White House defends takeover of AIG

[sabra]

Source: AP

WASHINGTON - The White House says the extraordinary federal takeover of American International Group was needed to prevent broader harm to the reeling economy. But officials there also are acknowledging that taxpayers may never get fully back paid on the deal.

In the most far-reaching intervention into the private sector ever for the Federal Reserve, the government stepped in Tuesday to rescue American International Group Incorporated with an $85 billion injection of taxpayer money. The government will get almost an 80 percent stake in the company.

White House spokeswoman Dana Perino said Wednesday that the harm to the taxpayer could be even higher if AIG were to fail.

She said taxpayers would be the first to be reimbursed for the bailout. But when asked whether taxpayers may not get paid back at all, she said "That is true."

Read more: http://news.yahoo.com/s/ap/20080917/ap_on_go_pr_wh/bush_markets

[ramapo]

1. They're probably right

AIG couldn't be allowed to crash and burn. It has tentacles that are far reaching. That doesn't change the fact that we've been screwed.

[Renew Deal]

8. So the point of business now is to get too big to fail?

Then you can take unlimited risk, and unlimited profit while tax payers are screwed. This is a bullshit deal and it will do more harm than good.

[kirby]

18. Yes and Governments new role is too not allow companies

to get so big in the firstplace.

[Finite]

11. It makes me wonder

if this means George Bush is a socialist now..

[Bake]

16. I was ust thinking that same thing.

The government owns huge businesses. Sounds like socialism to me. I thought the Pukes didn't go for that sort of thing. Oh, I forgot. They have to bail out their rich buddies.

Bake

[ramapo]

29. Bush is anything that will avoid total financial chaos

I suspect that even George is a bit nervous...if for no other reason than he doesn't want to go down in history as presiding over the total collapse of our house of cards.

[harun]

2. Anyone else think these takeovers are just to delay the real collapse until after Nov. 5th?

[ixion]

6. that's exactly what it is: delay of the inevitable

the money has to come from some where... we don't have it, so the WH is borrowing more of what we don't have, which makes the situation worse, not better.

[greyghost]

13. That's been the end game for the last year. The inevitable failure

started when the housing bubble burst last year. Bush Co has been trying to forestall the market crash since then, to prevent it from happening while they're still in office.

Problem is that the collapse is coming much faster then they thought it would. So their reaction has been to throw more worthless paper into the black hole.


If the majority of the American people were smart enough to realize what is happening...

[BelgianMadCow]

17. Yes. Bankrupt fat cats bailed out by a bankrupt government.

Disaster capitalism at work.

[Virginia Dare]

28. Yup. Fingers in the dyke..

meanwhile here comes the tsunami.

[Xipe Totec]

3. How much is that, Mr Frees?

Hugh Fennyman: How much is that, Mr Frees?

Frees: Twenty pounds to the penny, Mr. Fennyman.

Hugh Fennyman: Correct.

Philip Henslowe: But I have to pay the actors and the author.

Hugh Fennyman: Share of the profits.

Philip Henslowe: There's never any.

Hugh Fennyman: Of course not.

Philip Henslowe: Oh, oh, Mr. Fennyman. I think you might have hit upon something.


- Shakespeare in Love

[CountAllVotes]

4. I'll take my cut now Mr. BOOsh!

:mad: :mad: :mad:

and they got rid of all of the bankruptcy laws that might cover people here in the USA thanks to the likes of you Mr. BOOsh.

I'd like my tiny portion now damnit!

:kick:

[radfringe]

9. YEAH!!! IT'S MY MONEY AND I WANT IT NOW!!!!! n/t

[Virginia Dare]

27. Let's start with raiding the assets of all managers who got a bonus..

that ought to raise 100 million or so.

[Democrats_win]

5. Big Republican Rip OFF! AIG is just another scam. Truth: AIG should have failed.

Will wall street aristocrats pay back the money they made when AIG bought all of those companies? I don't think so. Justice and common sense demands that AIG be allowed to fail. But like thievies in the night, the Republican Rip-off artists continue to take money borrowed from china and give it to crooks.

AIG is deeply involved in some sort of insurance scam that is not regulated. So WHY the Frick should we pay for it?

[harun]

7. You make a good point. Not only are we paying for this with tax dollars

but all the money borrowed from China to also pay for this is going to be debt passed on to the next generation.

[thunder rising]

10. "I know we promised 'only the head', but once you get started and into a rhythm"

You must understand that WE (the Bush BFF) are going to rape the treasury. We intend to leave this nation begging for bread scraps.

[brentspeak]

12. Didn't Bush say two days ago the economy was "strong" enough to handle the turmoil?

Guess he lied -- again.

[greyghost]

14. Has anyone else noticed that the smirk is off the chimps face!

Bush looks like he finally realized that he isn't going to make a clean getaway.

[NashVegas]

15. Why Can't They Make These Things Conditional?

Like, say, the CEO and other executives agree to walk away and never operate a publicly traded company again?

[whistle]

19. If Bush likes this idea, then we know the economy is in BIG trouble

[democraticinsurgent]

20. AIG is an arm of Bushco

The Bushes have been business partners with Maurice "Hank" Greenberg for years. They own Kroll Associates, a known CIA front company and have been in the thick of most everything, including 9/11.

I'd post some links on here but they'll yank my post as the mods did yesterday. but if you google AIG and 9/11 you'll find some pretty interesting stuff, which leads all over the place to the drug trade, pipelines, you name it.

AIG may indeed be "too big" to fail but they are also arm and arm with the neocon masters. That must be a central reason as to why they are being taken care of.

[musette_sf]

21. and BIG Chinese money in AIG

their offices in China and Sing are experiencing panic rushes of ppl wanting to cash in.

Poppy Bu$h = BIG Chinese connections.

[Odin2005]

31. Conspiracy nut BS.

No wonder the Mods yanked your post... :rofl:

[democraticinsurgent]

34. Go back to sleep. n/t

[Politicalboi]

22. The government already owns AIG

It's called the CIA. This is money laudering at it's finest. They are attacking us again without planes or bombs. They are taking all they can before they hopefully leave in January. AIG, CIA, Kroll securities had the WTC contract, Al CIAda, all owned or linked to our govenment. We are our own enemy. Who Killed John O'Neill

http://video.google.com/videoplay?docid=-3857917663523144457

[Odin2005]

32. You conspiracy nuts are funny...

:rofl:

[Endangered Specie]

23. Where are the conservatives screaimg bloody murder?

Does this not reek of nationanlization (ie socialism)???

[harun]

24. Imagine if a Dem administration did this nationalization. They would be calling for a

revolution.

[fasttense]

25. But, but, McInsane said the market fundamentals were sound.

Or was that Hoover who said it. Oh I'm just confused. It's like the last Republicon Great Depression only it's not. It's like socialism only it's not. It's like the markets are crashing only they aren't. It's like I'm unemployed only..., nope I am unemployed, wait there's a waitress job opening up at the local dinner.

[Virginia Dare]

26. So we're going to raise corporate taxes to pay for this right shrub?

what's that I hear, crickets?

[Odin2005]

30. Gee, are they starting to admit that Reganomics doesn't work?

Broken clocks are correct twice a day...

[Supersedeas]

33. if AIG was that 'fundamental' to the economy - why describe the fundamentals as strong and then take

the tax payers money!!!!

[Zorra]

35. Zorra's Infallible Law: If the Bu*h WH supports it, it is wrong for America.