pocketkangaroo

CNBC is reporting that the AIG bailout is likely. Reporting to be around $85-$90 billion dollars and that the government would play a somewhat conservatorship role. So now we will run the mortgage industry and the insurance industry. Seems a lot like China.

Glad to see our tax dollars going to help those in need.

jay23

So a 85B loan gets you 80% of a company thats worth 10B (Thats was the market cap today). Hope AIG sells is assets and pays back the goverment.

And same is going to happen for the Auto guys who are asking for a 50B loan.

May be the porn guys should ask for a loan too...we are getting killed by Tube sites

Fletch XXX

imagine if we put that money towards educating our people instead of bailing out failed corporations.

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Vendot

There goes the dollar.......

directfiesta

figure it out guys ....

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xmas13

http://news.yahoo.com/s/nm/aig_loan_dc

The Federal Reserve will provide a roughly $85 billion bridge loan to AIG (AIG.N) and take a nearly 80 percent stake in the company, according to a source briefed on the matter.

= Quasi-nationalization, although the Fed is more or less private (depends who you ask).

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IllTestYourGirls

The government is doing shit. The government has little to no say what the FED does. The FED will do what ever the fuck the FED wants. Then they will hand over the bill to congress and say "pay it bitch".

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xmas13

Ben Bernanke was nominated by George W. Bush and sworn into office on February 1, 2006 for a term lasting until 2010.

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Vendot

The US economy is one pile of damp, soft (but maleable) piece of shit.

Its like the shit which you can shape like plasticine (if thats how you spell it).

Fletch XXX

dont forget who gave us Greenspan too,...

Ronald Reagan.

http://en.wikipedia.org/wiki/Alan_Greenspan

http://articles.moneycentral.msn.com...BubbleToo.aspx

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L-Pink

Guys, who owns the fed reserve?

Manny_Kaye

And the amazing part is every bank that is in trouble their CEO just received millions in bonus checks last quarter WOW isnt that is amazing.

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pocketkangaroo

Have to wonder if we'll ever see a revolt. I mean people are having rough times and we bailout gazillionaires.

Darkland

You are all to right. It is a mistake to even THINK that the Fed is a part of our government. The sad thing is, most people think that it IS when in fact our very government is so in debt to them that the Fed actually owns it AND us.

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pocketkangaroo

Please explain how the Fed isn't part of our government. The people that make the decisions there are appointed by the President of the United States. There are private components to it, but they are powerless and answer to no one.

tony286

i want a bail out

Kudles

Thats a lot of money

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Darkland

Do you even know the history of how it was created and by who? Or the events leading up to it that even made it possible or the manner in which it was passed through legislation?

After the financial panic and collapse in the early 1900's it was found that a NEW Central Banking needed implementing. A central banking bill known as The Federal Reserve Act was then created by a group of BANKERS not LAWMAKERS and swiftly passed through legislation with the aid of President Wilson because of the campaign support provided by these same bankers. It was passed during a holiday so it would face little opposition.

They are a private entity REGULATED by the Government. But with their fingers on the financial button of the nation, who really has the control?

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pocketkangaroo

They aren't regulated by the government, they are controlled by the government. The private entities of the Fed simply execute the policies determined by the Board of Governors. The Board is appointed by the President and can be removed by him at any time. The private parts of the Fed have no power and make no money off the government.

Darkland

Not Regulated is what I meant to say, was typing in a rush.

Really?

Then why does the Federal government not list them as a government agency, nor does it respond on a daily basis to Congress, nor is it subject to congressional action?

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marketsmart

"i want to believe" but thats just not true.. of course the govt would like you to think that, but go do some reading..

I know JP Morgan was one of the people that was involved in its formation.

I read a quote somewhere that when Wilson got back to washington after the meeteing at jeckyl island, he told his wife that he had just signed away the united states...

i think he said that he regretted that for the rest of his life...

mynameisjim

Where is the accountability then. All these CEOs just go on living like kings while the taxpayers bail them out.

There should be a regulation that if the government bails out your company, the entire board needs to give up their earnings for the previous 3 years. Salaries, bonuses, stocks, everything.

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Darkland

The truth is out there and it can never be told, only sought. Without it we are all lambs to the slaughter.

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pocketkangaroo

It took me 20 seconds to find this:

http://www.whitehouse.gov/government...-agencies.html

As for responding to Congress, I don't know why it's not daily. I do know they speak in front of Congress from time to time as well have independent audits done on them yearly. I'd imagine it's like every other government entity. The Senate has to approve appointees much like they do for other areas of government.

If you have issues with that, you'd have an issue with most of the government agencies we have running. Most are appointed by a President and approved by Congress.

marketsmart

stop and think for a minute as to where you are getting your information from...

pocketkangaroo

What exactly are you trying to dispute?

marketsmart

my bad, i had to re read... i though you were trying to debate that the federal reserve is a govt entity...