Shame! Another Fed Bailout, Just $85 Billion Taxpayer Dollars
Posted by: Jim Erwin | 09/16/2008 9:51 PM
More disgrace tonight as the U.S. Federal Reserve steps in to prop up the worlds largest insurer AIG and save the company from a bankruptcy filing that was likely to occur Wednesday.
This time the bailout is just a paltry $85 billion (U.S), which is being portrayed by our government bag men as a loan that must be repaid as AIG sells assets to cover the loan. The only problem is that if AIG's finances continue to deteriorate, the $85 billion will be a drop in the bucket. AIG is leveraged to a level in excess of $1 trillion. That's right $1 trillion!
The bailout list to date includes, Fannie Mae, Freddie Mac, AIG, Bear Stearns, IndyMac, plus approximately a dozen small to medium sized banks.
Prior to the start of this eight month-long meltdown, the Federal Reserve System had some $800 billion in reserves. With all of the Fed lending to commercial and investments banks there can't be much left. But who cares were the U.S. Government, we can just push a few buttons on a computer and just like magic, wah-lah....... more money boys and girls.
Who cares if the dollar becomes basically worthless. Maybe we can all get paid in Canadian dollars or Euros!
More collapses on the way folks. Hang on.
Remember the FBI line.... "Someone always has to go to jail!" Just no scapegoats this time.
Why would anyone go to jail? Nothing illegal happened?
Greedy investors simply took excessive risk and got what they deserved. Why does our government feel the need to reward them for betting it all on red?
This bailout is a un-do burden on taxpayers. My grandfather retired at 55 with full social security,and a railroad retirement. I am have to retire in my late 60's to mid 70's because no one wants to bail out social security. As for this bail out of the (companies that made bad investment) financial system, If we the tax payer must do it, All bonuses and perks given to personal of companies ,receiving bail out money, must be paid back for the last three years. Also all records, including all personal pay , must be open to the American people for full excess. The board of directors must be fired with no severance packages or any other type compensation package and or be receives money's,or stocks. Finally anyone found to brake ,lending banking laws including laws of brokerage, go to a high security prison,the C.E.O. stands accountable to the American people. YOU ASK FOR A TRILLON DALLARS WORTH OF TRUST FROM THE AMERICAN PEOPLE, WE ASK FOR A TRILLON DOLLARS WORTH OF ACCOUNTABLITY FROM ARE GOVERNMENT.
This bailout is a un-do burden on taxpayers. My grandfather retired at 55 with full social security,and a railroad retirement. I am have to retire in my late 60's to mid 70's because no one wants to bail out social security. As for this bail out of the (companies that made bad investment) financial system, If we the tax payer must do it, All bonuses and perks given to personal of companies ,receiving bail out money, must be paid back for the last three years. Also all records, including all personal pay , must be open to the American people for full excess. The board of directors must be fired with no severance packages or any other type compensation package and or be receives money's,or stocks. Finally anyone found to brake ,lending banking laws including laws of brokerage, go to a high security prison,the C.E.O. stands accountable to the American people. YOU ASK FOR A TRILLION DOLLARS WORTH OF TRUST FROM THE AMERICAN PEOPLE, WE ASK FOR A TRILLION DOLLARS WORTH OF ACCOUNTABILITY FROM ARE GOVERNMENT.