Looks like AIG Bankruptcy is here

www.reuters.com...

I posted this in the breaking news section as well.

If AIG goes down, we are totally screwed.

-Dow -1000 9/17/08 if it even opens in the morning.

-Bank Runs

-"FINANCIAL SUPER CRASH"

Omg, if that's true. Then tomorrow is going to be remembered as Black Wednesday. It's sad to say a lot of people saw this coming and almost no one paid attention.. this is truly depressing.

Here we goooooooooooooooooooooo.

See ya guys at the bottom.

FED BAILS OUT AIG FOR $85 BILLION

Very important post, OP.

This could be the very point where discussion of a total meltdown turns from speculative chatter to people losing all their worldly goods en masse, even globally.

I've heard commentators saying 'a major correction is what is required to clear the air'. However a) bankrupt institutions have already been propped up for too long to enable any semblance of a smooth, orderly 'correction process' and b) what good would that be to the masses who may lose all they have?

At the risk of being accused of moralizing I'll say this: things may become so desperate that many no longer see the point in living. There is an upside. For some it may be the only chance they ever get to truly reflect on the meaning of their existence. Many never stop for long enough to even consider if they are more than a 'consumer', until they are minutes or seconds from breathing their last. I've seen it, and it's not a pretty sight.

I offer these thoughts in good faith. I hope they may be of use to some should the worst come to the worst. Truly there is something in this world that can sustain through the severest of trials (-my signature should suffice).

Meantime a little prudence in stocking up with basic foodstuffs and other essentials may be in order.

I only hope that should things become entirely desperate it will bring the best out of some of us, enabling us to share and pull together. Realistically speaking ugly scenes are also inevitable.

Wishing all ATS-ers all the best as we begin to stare an economic abyss in the face.

reply to post by pause4thought


I applaud you for your kind and sincere words.

Thank you.

Not so fast...the end is not yet here

It looks like the Fed is going to loan AIG the $85b it needs....

[edit on 16-9-2008 by Night Watchman]

reply to post by Night Watchman


An $85,000,000,000 bailout? Talk about a system on a knife edge.

It truly leaves you speechless.

With so much at stake they have to try. But can it actually stop the chickens coming home to roost?


[Edit to add:]

I've only just noticed it's a loan. Need I say more?

[edit on 16/9/08 by pause4thought]

reply to post by Night Watchman


Yep it looks like they are going to save AIG. We may not have a holocaust at wall st tomorrow after all.

The system is broken, and I don't know how much more of this we can handle.

reply to post by pause4thought


A bridge loan, which is a temporary loan. en.wikipedia.org...

AIG was having a "liquidity crisis" which they think can be solved with the 85,000,000,000$ temporary loan. Their balance sheet is only 1,000,000,000,000$, so thank god the taxpayers are only going to have to front another 85,000,000,000 today.

Man I can't believe how bad we are getting screwed right now.

It looks like the Federal Reserve got into the banking business. The goat became a gardener.
www.msnbc.msn.com...

Who is going to bail out the Feds when this deal becomes a "bad investment?"

Has anyone heard anything from the Congress yet? Just a remark, a f-ck you would do . . .

reply to post by downtown436


Where did you get the idea that this company makes us "totally screwed?"

I am glad you are not my financial advisor.

Market corrections happen all the time. That is what is happening.

There will be no holocaust, no mass hunger and no panic in the streets.

BAILOUT!!!!

www.iht.com...

reply to post by crmanager


I'm glad I'm not your financial advisor too. If you think that the failure of AIG would not have had systemic consequences you are mistaken.

Although the events of the past week have unfolded at such a rate that AIG has virtually been forgotten, I thought I'd post this interesting layman's summary of the issues surrounding the causes of its predicament and its subsequent takeover. It takes the form of Q&A: news.bbc.co.uk...

This comes courtesy of the Breaking News forum:

AIG hits up Fed for More Money

The New York Federal Reserve is lending up to $37.8 billion to American International Group to give the troubled insurer access to much-needed cash.

In exchange, AIG is giving the New York Fed investment-grade, fixed-income securities that it had previously lent out to other institutions for a fee. Those institutions are now returning these securities and want their money back.

The new program, announced Wednesday, is on top of the $85 billion the federal government agreed to lend to AIG last month to prevent the global company from collapsing. AIG said last Friday it had drawn down $61 billion.

Is there any limit?

I bet AIG declares bankruptcy anyway and walks with the money too.
Is there no end?

[How much of a smack in the M & F'ing face do Americans need to wake the hell up? March on these Leeches.

If I could stand before congress, I believe that one phrase should adequately sum up what we all are feeling. "Go to hell you greedy bloodsuckers!!"]


[edit on 8-10-2008 by reticledc]