The AIG Bailout
My Republican friends tag Clinton and Obama as 'socialist' or 'tax and spend liberals'. They are opposed to nationalized insurance of any kind.
Last night, the Republican administration bought 80% of AIG, bailing them out from a catastrophic failure. They did this with a loan to AIG from taxpayer funds that will be repaid at an incredible 11% interest. AIG will NEVER dig out from under this. EVER.
They also ordered the firing of the CEO.
So, the Republican administration just nationalized AIG and then mandated leadership changes.
Unless you've had your head in a bucket of water for the last 8 years, you can clearly see the hypocrisy. To Bush Republicans, it's not OK to nationalize a company or service to help out the nation or the nation's middle class. It IS ok, though, to do it to rescue the assets and the investors.
Don't get me wrong - I totally agree with what the feds did. If they didn't, the economy would've crashed - AIG influences almost every aspect of the national economy.
But it's time to stop resorting to easy, lazy sound bites and start acting like intelligent people. We are in the worst financial crisis since 1929. Stop being slaves to rhetoric.
Last night, the Republican administration bought 80% of AIG, bailing them out from a catastrophic failure. They did this with a loan to AIG from taxpayer funds that will be repaid at an incredible 11% interest. AIG will NEVER dig out from under this. EVER.
They also ordered the firing of the CEO.
So, the Republican administration just nationalized AIG and then mandated leadership changes.
Unless you've had your head in a bucket of water for the last 8 years, you can clearly see the hypocrisy. To Bush Republicans, it's not OK to nationalize a company or service to help out the nation or the nation's middle class. It IS ok, though, to do it to rescue the assets and the investors.
Don't get me wrong - I totally agree with what the feds did. If they didn't, the economy would've crashed - AIG influences almost every aspect of the national economy.
But it's time to stop resorting to easy, lazy sound bites and start acting like intelligent people. We are in the worst financial crisis since 1929. Stop being slaves to rhetoric.
posted by Ian at 10:29 AM
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