[ExI] AIG Bail out

BillK pharos at gmail.com
Thu Sep 18 11:12:25 UTC 2008


On Thu, Sep 18, 2008 at 7:34 AM, The Avantguardian wrote:
> If the American people now own 80% of AIG, the world's largest insurance company, does that we mean we get > to have nationalized healthcare now? Or are AIG's customers going to have to continue to pay premiums to be
> eligible to file any claims that will end up being paid with their own tax dollars?
>


You can hope.  :)
But governments usually have no problem with taxing poor people then
giving benefits back to them because they are below the poverty level.
Keeps their bureaucracies in business. That's the way the UK works
anyway.

This crisis is all down to an overdose of the free market.
Bush did away with all the old boring banking regulations, 'cause the
free market is great, isn't it?
So all the greedy smart-alecs sold funny-money bonds to each other,
pocketing millions in commission on every deal. Then borrowed more
money using the previous funny-money bonds as security, more
commission, more deals, more commission, until the whole pyramid
scheme collapsed.

They get to keep their commission and are put in charge of sorting the
mess out, because they are financial wizards! It is the poor smucks
lower down the scale that lose their homes, jobs and pensions.

But it is going to be pretty traumatic to get all the funny-money
shaken out of the system. At the moment nobody trusts anyone.  It will
take years for trust to come back into the financial system.


BillK



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