Oh come on like Glenn Beck has any crediblity or intelligence.

The guy is a moron.

Be very careful with the "US taxpayer money going abroad" complaints. The financial systems are more intertwined than that simplistic self centered attitude implies. It was , after all, the default of the US sub-prime toxic loans that triggered the current worldwide collapse. NB I said TRIGGER not the single cause. The cause of the collapse was the worldwide trade in artificial (computer based) money between banks OF MANY COUNTRIES. All these banks owned, traded, borrowed, lent etc money between many countries.

Now the charge that the bonus complaints is a distraction is nothing of the sort. It is outrage that even the politicians are finally waking up to. They still have a way to go yet since they still seem to place "executives" on a tax free untouchable pedastal !!!!!

There is no point in appealing to the morals of these obscenely rich executives since they don't have any. In that sense it is indeed legalised money laundering. The problem is that if these institutions are allowed to collapse those that caused the collapse will still have their money!!!! The creditors of those failed institutions will be looking to claw back their money from the debtors. Guess who the debtors are ? YOU AND I with our mortgages, bank loans and credit cards. Our savings (unless legally protected) are lost. WE LOSE THE IDIOT EXECUTIVES STILL WIN.

So unfortunately we have to prop up the institutions and then re-form them into something that works for us. In the meantime the excutives should be hammered in any and every way possible.

Kudos to the OP and Glen Beck for bringing this scheme to the attention of the American people !

Sadly, this is just 7 days and 76 years since this whole "sending American tax dollars to foreign pockets" thing started

March 9th, 1933 - the US federal government declares bankruptcy

FDR goes to the street (international banking community) for the money to "bail out" Uncle Sam.

No problem the international banking community(Morgan,Rothschild,Rockafeller) are more than glad to help.

All loans need collateral- the collateral that FDR offers the bankers is the American workforce. He pledges a wage tax to be removed from the earnings of each American worker before the worker even gets the money!

FDR introduces the social security system, which pulls money from every workers check to go to a special fund to help retired workers.

It seems like a nice idea until you examine its structure and discovey that it is the same basic structure of a PONZI scheme- the old investors(worker) are paid by the investments(taxes) of the new workers

Bernie Madoff wasn't even born yet

This is the beginning of withholding taxes - W2 forms document that the worker volunteers 30% of each paycheck to pay the interest on the foreign loans, that we call the federal budget !

"Meet the new boss same as the old boss"
Won't Get Fooled Again - The Who

Originally posted by NWRHINO
March 9th, 1933 - the US federal government declares bankruptcy

March 23rd - Volsted act amended by Cullen-Harrison Act - Roosevelt allows 3.2% alcohol beer.

Dec 5th - 21st Amendment repeals prohibition of alcohol

They really waited for the government to fail first. They could have had the alcohol tax revenue back years earlier. And for those who don't know, the alcohol tax was the biggest thing going till the income tax.

Originally posted by Blagojevich
You're right, lack of government oversight is what allowed this to occur. Of course, this logic is what conservatives and libertarians will not allow you to believe, as this contradicts their failed ideology.

I hope and believe that you mean "conservatives and lberals" rather than "conservatives and libertarians". As examples, Sean Hannity is a conservative and his former counterpart Alan Colmes is a liberal. Rush Limbaugh is conservative and Al Franken is a liberal.

A Liberal (often of the democrat party persuasion, though there are conservative democrats and liberal republicans) is very different than a Libertarian. Most Liberals are essentially socialists that believe in big goverment and that the government should provide all services and protections to the public.

Libertarians stand for self-reliance, and independance (freedom) from government. In many ways a Libertarian is a what I would call a Jeffersonian. In some ways it could be said that they utilize some ideas from conservatives and liberals.
The last time I looked at the "official" Libertarian platform, it was quite interesting.
The libertarian believes in small government. Elimination of the unconstitutional income tax and the dismantling of the Federal Reserve. The elimination of military alliances like NATO (they are anti-war). Protection of 2nd Amendment rights so that we can protect ourselves from the government and others that intend to hurt or steal from us. Legalization of abortion. Legalization of most drugs, especially marijuana (which would save billions in prison costs). Term limits for Senators and House of Representatives.

Some people consider libertarians to be anarchists. This is not really true. It is true that many professed anarchists are drawn to the libertarian platform. The libertarian does not advocate the elimination of goverment, but instead a very substantial reduction in its size and power.

Beck made a great point about the contracts though.
You cant let the government come in and say a contract is not valid, that means they can do that to all lawfully valid contracts, taking another step to socialism. Damned if you do, damned if you dont.

I think I read somewhere that AIG now has armed guards at its front doors. I would to if I were them.

This whole thing is frustrating and you just get angrier by the day.

Good post Dave, a lot of people dont watch Beck I think, but I am a fan, I dont agree with everything he says, but I thought he was right on last night.

[edit on 18-3-2009 by lardo5150]

It's the worlds largest ponzi scheme. Makes Madoff's ripoff look like childs play.

Cmon, think about it. These take hundreds of billions of dollars from us the taxpayer. Then pay themselves millions of dollars. Then come back asking for more? Great! We all own about 80% of a failed corrupt business. Awesome!

Just wait till their stock gets devalued to junk status. Madoff in his wildest dreams never thought about a scam like this.

Should Congress be held accountable as well for their lack of vision and culpability in this AIG debacle? While they give themselves raises for the same lack of performance as AIG. Meanwhile why we are loosing our jobs and homes. We are being asked to cut back, due without, and sacrifice, while these scumbags get away with murder.

From my understanding AIG insured these sub-prime toxic mortgage backed securities. Now that the securities are down the tubes AIG is forced to pay out the insurance on them to the banks that bought the insurance. So of course money is going to banks overseas. Its going to whoever had bought the insurance on these securites.

If your house burned down your insurance would have to pay for it.

Well these mortgage backed securities burned down and now AIG has to pay for it.

They were extremely stupid in insuring such risky things, the people who thought of doing this should be jailed or at least fired with NO bonus and NO severance whatsoever. There should be NO incentive for failure. It angers me when i hear the likes of Shawn Hannity and Rush Limbaugh saying OH OH you cant take their bonuses away you cant tax the rich it gives people no incentive to strive to become rich and successful, but I say you cannot give them an incentive to become successful and rich by gaming the system and putting loopholes in place for them to exploit, we need to reward good behavior, good sound common sense, and punish those who spit in the face of logic, reason, and compassion all for money.