Will Obama veto the AIG bonus law, and mob rule?

President Obama finally got some bipartisanship behind him on the AIG bonus bill.  Now will he have the courage to veto the legislation? Or will the Harvard Law School graduate-in-chief allow populist rage to rule — exactly what the founding fathers intended to thwart?

This could be the defining moment of the still young Obama administration, a moment the Wall Street Journal compares to President Hoover’s accession to the Smoot-Hawley tariff law:

When does a single policy blunder herald much larger economic damage? Sometimes it’s hard to know ahead of time. Few in Congress thought the Smoot-Hawley tariff was a disaster in 1930, but it led to retaliation and a collapse of world trade. The question amid Washington’s AIG bonus panic is whether Congress’s war on private contracts and the financial system is a similarly destructive moment.

via Congress Blunders on AIG Bonus Tax – WSJ.com.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s