Posted on 11/09/2008 4:45:48 AM PST by TigerLikesRooster
Ping!
Expect more of this.
Off topic, the term “black hole” will be changed to something like “dense dot”, mark my words.
No where in this article does the writer lay any blame with Congress or the Bush administration for implementing this socialist bail out plan. If they had let AIG wither on the vine then the economy would have eliminated an inefficient group of people who would not be asking for more. This socialist thinking only creates more takers which cannot be sustained over the long term.
Just like the real thing, no bigger, just the continual sucking of taxpayers’ cash and kids’ futures into the unknown.
“They compared the loan’s terms with the 5 per cent interest rate paid by the banks that recently sold preferred shares to the government.”
Which is another piece of trash. We, the taxpayers, got approximatley half the deal that the Brits or Buffett got.
It shames me that this gargage is going on under a Republican administration. Every right thinking person knew that AIG was a black hole. I say no more money - the Feds should seize their assets and parcel out the remains. No compensation for the upper management and certainly no dollars for the shareholders. The bondholders simply have to stand in line like the rest (or go to the Plan B proposal of turning those bond holders into equity holders of the company, after we get repaid of course.
” just the continual sucking of taxpayers’ cash and kids’ futures into the unknown. “
Ross Perot’s “Giant Sucking Sound” fades to a whisper in comparison...
“We has met the enemy, and he is us”......
This is insane. Industry needs to fail then self correct.
Printing more money which is becoming worthless, artifically inflating the economy with rate cuts, housing bubble etc. Plans to overtax the nation when noone has money. I really see hard times ahead. I think things are going to get worse. Tell Prozac Pelosi no.
It's fine in the private sector, in theory. Take GM, if GM goes down, fine, we have twenty other firms that are or will take it's place in supplying customer needs and wants. Of course do to politics, GM, and Ford and the wealthy private profiteers of Chrysler, will become like AIG.
Anyways, back to large Organizations. They are like having all your chickens grown in one single fifty mile long coop. Something goes wrong, you get a disease, you are screwed.
It is better to have many approaches to production. There is no perfect approach, that works at all times, everywhere. With different approaches, if one is found at fault, you still have many others that can go forward and use the information of the single failure.
It is not that Bush/Paulson/GS et al are bad people. It is that they are invested in the very system, such as it is, that produced this mess, which is really a collapse of a belief system. The Gods of Directives, CDO and leveraged to the thousands cut have been exposed as a delusion. The struggle now is about who gets the clean up bill. So far it has been the taxpayer.
Put those Dastards in jail and auction the companys assets.
Nailed it brother, nailed It!!!
Bush gets hustled again.
Now Debt God very very angry.
Debt God want blood sacrifices.( Naturally, it can not be the Priest/Shaman class. Who the heck is going to perform the rip out the beating heart ceremony? )
And so on.
I’m thinkin’ that if AIG wants to re-negotiate it’s gonna have to improve its FICO number.
Now that the banking system has been stabilized, it’s time to let AIG go under.
Dude. Where's the party this time.
they didn’t want maurice greenberg back at the company he built to help out.
Is this part of the “spread the wealth” agenda?
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