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Originally posted by kosmicjack
The entire situation is absurd, but I hold Washington DC just as accountable as AIG, IMHO. That is where your anger should be directed. Keep it in perspective.
The bailout for AIG is straight up money from the FED in a credit window and there were no stipulations on it's allocation. Most of it has already gone overseas but you won't hear a peep about about that - why? Because it would tick-off our so-called allies.
The outrage coming from DC on this topic is phony posturing so as to limit the grime they get on them from wallowing in the mud with the Money Mafia. Obama asking Geithner to look into it is just a dog and pony show.
Here is the document that was circulated around DC prior to the AIG bailout:
It's extortion. Give me this or else... And our elected officials did. They are ALL to blame.
[edit on 16/3/2009 by kosmicjack]
Originally posted by grover
Originally posted by ModernAcademia
People who call Obama a socialist do not understand politics
AMEN AMEN AMEN!!!
Or economics or society or much of anything else for that matter.
In general, contemporary social democrats support:
A mixed economy consisting of both private enterprise and government-owned or subsidized programs of education, health care, child care and related social services for all citizens.
An extensive system of social security (although usually not to the extent advocated by socialists), with the stated goal of counteracting the effects of poverty and insuring the citizens against loss of income following illness, unemployment or retirement.
Government bodies that regulate private enterprise in the interests of workers and consumers by ensuring labor rights (i.e. supporting worker access to trade unions), consumer protections, and fair market competition.
Environmentalism and environmental protection laws; for example, funding for alternative energy resources and laws designed to combat global warming.
A value-added/progressive taxation system to fund government expenditures.
A secular and progressive social policy, although this varies markedly in degree.
Immigration and multiculturalism.
Fair trade over free trade.
A foreign policy supporting the promotion of democracy, the protection of human rights and where possible, effective multilateralism.
Advocacy of social justice, human rights, social rights, civil rights and civil liberties.
Social democrats propose selective nationalization of key national industries in mixed economies and tax-funded welfare programs and the regulation of markets
as the administration scrambled to avert a populist backlash against banks and Wall Street that
Until such time as no obligation of AIG arising from financial assistance provided under the Troubled Asset Relief Program remains outstanding (excluding any period during which the federal government only holds warrants to purchase common stock of AIG), AIG shall comply in all respects with Section 111 of the Emergency Economic Stabilization Act of 2008, as amended, as implemented by any guidance or regulations issued and/or to be issued thereunder including any amendments to the guidelines implementing the Programs of Systemically Significant Failing Institutions.
US insurer AIG stoked further controversy after revealing UK banks were among the beneficiaries of its massive state bail-out amid mounting anger over bonus payouts.
AIG said more than 90 billion dollars (£63.3 billion) was paid to banks, including Barclays, HSBC and Royal Bank of Scotland, between its taxpayer rescue last September and the end of the year.
The firm - now 80% government owned after more than 170 billion dollar (£119.5 billion) in US State aid - was condemned over the weekend by US politicians over its payment of around 165 million dollars (£113 million) in executive bonuses.
Two senators who chair committees charged with overseeing AIG and the insurance industry, Sen. Chris Dodd (D-Conn.) and Sen. Max Baucus (D-Mont.), are among the top recipients of AIG contributions. Baucus chairs the Senate Finance Committee and has collected more money from AIG in his congressional career than from any other company--$91,000. And with more than $280,000, AIG has been the fourth largest contributor to Dodd, who chairs the Senate's banking committee.