Lawmakers frustrated, sobered by AIG bailout

In an article entitled, "Economist Recent Talk With Fed Chair Bernhanke", David Hale, economist, says he recalls a private conversation with Bernanke about 2 months ago where Bernanke told Hale, "We (the Fed) have lost control of the dollar". This is in todays Chicago Tribune. (Go to Chicagotribune.com) to read the entire report.

It seems today with the Fed bailing out AIG the choice was made clear. It seems so long ago, but Paulson and Bernanke both said on Sunday, Sept. 14, 2008 (4 days ago) they would not rescue Lehmans...then...changed their minds less than 48 hours later, they caved and came riding in on your horse to rescue. That is what is so revealing...steele resolve.

Today you have witnessed history which will be in the books to teach our grandchilren and great grandchilren. I hope they learn the lesson well.

Congress has the legitimate (constitutional power) power to act, and if not acted very, very quickly to either put all OTCs (derivitives..sometimes called credit swaps) on an exchange or cancel them IMMEDIATELY if they refuse full 100 disclosure, this monitary system and probalby the political system will collapse. The chain reaction has already begun. I don't know if it can be stopped now, even with congressional action. The feckless Congress, which is now in session, is apt to wring its hands because they do not know what to the hell is happening. The derivtives which were the false sense of security for the hedge funds have turned over their hand and it is empty. They cannot cover their contractural obligations. I heard a report tonight that JPMorgan/Chase is being sold to the Chicoms. The G***mn Chinese Communists now controlling some our largest financial institutions! Think about that for a moment.

I think we have crossed the Rubrican and Caesar is the Chicoms. Just damn!

I am sitting here in Hurricane country in east Texas, not as bad as the coast, but bad. We have been without electricity until tonight and that seems insignificant in comparison with what is being done to my children in Washington and New York. This has ceased to be a dress rehearsal and is actual. Good luck.

Why does the media call this a giveaway?

The Feds are loaning the money secured by warrants to keep AIG afloat...and I will go on record now as one who thinks it will work.

The ramifications of letting AIG collpase would be worse than the 85B.

It’s not a giveaway.

That 85B loan automatically gives value to the warrants.

Freddie and Fannie are more of giveaway but they were always claimed to be government backed so there was never really any other choice than to have reeled them in years ago.

it gives anyone with capital the right to buy American financial institutions in trouble

could be Chinese, Indians, Brits, Arabs, French...whomever.

China already has their own problems, so far I’m not aware China has bought any of these companies but they might.

They have their own rather large banks....speaking of which ...is HKSB now commie controlled?

does anyone know?

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