The Federal Reserve says it is taking over crumbling insurance giant AIG in an $85 billion rescue pl

[DearAbby]

just had a Breaking News email from CNN...they are bailing out AIG. Debt for our grandchildren is infinity....

[kansasblue]

1. Congress? I thought we had a congress thing they may want to review this.

[NightWatcher]

2. yay, maybe they can just print up some more money out of thin air

[Subdivisions]

3. Now we're in the insurance business. Wait...how does that work since

AIG isn't a bank?

[nradisic]

4. The Republicans are toast....

I hope that the Republicans are done once and for all. They are toast.

[Aqaba]

5. Heres a pictorial of what just happened -

http://lolfed.com/">Brought to by LOLFed

[Booster]

6. Yep. The neocons are rushing to get their agenda in, and that is

to bankrupt the country.

[TomInTib]

7. Remember the brouhaha over the Chrysler bailout?

Congressional action and the whole bit.

1.8 billion (3.8 in today's $) dollars.

And the Executive tosses $85,000,000,000 to AIG with zero Congressional debate.

Unreal

[MichiganVote]

8. And the taxpayers get what out of this deal?

[GodlessBiker]

15. 80% of a company that will go bankrupt at some point.

[MichiganVote]

17. They will surely sell off all the junk and we'll see nothing from that.

The profitable stuff will result in a corp. that breaks apart to sustain itself. Then they'll get eaten by some other major corporate predator.

We'll never see a damn dime.

[Omnibus]

9. No, Strings attached!

We shouldn't just hand them the money! The insurance industry is one of the crookedest in the country, promising protection then denying coverage on technicalities, milking the middle class for obscene profits.

Fuller federal government oversight should be a prerequisite for this bailout; AIG should also be required to dedicate the majority of their profits toward paying back this loan, shareholders be damned.

Do they do health insurance? I see a lot of potential if they do.

[DearAbby]

10. Socialism for the rich........capitalism for the poor n/t

[alfrankenaynrand]

11. better than starting a chain reaction of corporate failures

If AIG were allowed to fail, the repercussions would be worse than the pain of bailing them out. The market is not in good shape right now and a crisis of confidence could start a run on banks. I am not sure the checks put into place after the Great Depression in 1933 would stop another crash. Do we want to risk it? Are we going to sit and watch our economy go further into the sewer? I say let the fat cats finance aid to to companies that employ workers here in the U.S. by raising taxes on them. Do not allow unemployment to go higher than 6%. Workers are mostly Democrats. If they were Republicans they wouldn't actually be working, right?

[Tallison]

16. Those 'checks' have been systematically removed

over decades as capitalist interests and the politicians they owned realized their fettering effects on profit opportunities.

While my understanding of economics is minimal and I don't know what recourse in AIG's case is in the best interest of the majority, the irony of Federal bailout is self-evident.

[Tallison]

12. The caps are socializing before our eyes

Now, if only they could implement regulation in proper order... :eyes:

[Project Grudge]

13. Neo Con agenda at work

They want to bankrupt the country on purpose so later it will invariable be so small that no social programs can exist because all the money is accounted for in paying back debts. I believe Bill Kristol said something to this effect. It's part of the NeoCon platform: spend spend spend. too bad all those freepers are too dumb to see they are voting against their own interest all the time.

[DemoTex]

14. The GOP's one-sided interpretation of "Res Publica" in action ..

Private gains; Public losses.

Sing it loud, children!

[PerfectSage]

18. So who's going to take over the Fed when it start's crumbling?

[Strelnikov_]

[hunter]

24. They'll probably appoint Arnold Schwarzenegger President of the USA for life.

And the people will be content and buy red white and blue Arnold tee shirts at Wal Mart.

[jimshoes]

19. I have a couple of printing presses

I could start right away. :+

[PerfectSage]

23. Yeah weboth know what's coming. Inflation.

[SweetieD]

20. This loan is akin to giving a crackhead a 500,000 mortgage. It ain't going get paid back.

[BR_Parkway]

21. I can haz health insurance now?

[neverforget]

22. 85 billion at an interest rate of 11% is gonna hurt AIG