BILL KRISTOL TURNS SOCIALIST!

Sort of. At least he doesn't defend the obscene AIG bonuses as Limbaugh did. This is another issue, like Bristol Palin's pregnancy, where the conservatives can't seem to agree what the proper course is because their ideology is at risk.

AIG Bonus Babies
By William Kristol
March 16, 2009; 10:25 AM ET

Well, the executives had contracts, we’re told. The firm would risk a lawsuit not to pay up.

Really? Can't risk a lawsuit! A fine business like AIG would never do that! Shareholders have been wiped out, tens of thousands of people have lost their jobs directly or indirectly because of AIG's activities, taxpayers are out tens of billions -- but it would be too hard to change those promised bonus payments, even though the promises were of course made in very different circumstances?

What’s more -- AIG says it won't be able to retain talented staff "if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury.” Sure. Those employees would be snapped up -- there's a boom market right now for derivatives traders! And certainly no one else in the U.S. has had his compensation "subject to continued and arbitrary adjustment" by their employers -- no else in the country has had to take pay cuts, forego promised bonuses, and the like!

Can capitalism survive the behavior of some capitalists? It's always been an open question. But if capitalism is to survive, shouldn't the Republican party, the party that defends democratic capitalism, be particularly vehement in denouncing its excesses?