Wed, 17 Sep 2008

AIG gets $85bln lifeline

Ya know, I sure could use a bailout myself. And I wouldn't even need $85 billion ...

We are mortgaging our future (and our children's future, and their children's future) to save these greedy bastards that "invented" creative ways to lose money. Why? Because they're "too big to fail"? Or because those on the inside in government are essentially the same folks on the inside of Wall Street?

These guys being bailed out (not just AiG, but Bear Stearns, Fannie, Freddie, the lot) are the same sort of folks (investment bankers) producing reports that show companies how to "increase shareholder value" by shipping jobs overseas or importing H1B workers or selling off assets and leasing them back for the tax breaks. This isn't "trickle down" economics, it's flush the commode Econ101. How many millions of the rest of us have had to face bankruptcy thanks to their incessant greed and desire to borrow and loan against nothing?

They not only advised on shipping or selling our livelihoods, they actually jammed a "reform" of the bankruptcy laws through to stop the middle class from bailing out of impossible situations that way! Of course, they don't need bankruptcy - Big Brother will take care of them!

But the upshot of all this are the comments I hear coming from certain political figures, blaming the "free market" for these catastrophes. Free market my ass - there hasn't been one of those in this country since before the Civil War. If you really believe that either this latest spate of Republican led crony capitalism, or that the earlier progressive led "New Deal style" regulated monopoly market represents anything resembling freedom, I want some of whatever you're smoking. 'Cause it has to be some pretty good shit to make you that delusional.

I'll be filling out my personal loan application to the Fed today. I bet I don't even get a rejection letter. I'm not big enough.

AFP - In a move aimed at averting a new global economic shock, the US Federal Reserve agreed an unprecedented 85-billion-dollar rescue loan for American International Group.

(link) [Yahoo! News: Top Stories]

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