AIG gets 85 BILLION Dollar Bailout by Gov't.

Wokamuka said:
Acutally, I'd read somewhere that Obama voted 90% for Bush's proposals while McCain voted 98%.
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I'll have to take your word on that one, as I haven't seen it.
 
jillio said:
Are you comparing the Republicans to frogs? One would hope that they have more than a reptilian brain, although speculation has occurred to the contrary.
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That how you interpret the statement.

Did I say republican are frogs? I did not. I used the frog in boiling water as analogy of what we are going through with economy. We do not realize the impact of decision making in last 10-15 years influence what result we see today. Little by little will eventually snowball affect and impact everyone. Tax increase, lower tax, not prepared for nation disaster, etc... Little by little decision made by one company, law created to prevent, etc... Everything impact the big picture.

We cannot just assign blame to one man or a party. It require a team to really build and crash economy.
 
Deaf Mortgage said:
That how you interpret the statement.

Did I say republican are frogs? I did not. I used the frog in boiling water as analogy of what we are going through with economy. We do not realize the impact of decision making in last 10-15 years influence what result we see today. Little by little will eventually snowball affect and impact everyone. Tax increase, lower tax, not prepared for nation disaster, etc... Little by little decision made by one company, law created to prevent, etc... Everything impact the big picture.

We cannot just assign blame to one man or a party. It require a team to really build and crash economy.
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Its a fallicious comparison. This financial disaster did not occur in the amount of time that it takes to drop a frog into boiling water. It is the result of the last 8 years of financial mismanagement, and the results of said mismanagement have been occurring in increments for years.
 
Banjo said:
Hmm, wasn't McCain the one who advocated for less regulations?
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Yes......(see below)

Deaf Mortgage said:
Use this link to specific where your source is...

The CNN Wire: Latest updates on top stories Blog Archive - McCain urges creation of agency to help weak financial institutions « - Blogs from CNN.com


Back to the point. If you put a frog in pot of water. Then turn on the heat. The frog will die before realizing its too hot and dangerous for his body.

Same with economy, how can we determine the result of action that was decided 10 years ago? We learn from our mistakes and begin to work at it.

When the last time we had financial bail out? Expensive bail out? McCain now suggesting that we should consider create service where they can be watch dog of financial. Making sure everyone stay on right track, especially big companies that impact thousands of employee and tens of thousand clients.
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I doubt you remember these events as Jillio and I along with a few others do remember.

The last time there was a government bailout was:

* the 1970's, early 1980's of the auto industry.

* 1980's Savings & Loan Scandals when the banks were going under. McCain was in on that as he voted for de-regulation as well as being a member of the 'Keating 5'. Plus our current President was in on it as well as most of the Saving and Loans that were failing was in Texas/Oklahoma.

Now I can understand bailing out AIG, afterall it's insurance and a public/private business. Yet some of these private businesses that make ton of money, don't share it with the taxpayers and yet when they start to fail--the taxpayer gets screwed.

I say let the financial institutions go under. The economy will bounce back. Afterall what goes up, will come down, what stays down, will go up.
 
At least AIG isn't pillaging retirement funds of its employees unlike Enron . . . who was a major supporter and governed by then Texas Governor Bush.

Are we, the American government, to consider a program (like McCain is proposing) "Corporate Welfare"?
 
Had a moment with my dad over the weekend. We were talking a little about a lot of different stuff. Right now hes just pissed that since this has all been happening hes lost over $45,000 from the value of his 401k going rock bottom. I was like fuck thats a lot of dough. Sucks.
 
dead money said:
Had a moment with my dad over the weekend. We were talking a little about a lot of different stuff. Right now hes just pissed that since this has all been happening hes lost over $45,000 from the value of his 401k going rock bottom. I was like fuck thats a lot of dough. Sucks.
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damn... i hope he won't walk into AIG and start going postal
 
Jiro said:
damn... i hope he won't walk into AIG and start going postal
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haha its not that bad. It still has value and it can always rebound, but still 45 grand is quite of bit of money i dont care what someone says. Its my inheritence too dammit! *smirk*
 
I lost over $150k from my retirement. The market is bottoming out and, with a President who has presided over bankrupted corporations too many times, I am not comfortable.
 
Wokamuka said:
I lost over $150k from my retirement. The market is bottoming out and, with a President who has presided over bankrupted corporations too many times, I am not comfortable.
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oh wow thats pretty sick. Im sorry to hear that dude. Thats pretty gross. :(
 
You might want to check for clarification on those contributions. The way it is stated is very misleading.

Checking the Facts: Obama’s Fannie and Freddie Payday

Last week, Sen. John McCain attempted to point out his opponent Sen. Barack Obama’s hypocrisy during the financial crisis by stating that Obama was the senator who got the second most amount of money from the Freddie Mac and Fannie Mae, behind Banking Committee chairman Chris Dodd. Politifact checked into the situation, and labels McCain’s statement as “mostly true,” but not in the way you may think.

Many corporations gather up individual contributions from their employees and send them off to the campaigns in one big bundle. You’ll find many of the same names on both the contribution lists of John McCain and Barack Obama.

And that’s basically the jist of the Politifact article. Obama raised a lot of money from Fannie and Freddie, but via their employees. The numbers:

On the Freddie and Fannie question, it as McCain said: Obama is No. 2 on the list, with $126,349, right after Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, who had $165,400.

But the list requires a few notes of explanation.

Corporations cannot give to candidates, so the center’s list adds up contributions from Fannie and Freddie employees and their families. Obama has received a lot of money during his presidential campaign, though, and Fannie and Freddie don’t make his list of top 20 companies. (The top three companies with employees donating to Obama are Goldman Sachs, University of California, and Citigroup, according to the center.)
Maybe McCain meant to say the Obama was in it with the fat cats of Fannie and Freddie, the directors and lobbyists? Hope not:

The New York Times looked at contributions from Fannie and Freddie’s boards of directors and lobbyists, who are technically not employees. That analysis found Fannie and Freddie-related contributors gave $116,000 to John McCain and his related committees, compared with $16,000 to Obama and his related committees.
Meanwhile, Obama had a former CEO of Fannie Mae, Jim Johnson, on his VP selection commitee until June 11, and McCain currently has a former Fannie and Freddie lobbyist on his transition committee.

PoliGazette » Checking the Facts: Obama’s Fannie and Freddie Payday
 
Thanks for the clarification, jillio. I certainly appreciate it! :)
 
I just got this email. I thought it was interesting. Math buff's will get a kick.

> Subject: THIS IS A REAL DAY DREAM!!!!!!!!!!!!!!!!!!
>
>
>
> I'm against the $85,000,000,000.00 bailout of AIG.
>
> Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve
> It Dividend.
>
> To make the math simple, let's assume there are 200,000,000 bonafide U.S.
> Citizens 18+.
>
> Our population is about 301,000,000 +/- counting every man, woman and
> child.
> So 200,000,000 might be a fair stab at adults 18 and up.
>
> So divide 200 million adults 18+ into $85 billion that equals $425,000.00.
>
> My plan is to give $425,000 to every person 18+ as a We Deserve It
> Dividend.
>
> Of course, it would NOT be tax free. So let's assume a tax rate of 30%.
>
> Every individual 18+ has to pay $127,500.00 in taxes. That sends
> $25,500,000,000 right back to Uncle Sam.
>
> But it means that every adult 18+ has $297,500.00 in their pocket. A
> husband and wife has $595,000.00.
>
> What would you do with $297,500.00 to $595,000.00 in your family?
>
> Pay off your mortgage - housing crisis solved.
>
> Buy a second home - stimulate the economy
>
> Repay college loans - what a great boost to new grads
>
> Put away money for college - it'll be there
>
>
>
>
>
> Pay off credit cards - more disposable income to invest or purchase
>
>
> goods and services - stimulate the economy
>
> Save in a bank - create money to loan to entrepreneurs.
>
> Buy a new car - create jobs
>
> Invest in the market - capital drives growth
>
> Pay for your parent's medical insurance - health care improves
>
> Enable Deadbeat Dads to come clean - or else
>
> Remember this is for every adult U S Citizen 18+ including the folks who
> lost their jobs at Lehman Brothers and every other company that is cutting
> back. And of course, for those serving in our Armed Forces.
>
> If we're going to re-distribute wealth let's really do it...instead of
> trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is
> being proposed by one of our candidates for President.
>
> If we're going to do an $85 billion bailout, let's bail out every adult U S
> Citizen 18+!
>
> As for AIG - liquidate it.
>
> Sell off its parts.
>
> Let American General go back to being American General. Sell off the real
> estate.
>
> Let the private sector bargain hunters cut it up and clean it up.
>
> Here's my rationale. We deserve it and AIG doesn't.
>
> Sure it's a crazy idea that can "never work."
>
> But can you imagine the Coast-To-Coast Block Party!
>
> How do you spell Economic Boom?
>
> I trust my fellow adult Americans to know how to use the $85 Billion
>
> We Deserve It Dividend more than I do the geniuses at AIG or in Washington
> DC.
>
> And remember, The Family plan only really costs $59.5 Billion because $25.5
> Billion is returned instantly in taxes to Uncle Sam.
>
> Ahhh...I feel so much better getting that off my chest.
>
> Kindest personal regards, , A Creative Guy & Citizen.
>
>
>
> PS: Feel free to pass this along to your pals as it's either good for a
> laugh or a tear or a very sobering thought on how to best use $85 Billion!!
 
:dizzy: so... in simpler english.......
 
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