Tuesday, September 16th — AIG

September 17, 2008

(sorry for the late post!)

Today I Learned…

…that the Fed (and then by extension the federal government) is bailing out insurance giant AIG.  This makes the third huge financial firm that has floundered and changed ownership/declared bankruptcy within the past few days, including Lehman Brothers and Merrill Lynch.

Is anyone else terrified?

Vote Obama?  I don’t even know if that would help.  Are we just screwed?


5 Responses to “Tuesday, September 16th — AIG”

  1. lizzygram Says:

    Obama isn’t an answer to this problem either… don’t get me wrong… I really don’t think McCain is either.

    Something else you need to learn this morning which might just scare you a little more and change your opinion on Obama too.

    You forgot to mention Freddy Mac and Fannie Mae that we, the Americans are bailing out of trouble as well as AIG now.

    Last night on CNN’s news I learned that Obama received $126,000 in contributions from Freddy Mac and Fannie Mae institutions… it seems like this sizeable sum of money could have helped to their financial difficulty and take over. But, what pisses me off the most… is we, the American people are paying to bail Freddy Mac and Fannie Mae out when Obama puts $126,000 in his check book. Does this blow your socks off about Obama now… learning this??

    And to be fair about it… yes John McCain received $22,000 in contributions from both these financial institutions too.

    Edited by Tyler to remove CAPSLOCK ABUSE. Please don’t scream in my blog.

  2. Alex Says:

    The Fed is an independent body, so it’s not the federal government that’s doing the bailing. Just a side note.

    I think what we’re seeing is a correction. And by that I mean we’re screwed – our economy has been held up by unicorn farts and pixie dust for a while now.

  3. Tyler Says:

    @lizzygram: first, please don’t scream. Second, neither $22,000 nor $126,000 is a huge amount of money compared to either the millions of dollars that both of these campaigns have raised or the billions upon BILLIONS of dollars that the mortgage industry/Fannie and Freddy deal with. It’s a pittance — to say that $148,000 could have averted the takeover is naive. Third, it’s a little disingenuous to say “Obama puts $126,000 in his checkbook,” since it’s not like it’s his personal money. That would make him a corrupt Republican. 😛 Also

    @Alex: yes, I’m aware that the Fed is an independent body, but, as CNNmoney.com reports here, “The Fed authorized the Federal Reserve Bank of New York to lend AIG the funds. In return, the federal government will receive a 79.9% stake in the company.”

  4. lizzygram Says:

    I do believe he is a corrupted offical..Both Obama and Mc Cain. No difference between Democrats or Republicans here as for being corrupt.

  5. Alex Says:

    Well, that 80% stake means that they’re not bailing them out, they’re BUYING them out in order to make sure they don’t screw around. Which is fair – no one’s making them take the money.

    Liz, seriously, the only thing in that info snippet of yours that’s at all unusual is that they gave more money to the Democrat. Most corporations give a lot more to Republicans. As far as we the taxpayers are concerned, when two giants that control several trillion dollars in loans (http://www.npr.org/templates/story/story.php?storyId=94369826 – fifth paragraph) crash, paying a few billion to keep them on their feet is a bargain.

    Also, you said the magic phrase “no difference between Democrats and Republicans.” Please don’t vote. You don’t have a clue.

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