Today the US government took over AIG. It is costing 85 billion in taxpayer money. I'm sorry, but when did we become communist? Why shoul the government take over a companythat was poorly managed. This really *isses me off. Ok rant over
There's a serious financial crisis going on right now. I won't even pretend to have a beginner's knowledge. The roots of the problem lie in the Clintonian idea that every American should have a house (houses should only go to those very prepared). That got the ball rolling. Banks signed on to the idea, then screwed themselves when other parts of the economy took a hit.
Also, one of the biggest if not THE biggest problem wiht what's going on (the housing and bank crunches) also lie with those people who bought something they knew they could not afford as well as too many people trying to get rich quick by buying low, selling high-aka-GREED. A lot of those people are now stuck with their purchases unable to sell for a profit-or at all-unless they take a huge hit in their pockbooks.
Go ahead and bail em out. (AIG anyway) Not for free at all, with interest on the payback. Now you work for us, you're in our debt. Fire the whole board, no bail-out for them. Make them cash out their "options" at the bankrupt level, and take their pensions at the "new" percentage rate (75% based on stock level). Join the ranks of the unemployed. You're gone. They knew what was coming. It's neither Republican or Democrat alone but both through the Congress ... idiot regulation, subsidies, insider "sweetheart" deals, credit given on credit (like campaign contributions)( they get all this money donated and then they borrow money from themselves using the donations as collateral, charge themselves 30% interest (no usury laws against yourself), spend it all no matter what, live like Royality while claiming comradeship with the downtrodden (and more like Hillary), claim a loss and deduct it on your taxes, allto make themselves look good to their constituents to get re-elected. Sweet deal eh ? Last time though. Last time.
If this takeover had not occurred, there would have been chaos around the Western World. And now Lloyds bank has bought HBOS for 28 million pounds. Both the USA and Britain are in serious trouble now. Trouble that has only just started. Think of putting your savings in a tin box. Blame Clinton if you like. The real cause is the insatiable greed of the banks.
We can't come up with $500 million for education benefits but we can come up with $85 billion to bail out some goofball CEO who will still walk away with his salary package with bonuses. Something is wrong here.
I love the fact people are blaming 'greed' which, lets face it, is the foundation of capitalism. So really it is just the economy backfiring because it has been doing what it does best, making the rich richer. As for the housing problem over here, when you look at how much prices have fallen in the last little while it is nothing compared to the insane rise over the last couple of decades. The fact is that the people who are losing money are the people who bought houses cheap and intended to sell them for a lot in the near future, they just aren't going to make quite as much as they were. Boo hoo, my heart bleeds. The same goes for all the idiots who trusted the 'debt consolidation' adverts.
my problem with this buyout is that it was poor managment decisions. I read this morning in my local paper that the CEO's where blowing company money at casinos. Why do they deserve to get even richer at the taxpayers expense, when the collapse of the company is their fault.
Mike you know as well as I that someone is scratching somebody else's back in big govt.......it's all filtering down with promises, most likely will be unkept sad but laughable
Exactly so. Other Corporations/Institutions are watching like a hawk and lining up to be the next "Mega" welfare case. Frivolous spending and moronic management, topped with obscenely lucrative benefits for those on top = Failure! Who's next? I heard GM wants a piece of the action. It will be a cascading waterfall if it goes anywhere beyond AIG. And this one's not a free one for them. It stops here, and those who don't make it ... don't make it. All saw Enron ... and monkey see, monkey do. Ken Lay lived like a "King" through lies & fraud, and died before he paid for his crimes. That set a precedent that needs to be nipped in the bud. Both Fannie-May & Freddie-Mac donated huge sums to Brakisk Obama, I wonder why ? It starts with Washington and politicians who take re-election campaign donations (cough-cough) to pass laws to help these scumbags pull their dirty deals. Term limits Campaign (not reform) flatten & re-build, it's too late to save that mess. Ethics .. with no pension dismissals for offenses. Perhaps der PanzerPenguin should be in charge ? If something substantial other than playing the usual blame game (Nancy Piglosi) "Potomic Two Step", it's just another stall, waiting for the inevitable end of a House of Cards !
Best idea I've heard in years. I know who my write in vote is going to this year Vote for president The war on will never be the same
The money pumped into the banking system in the last few days is truly fantastic. IMO bankers can't lie straight in bed.
