Taxpayers Bail Out AIG

Like I said yesterday Citizens, prepare yourselves!!! We are in it for good this time. One of America’s largest insurance companies, American International Group (AIG) has failed. Yesterday, NY Governor Paterson relaxed the insurance regulatory rules to allow AIG to borrow $20,000,000,000 from one of its subsidiaries which wasn’t nearly enough because they were looking for an additional $40,000,000,000 to borrow from the Feds. Now it turns out the Feds have loaned them $85,000,000,000 today in exchange for 80% ownership in the company. I just want to know how it is that AIG was looking for $60 billion yesterday but was loaned $85 billion today. I just can’t stand it anymore.

Why are we saving AIG and not Lehman Brothers? Yesterday, the government said it would no longer bail out private companies. Today they say if they don’t continue, our financial system will collapse; the number of companies deemed too big to fail is growing. Has anyone stopped to add up all of the bailouts this year? What is the total? How much debt will it take for the government to realize it too has reached its limit? Do you all still believe in the free market economy? If the market is supposed to find the best price, reward good business practice and regulate itself, then these companies should fail because others will take their place. Isn’t that the theory Republicans?

Wall Street can go ahead and jump for joy every time the government bails them out but they have no idea what misery will trickle down to the rest of America. Trickle down theory works both ways; if wealth trickles down so does debt. This economic policy is clearly not working in the new global economy. There are no financial borders in which to preserve capital and bolster the wealth of a nation.

Debt has fueled growth for all of us. We all borrowed and things were fantastic. The middle class improved its standard of living on debt. Business improved its profits on debt and the Government paid for war, entitlements and subsidies with debt. Everyone was HAPPY HAPPY HAPPY! The debt has come due my friends and while we the middle class are now struggling to repay our debt the government is borrowing to pay for its debt and is called on to help big business pay their debt. The individual is held accountable but not big business?

WE ALL KNOW WHAT HAPPENS WHEN YOU BORROW FROM PETER TO PAY PAUL!!!

We are supposed to be one America. Find me a reason why we should continue the same economic policies that is not racist and partisan and small minded and liberal and elitist and blue and red and conservative and republican and democrat and everything in between? Tell me how we are going to afford all of this war on terrorism that is supposed to keep us safe when at this point we cannot afford our own military.

The greatest country on earth is begging Asia and the Middle East for funds. Work this all out and tell me how you can vote for John McCain? Barack Obama has his problems, believe me, but the time is now to boldly go where no one has gone before. The last time we tried, we were brow beaten and deceived and cheated and frightened into voting for 4 more years of George Bush?

Oh, that worked out real well.