White House Defends Government Takeover of AIG

"We are in a position of strength to be able to deal with this crisis."

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September 17, 2008 at 1:25 pm - AP
Dateline: Washington, D.C.
Democrat for McCain   September 17th, 2008 - 2:34 pm

Pelosi says they’re not to blame for the mess the country is in…..Well, what the hell have you people been doing in Congress the the last two years? And now you keep bailing these folks out…Did AIG give Obamasama campaign funds too, just like Freddie Mac and Fannie Mae ($185,000) I quess Lehman Bros. didn’t.

Grant   September 17th, 2008 - 3:16 pm

Socialism for the rich. Gotta love it. Your taxes go to lining the pockets of the fat cat owners of these companies. I’m sure their campaign contributions had noting to do with it.

If a small business — a repair shop, a hair salon, a restaurant — goes under, well, tough luck, buddy, that’s the free market at work. But if you are rich and have given huge contributions to the political party in power, well, then, sir — you get to have a pretty but poorly informed and poorly prepared spokesperson tell the American people that the government bailed you out because “we are dealing with very challenging times.”

Ain’t life grand. Both the rich and the poor have the right to sleep in cardboard boxes.

Alex   September 17th, 2008 - 4:29 pm

I don’t understand why these bailouts via the American taxpayer does the country any good. The federal government currently has between $ 50 – 90 trillion in unfunded liabilities, and that is without taking into consideration Freddie and Fannie plus the whole mess they’ve taken on within the past two months or so.

These bailouts are a prime example of glaring lack of leadership required in times of trouble. These actions privatize the profits for the few and socialize the losses for the taxpayer. This is not fair, prudent nor moral.

In time, perhaps the American people will wake up out of their slumber and realize that the Fed and the government has pillaged the currency to the point that it is no longer viable for a means of exchange nor a medium of saving for future expenditures.

Once the confidence in a currency is lost, it seldom ever returns. We are entering into a severe danger zone considering how interdependent American society has become.

This will result in very high inflation, which will translate into hyper interest rates, destabilizing of financial markets and financial ruin for Americans who put away for their retirement and a rainy days.

Flyoverman   September 17th, 2008 - 4:56 pm

First rule of commerce and warfare, “Never reinforce a loser.” Bailing these losers out only prolongs the problem. But you know you have to take care of the donors don’t you?

Evil Banker   September 17th, 2008 - 5:16 pm

This is an excellent example of why we should never let companies ever get “too big to fail” to begin with.

The American taxpayers are now financially responsible for AIG’s irresponsible lending to citizens all around the world, especially the EU.

That’s not right.

yeah yeah   September 17th, 2008 - 10:25 pm

where are all the people that usally cry s-o-c-i-a-l-i-s-m on this site? sucks to have to pay for other peoples mistakes.

bankers belong in jail   September 18th, 2008 - 1:35 pm

these clowns should lose all their assetts and be on trial for fraud .or economic crimes against humanity . i volunteer for jury duty

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