Populism is all the rage these days. Americans are angry about the extravagant bonuses being doled out to AIG executives and they want Obama to stop it.
Last night on his show, Stephen Colbert promised to lead a mob of torch- and pitchfork-wielding taxpayers, angry that the bailout cash is being used in "ways we never see, to prop up business we don't understand."
President Obama has promised to do what he can to stop AIG from spending taxpayer funds on bonuses. Still, some in the business community fear that if the government cancels compensation contracts, it could start a dangerous precedent and result in more economic instability. Perhaps the focus should shift toward creating future contracts that don't require bonus payments in the case of financial ruin.
If employees at bailed-out companies keep taking home fat checks, how long until pitchforks and mobs evolve from satire to reality? To see Colbert in true form,