I write on sports, politics or whatever I'm thinking about at the time. My posts indicate what I'm thinking about, not necessarily what I actually think, but I do try to make them accurate and informative.
Monday, March 16, 2009
AIG, again!
Our country has given about 180 billion dollars of taxpayer money to AIG, because it is too big to fail and its failure would cause the failure of many others. Well, finally we are seeing just who AIG gave some of that money to. It seems we really are bailing out Europe as much as we are ourselves. You see, 4.1 billion to Societe Generale, 2.6 billion to Deutsche Bank. I mean really. In addition, AIG gave some of this money to companies like Goldman Sachs and Merrill Lynch. Isn't our government already giving these companies bailout money? Why should they also get a piece of the AIG pie? See, the problem with this whole bailout scheme is that it assumes that some companies/banks/etc. are too big to fail. That if we allowed them to fail, it would have ripples throughout the economy. Duh! That's what is supposed to happen. The economy can't heal itself if the chaff is left amongst the wheat. You have to weed it out. This happens through corporate failures. I'm so tired of hearing about how "our" money is being improperly spent. Well, if we'd have done what we should have done in the first place and not given any bailout funds, things would be hard and unemployment higher, I guarantee, but we'd be on our way to recovery now, instead of still on the way down.
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