It is not the State of New York that is bailing out AIG, it is the United States of America.
Yeah, and George Lincoln Rockwell, the late head of the American Nazi Party, was the son of Norman Rockwell.
deregulated financial mismanagement on a scale never before seen
I find it very hard to believe that the U.S. is going to bail out a company whose oversight and control lay entirely within the purview of the State of New York.
Sorry, but I just don't buy it.
You're right - - Obama's AWOL on the economic situation. That doesn't matter. What DOES matter is that he's not on anyone's payroll.
You STILL don't get it, do you?
I find it very hard to believe that the U.S. is going to bail out a company whose oversight and control lay entirely within the purview of the State of New York.
I've already posted the article from Time magazine that explains it all in this forum.
But here's a hint.
A lot more little people would be affected by the failure of AIG than the failure of Lehman Bros.
You are interested in protecting the working man aren't you?
Even if it were true, it's evidence of a shocking lack of responsibility for the Bush administration to watch helplessly while a situation entirely within the control of the state of New York ran up an ultimate $700 billion liability on American taxpayers.
BTW AIG gave much more to Repubs and Lehmann more to Dems. How odd no?
Don't worry, I know that the American people are nowhere near as obtuse. They know right away that the $700 billion comes from their pockets and comes as a result of negligence and governmental misfeasance, the last eight years of which can be laid at the feet of the Republican Party. If you don't get it, it's no great loss. Enough Americans DO get it, and they'll make the necessary adjustments in Novermber.
QuoteBTW AIG gave much more to Repubs and Lehmann more to Dems. How odd no?
Goes to show dems are a bad investment.
Shows Repubs are bigger crooks.
The government will save us by damning us, and we will blindly ignore the damnation like slaves who find terrifying the prospect of freedom.
| The Bush administration asked Congress for unchecked power to buy $700 billion in bad mortgage investments from U.S. financial companies in what would be an unprecedented government intrusion into the markets. The plan, designed by Treasury Secretary Henry Paulson, is aimed at averting a credit freeze that would bring the financial system and economic growth to a standstill. The bill would bar courts from reviewing actions taken under its authority. [...] The plan would raise the ceiling on the national debt and spend as much as the combined annual budgets of the Departments of Defense, Education and Health and Human Services. Paulson is asking for the power to hire asset managers and award contracts to private companies. Most provisions of the proposal expire after two years from the date of enactment. A failure by the government to support the U.S. financial system could lead to ``a depression,'' Senator Charles Schumer told reporters in New York. ``To do nothing is to risk the kind of economic downturn this country hasn't seen in 60 years.'' [...] Paulson is seeking an expansion of federal influence over markets that hasn't been seen since the Great Depression, said Charles Geisst, author of ``100 Years of Wall Street'' and a finance professor at Manhattan College in New York. [...] The ban on legal challenges of actions by Treasury is ``distasteful, it's unfortunate and it's bad precedent, but this is an emergency and you have to act,'' said Jerry Markham, a law professor at Florida State University and author of ``A Financial History of the United States.'' ``What you don't want happen is to have lawsuits that will slow things down and cause problems,'' he said. The proposal would raise the nation's debt ceiling to $11.315 trillion from $10.615 trillion and require the Treasury secretary to report back to Congress three months after Treasury first uses its new powers, and then semiannually after that. [...] The Bush administration seeks ``dictatorial power unreviewable by the third branch of government, the courts, to try to resolve the crisis,'' said Frank Razzano, a former assistant chief trial attorney at the Securities and Exchange Commission now at Pepper Hamilton LLP in Washington. ``We are taking a huge leap of faith.'' |
You better hope they are dumber than a box of rocks if you want them to trust in McCain's "plan" rather than Obama's abilities.
Oh, and let's not forget, Old Numbnuts had about three decades logged in of watching the situation fester and did nothing of any lasting value to change things around.
BTW if the young guy didn't submit a plan he wouldn't be considered.
If anybody came to me with a plan he'd whipped up on short notice to solve a complex problem, "the most serious since WWII," and told me he'd whipped it up in a week, I'd probably look over the plan, just in case, and then show him the door. A week isn't long enough to investigate the problem, let alone find the solution. And all the more so if a week ago the guy didn't even recognize there WAS a problem.
When the plan comes from a 72-year-old crook, who's been caught once taking favours from finance-industry crooks, has advisors who got paid millions from the very firms whose collapse is part of the problem, did not even recognize a problem one week before and came up with three solutions in about the same number of days, what are the odds that you'd get a plan you'd want to use for anything other than wiping your own ass?
<<Both he and Palin have made it abundantly clear the reference is with the American people that run the economy, they are fundamentally strong, they have tremendous resolve, when working together they can pull us out of any mess we might be in, economically. >>
ROTFLMFAO. THAT'S what he meant, is it? Funny how his original words gave no clue of it.