It's the economy, stupids: Congressional Democrats' bonus witch hunt will sink N.Y.

The MSM is in the process of committing suicide; now it's the turn of New York.

The dangerous consequences of slapping punitive taxes on Wall Street bonuses are becoming clearer in the ashes of Washington's AIG bonfire.

President Obama and cooler Senate heads must apply reason amid hysteria to avoid damaging the economies of New York and America.

The tax plan approved by the House as revenge against a handful of obscenely greedy AIG executives would slam tens of thousands in the financial industry, many of them New Yorkers, who have nothing to do with AIG or any other wrongdoing.

And that would be just start of the collateral damage.

The levies are so draconian that major banks that took bailout money are threatening to give it back - defeating the purpose of jump-starting the economy with an influx of cash.

Businesses with so-called TARP money in their accounts would also be put at a great competitive disadvantage to firms that have none. Those include foreign banks that will poach top Americans with higher pay.

As the financial capital of the world, New York would take the hardest hit. The city and state stand to lose millions in needed tax revenues.

YESSSSS!!!