Federal Reserve Finances Bailout of AIG
Why should the Fed finance a bailout of AIG? Good question, AIG is an insurance company and does not even fall under the jurisdiction of the Federal Reserve. Since the Federal Reserve is a quasi government agency that does not answer to Congress or the President they can do pretty much whatever they want, including have the treasury print up $85 Billion dollars for them to loan to AIG.
In the last week we have had Fannie Mae and Freddy Mac bailed out, who will we finance next? Is AIG the last one or are there more to come? Is this what capitalism is really all about? What about risk and reward? The Progressive Liberals like to point to these situations and use them for examples as to why capitalism does not work. Then of course they call for investigations and more government regulation in order to make "the system" work better.
I remember reading that one of Bill Gates' goals was to put a computer on every desk and in every home. I don't see how he managed to finance and run Microsoft without the governments help. I mean, how can a business succeed without government regulatory oversight and taxpayer funded earmarks? Now I don't know much about this Bill Gates fellow, but all I can imagine is that that pipe dream probably went up in smoke, how could he have possibly succeeded without our governments help?
Yes, we are in a sink or swim mode at this point. A week ago almost every financial guru in the media was saying that the markets may be volatile, but there is not much to worry about. This last weekend the talk was of another great depression. We can only hope at this point that AIG is the last bailout the government needs to finance in order to keep us from that "great depression."
Call me insane but the one thing that seems to stand out in all this mess is that the companies that live and breath on the free market are for the most part, doing OK right now. The companies that are in trouble are the ones that have strict oversight by government regulatory agencies. I am not saying that the government regulated mess will not bring down the free market, but one can only hope that it will not. I say bail out AIG, Freddi Mac and Fannie May. Get the markets on an even keel and then our politicians in Washington need to sit down and figure out how to make sure this does not happen again. This crisis in the credit, mortgage, finance and now insurance industries need to be investigated thoroughly. For the last one hundred years we have had socialism taking over various parts of our free market system. Socialism has not worked in any country that it has been tried in, it will not work here either.
Published by J. Michael Warner
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6 Comments
Post a CommentWatch Warren Buffett, who owns the competing GEICO government insurer, buy up the stock now of AIG so he can get into the health care field for Obama's national health care plan.....this was all a manipulation on the public, people, for those movers and shakers on the Council for Foreign Relations in New York, and their Senate lackeys on the same named committee on the Hill.
This was nothing more than a money laundering foreign aid loan to Israel, kept out of public view since the Treasury Secretary was given unconstitutional powers to oversee, rather than the federal bankruptcy court. Why? Because they are global and as such have no standing to bring any action in our courts for a bankruptcy......but somehow have standing for the U.S. taxpayers to bail out a London based insurer.
The economy could be fixed very easily, by following our Constitution. By the way, America, on that AIG "bankruptcy", AIG is a foreign based global insurer, based in London. Congress had no authority at all to bail them out at the American taxpayer's expense. They also had assets worth several billion over their liabilities for the past five years. They aren't bankrupt, it's just that the Vice President of AIG is from Israel and sits on the Council for Foreign Relations, that New York think tank in New York whose members also include McCain, the Clintons, the Bushes, Obama, Biden,Ted Turner, Rupert Murdoch, and six of the top eleven Obama cabinet members. You think things are going to change.......the only thing that has changed is the mouthpiece, and they are selling out our country to the highest bidder. This was nothing more than a money laundering foreign aid loan to Israel, kept out of public view since the Treasury Secretary was given unconstitutional powers to oversee, rather
Business and government are so intricately and thoroughly intertwined that this debacle was probably unavoidable. If the government were to fail - as it just might be doing right now - big business, if it could, would bail it out. Two peas in a pod.... and the pod is not 'ours.'
We can just hope for the best and only time will tell nicely done!
We can only hope this is the last one... but im afraid it won't be.