Immanentize the Eschaton

The New York Times reports that President Obama (I never thought I’d type those words in that particular order) is angry at “Wall Street bankers” for giving out bonuses “…as the economy was deteriorating and the government was spending billions to bail out some of the nation’s most prominent financial institutions.” Obama called this “shameful”. The article continues:

“There will be time for them to make profits, and there will be time for them to get bonuses,” Mr. Obama said during an appearance in the Oval Office with Treasury Secretary Timothy F. Geithner. “Now’s not that time. And that’s a message that I intend to send directly to them, I expect Secretary Geithner to send to them.”

And:

“That is the height of irresponsibility,” Mr. Obama said. “It is shameful. And part of what we’re going to need is for the folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility.”

First, the Feddle Gummint should show some restraint, discipline, and responsibility. Stop throwing taxpayer money at the economy. The 1.2 TRILLION “porkulus” bill pending in the Senate won’t do anything useful. That money has to come OUT of the economy before the Feds can splash it around. It either comes from taxes, taking money out of the pockets of folks who can spend, save, or invest it as THEY see fit, or the government has to borrow it, crowding out investment in productive activities. Really, can’t Congress just go home? They’re not helping.

Second, to President Obama’s point: he’s right to complain. Normally, I’d say that the bonuses (boni?) are private transactions in a private corporation. Despite the PR blunder, as long as the appropriate taxes are paid, Obama should shut up. It’s none of his business.

However, times are not normal. The Federal Government has implicit ownership in some of these firms. In fact, the government is the largest shareholder in some firms. President Obama has a right, indeed, a duty to ensure that the firm’s money is well spent. (Of course, this duty is delegated to the Treasury, etc.) The government has a right to interfere.

This should also alert us to one of the consequences of government run health-care (or socialized medicine): if the government is providing your health care, they have the right, maybe even a duty, to tell you how to live. They can dictate what you should eat, how much you should exercise, what activities you can participate in, what your children must do. We will no longer be free citizens, but subjects of the commissars in Washington.

So thank you, Mr. President, for reminding us that he who accepts the King’s shilling must do the King’s bidding. You’re helping us resist the temptation to take the shilling.