AIG, you know the insurance company that spent nearly half a million dollars so its executives could get massages, eat high class food and stay at a getaway resort, after the bailout was passed, has received more money from teh government, this time in the form of 40 billion dollars. Jesus Christ, when will it end? This money comes from the 700 billion dollar bailout, and is the first time that money has been given to any type of company other than a bank, and I think it is crap.
AIG screwed themselves over by making bad investments, hedge funds, and mortgages. They kept investing in these systems, knowing full well that the market was on its way out. They stayed on the sinking ship, and instead of grabbing a life preserver, they grabbed more shrimp cocktails and martinis. This just pisses me off to no end. I realize they are a multi-national company with stakes in more than just the US market, but with everyone crying about what a Socialist Obama is, how can this be acceptable. Yeah he voted for the bailout, but so did McCain, and Bush was the major proponent of it. And yet neither McCain nor Bush were ever called Socialist.
Beyond that though, is the fact that we the taxpayers are still getting screwed. AIG had already received financial assistance from the Federal Reserve in September, and now they are getting 40 billion more. I wonder what they’ll be getting in January, when all of a sudden they are once again on the verge of collapse? If we learned one thing from Bush (and we should have learned many things from that awful administration) it’s that you can’t just throw money at a problem and hope it will go away. There has to be a real plan with cool calculated rationality behind it. So far, that seems to be sorely lacking with this bailout, and it looks like things are just going to keep getting worse and worse before they (eventually) get better.
See, I’m all for economic stimulus, but only if it will really do something. The 600 dollars we received from BuchCo back in April/May was nice, but come one, 600 dollars is nothing. It won’t pay rent, it won’t pay the mortgage, it might pay for one car payment. It wasn’t a band-aid so much as the piece of tissue paper you hold over the cut until you can get a band-aid on it. If they truly wanted to help the economy and the people, the government would give every citizen who pays taxes, or is enrolled in higher education 50,000 dollars. Now that would be a stimulus package, and that money would get back into the econmoy and things would start to defreeze again. It wouldn’t affect inflation any more than the current bailout so we wouldn’t have to worry about that. I think that if every tax payer got 50k, America’s economic crisis would be over in no time, and for the small businesses, give the 75,000 to 100,000 dollars so that they could pay their bills, and expand their businesses to create more jobs and such.
This is a pipe dream, but it would have been nice.