obama dropped the ball on the stimulus, allowing his obsession with bipartisanship to make the bill weaker than it should have been. He rebounded with a bold budget proposal, telling the country that he intended to fix health care and energy policy. This weekend, he’s facing the third test of his young presidency.
While it’s necessary for Congress to do something about the AIG bonuses, and while politicians need to respond to the anger of their constituents, things have gotten way out of hand. More bonus scandals are going to surface, and each one can’t be Armageddon. Like it or not, Wall Street firms will be buying up the toxic waste they created. That’s Geithner’s plan, and it’s too late to find a new one. (He has no staff.) There’s talk that Treasury might be rolling out the details on Monday, and they need to. Meanwhile, Obama needs to call off the dogs in Congress.
The bonuses are chump change, and not all Wall Street employees are villains. If legislators want to get outraged, let them consider this: Goldman Sachs got a double bailout. Is there anything they can do about it?
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