Tax Payers now own 80 % of AGI. It is predicted that 1000 more regional banks go under.
http://cosmos.bcst.yahoo.com/up/player/popup/?rn=4226712&cl=9770011&src=news
http://cosmos.bcst.yahoo.com/up/player/popup/?rn=4226712&cl=9770011&src=news
Tax Payers now own 85 % of AGI
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Yes, the taxpayers will pay for it, but the federal government loaned the money.
Every news story I read, says the Federal Reserve loaned them the money. The Federal Reserve is NOT the Federal Govt.
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8,248 Posts
This is f**king insane! Why in the hell is the government bailing out an insurance company? I can see a bank. I can see manufacturing or farmers. But an insurance company? Please. I own enough of the governments' debt as it is. Other companies would have bought AIG's policy. Why did we the government loan them 85 billion dollars??? Where did the money come from? Last I checked we are trillions of dollars in debt. The IMF would not loan the US all of the money to cover the Fannie Mae/Freddy Mac fiasco. Oh wait, never mind, I forgot. We are on a fiat monetary system. They will just print more money to cover this and devalue the dollar even more.
IMHO, the government needs to quit bailing out these SOBs and let corporate darwinsim run its course. Just curious though, does anyone know how much money the CEO/VPs and Board members at AIG have taken in bonuses and fat salaries over the past few years?
IMHO, the government needs to quit bailing out these SOBs and let corporate darwinsim run its course. Just curious though, does anyone know how much money the CEO/VPs and Board members at AIG have taken in bonuses and fat salaries over the past few years?
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16,624 Posts
IT'S OK though, Bush did it. he isn't socialist. :xeye:
If it's not political, and not conspiricay, what is itI'm sorry, I had something to say,but it was political in nature, so I will post nothing here in any manner political, no matter how much it ties into the current topic.
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:Incompotent news reporting. Most people don't understand that the Federal Reserve and the Federal Govt are different entities. The news media are no different.
Fed press release
The statement "the U.S. government will receive a 79.9 percent equity interest in AIG" is a little odd. I'm guessign that if it fails anyways, they'll get it's assests, likely worth far less than any money loaned, will be fire saled ala the Resolution Trust Corp.
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13,890 Posts
Tax payers own nothing. The criminal federal reserve does, which is neither a federal organization, or a reserve.
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1,611 Posts
The media portrays the Federal reserve as a government entity to keep the public dumbed down. It is in fact a private entity we have chose to handle our money. YES that is right a PRIVATE entity. If I remember correctly didn't the founding fathers warn us about doing just that very thing???
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8,151 Posts
no not actually as it is not technically bankrupt.85% of what, a bankrupt company controlled by a Delware corporation, hmmm, theink we been had?????
:what we OWN is more debt and paper which is assurance that bad loans will be made good for their losses.
i cannot understand how they think this will do any good. it will in the short run stave off a collapse on wall street, but short term only.
those losses that AIG couldnt cover are now ours to cover ----- difference?
treasury can pump money into it for a longer period of time thus like and other PONZI scheme keep money flowing into the pyramid.
so instead of an imediate crash and correction we will have a corkscrew crash.
same effect--- just the patient (us) bleeds and suffers longer.
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7,224 Posts
OK Since I'm payin' for it it I want my corner office, up front parking and hot secretary.
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