Well, the bailout legislation passed-----all pimped out with pork too.
And maybe we had to pass it. It's like we were hostages being driven at breakneck speeds in a getaway car; if we grabbed the kidnapper's gun and shot him, weren't we also likely to be killed in the crash?
But let's not despair. There may be a redress. It's true that there is no clawback provision that will strip the unsavoury bankers of their unseemly incomes from the last several years, but what about changing estate taxes?
Americans typically are not in favor of these, but that is because they are mistakenly under the impression that these taxes will affect them. Now seems like a great time to push for taxing estates of over, say, $50 million or so at severely high rates. People (judging from those debate dials) are in the mood to punish greed and excess. Clearly the issues of trusts and other estate planning dodges will need to be addressed too.
Frankly, I've always been in favor of high estate taxes for the super wealthy. Spreading the wealth around is a great way to increase our overall sense of economic well-being; after all, what is the marginal utility of that billionth dollar?