Pity the Grand Old Populists. One day the Republican grandees are railing against President Obama's Treasury secretary for standing by while AIG gave bonuses to the traders who helped to wreck the economy. Then the memo comes from GOP Central that they are opposed to the Democratic move to claw back those hateful bonuses with a 90% tax. It appears that Republicans and their ideological mentors hate tax increases a lot worse than they hate nameless greedy insurance company executives.
But Wall Streeters really resent it when we rubes stick our noses in their doings. They were alarmed when the House, with 85 Republicans joining the Democratic majority, passed a bill that would slap a 90% tax on bonuses for executives of government-rescued corporations whose family incomes exceed $250,000.
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