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Congratulations!

I think Brian Williams summed it up nicely in his opening of the NBC Nightly News Wednesday night – “Good Evening and congratulations you are all now owners of an international insurance conglomeration.”

In case you’ve had your head under a rock he was talking about the federal government bailing out yet another financial company – AIG. This time the federal reserve loaned AIG $85 billion and took over 80% of the stock (if I’m remembering correctly). So, basically we the taxpayers now own AIG. But I’m having a hard time figuring out exactly how this is going to benefit me. All I can figure out is that it’s not.

They are going to use my tax dollars to bail out a failing company and then when the company recuperates and is making trillions of dollars again – I’m pretty sure I won’t be seeing any of that money. Maybe I’ll start a business, make risky investments, and loan money to people who have no way of paying it back and then let the government bail me out :)

I am also confused about why everyone thinks it is such a great idea for the treasury and the world banks to pump about $180 billion in new money into the economy. It’s not going to help the everyday people. We are still going to bring home the same amount in our paychecks but everything will cost more!

In case you can’t tell – this financial thing has really gotten under my skin! I’ve been reading all about it and for the life of me can’t figure out why government bail-out is a good thing. I have been living under the impression for the past 24 years that America operated in a free market economy and democracy – not socialism.


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4 Responses to “Congratulations!”

  1. Christy says:

    It does totally suck, and it’s so big and huge and confusing and definitely there are many aspects that should piss us off (like why we have so many people still starving on the streets and children being left with sub-par education but can spend all that money on bailing out a company). What I can tell you, working on Wall Street, is that we definitely don’t want the market to crash. I asked a few of my coworkers (traders, analysts, etc), what the worst case scenario is, and how the crash affects you and me as the little people. The best answer I got was that basically all loans would come to a halt. Mortgages, student loans, small business loans, and then credit cards would start cancelling on you, out of the blue, or you couldn’t get a new one at all. Now, Jason and I have only 1 or 2 credit cards, and we only use them in extreme circumstances (such as now, when we’re moving and had to hand over a huge chunk of money for the first/last/broker’s fee). But for those people that are suddenly unemployed because of the market crash, and are trying to refinance or pay off huge bills and depend on credit cards to live, because new jobs aren’t opening up, they’re pretty much screwed. Plus, JR sent something around this week that basically said for every job lost on Wall St (and there’s obviously many thousands of those), 2-3 New Yorkers in other sectors will lose jobs, and then it spreads accross the country.

    I’m totally not trying to make any argument against what you’re saying, and I’m definitely not the most informed people (although it’s cool that I have resources in all the educated people I work with here, and can go to them for any questions I may have), but all I know is, in the end, it’s the lesser of two evils for the government to bail out AIG than if they didn’t, because it will save some of us common folk from utter despair, but yeah, we’re not going to be making any money back from it.

  2. Eric says:

    Oh heck, just roll it all in with that 9 trillion dollar loan we already have outstanding. What’s another trillion dollars? 50% of American taxes already go to paying off the national debt, so we’ve got a whole 50% to play with. Let’s worry when we get to 10%. But, even then, we can just start another government subsidiary to “absorb” that debt so no reason to worry. This all seems like a perfect plan.

  3. Mimi says:

    I NEVER HAVE UNDERSTOOD HOW THE UNITED STATES CAN SEND AID TO ALL THESE OTHER COUNTRIES WHEN WE ARE SO IN DEBT TO CHINA AND EVERYONE ELSE. ONE THING FOR SURE, IT WON’T BE MY MONEY ‘CAUSE I DON’T HAVE ANY!! SO JUST WHERE DO THEY GET ALL THAT MONEY?

  4. Susie says:

    Amen sister! Do I have your permission to forward this to the editorial section of the News Free Press?