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109 Comments
- eastwood24, on 11/11/2008, -0/+52Actually it's corporatism if you want to get picky.
Socialism - diffused gains, diffused losses
Corporatism - Privatised gained, socialized losses.
Corporatism is the economic component of fascism. - statik99, on 11/03/2009, -0/+41Let AIG fail. They're a bunch of lying crooks stealing hard earned tax payer dollars.
- ChrisOrr, on 11/11/2008, -11/+45America....especially all you that called Obama "Socialist".... THIS is Socialism, we live in a socialist country
- Shiftgood, on 11/11/2008, -5/+38Humans: Great at ***** ***** up
- fuzzynyanko, on 11/11/2008, -1/+24As did McCain and Bush. In fact, it was Bush that did the initial push for it.
- joand315, on 11/11/2008, -0/+21I read it might be two years before all those credit default swaps unwind. It's going to be a very long long long two years.
- mattearle, on 11/11/2008, -1/+20AIG has a HUGE office here in Bermuda. Not sure what that means but it can't be good for the American taxpayer.
- MrGreenGenes, on 11/11/2008, -7/+25Obama supported it.
- Lionhart, on 11/11/2008, -0/+18AIG is beyond saving at this point.
After all this negative publicizing who among us in the US would buy an AIG insurance policy? Their name is tarnished by the economic crisis, and that is everything in the business world. - MysticKatDaddy, on 11/11/2008, -0/+16The treasury secretary and the ceo's of these failed companies ought to be in prison, not getting a bailout.
- eastwood24, on 11/11/2008, -0/+15You may call it a bailout AIG, but your children will call it the reason daddy went to prison.
- MrGreenGenes, on 11/11/2008, -0/+14Which is exactly why none of them deserve any position of power.
- azhura, on 11/11/2008, -2/+16So did McCain. So did Bush, so did Congress, so did many people. Get over the fact that both sides supported the bailout and will continue to support the bailout.
- inactive, on 11/11/2008, -3/+17end the bailout, legalize capitalism
- nextekcarl, on 11/11/2008, -0/+13Gee, I wonder who used to be the CEO of Goldman Sachs and probably still has a lot of friends and family working there?
(just to back up your point further) - OCPaddler, on 11/11/2008, -0/+13Seems like socialism for the rich, capitalism for the rest.
- Scottamus, on 11/11/2008, -0/+13An insurance company run by crooks? Inconceivable!
Just let them die. - theutopian, on 11/11/2008, -0/+12At what point do we cut them off?
- aspec, on 11/11/2008, -0/+12Wake up, America... blah blah blah, yadda yadda yadda. You think anyone is listening? Just wait until the vigilantes start getting involved.
- xanxer82, on 11/11/2008, -0/+12AIG recently spent over $340,000 on a junket to Phoenix for it's executives. If this is called fiscal responsibility, I'd hate to see what irresponsible is.
They should have all of their bail out money frozen until they curb this wasteful practice. It's one thing to have a huge meet, yes they do cost a bit but the can be done for far less than that.
I think they are committing fraud to the highest degree. Then they have the nerve to ask for more money. The government would be foolish to do so. - inactive, on 11/11/2008, -0/+11The fact that both sides support the socialist failout makes it even more depressing.
- inactive, on 11/11/2008, -0/+10I certainly hope so.
- throop77, on 11/11/2008, -0/+10Not going to happen, they owe Goldman Sachs a LOT of money.
http://www.reuters.com/article/marketsNews/idUSN28 ... - Demener, on 11/11/2008, -1/+11No one who's been legitimately paying attention and listening to intelligent economists should be at all surprised.
- Tyrghast, on 11/11/2008, -1/+10To err is human, to really ***** up takes a computer.
I dunno, I heard that joke a long time ago, probably isn't relevant. - Satualanus69, on 11/11/2008, -1/+10Where is my BAILOUT? these guy are the biggest pieces of trash they all need to be killed!!!!!!!! these guys are are using our money now for business retreats at resorts and also staying under different company names too WTF. We just got legally robbed and our government and these corporate cronies are laughing at us. oh and whats this crap about now GM and SIRUS needing bailout money people need to wake the hell up. We could have ended poverty, homelessness, and cleaned up our country big time but noooooooo lets help the pieces of trash that doesn't care about nobody but them selves. Isnt there a saying that all empires fall after 200 yrs? maybe we are over due or either its starting i guess GREED is the winner on this one.
- inactive, on 11/11/2008, -0/+9If the government prints money to attempt to solve it's problems what's holding us back to attempt the same? Why don't we learn to print our own money and bail ourselves the ***** out. INFLATION? ***** that. Just print more money. MOAR INFLATION? Print even more money, ***** the trees.
- maximoo2, on 11/11/2008, -0/+8Banks make interest off of loaning people money. Tax payers support the bank's [failed] investments with income tax. The middle class is getting ***** by the top .001% on the top of the socioeconomic pyramid.
- thealsir, on 11/11/2008, -0/+8I wonder how many more billions AIG will "need."
- inactive, on 11/11/2008, -0/+8Its time...to eat our money and kill.
/rational response - azhura, on 11/11/2008, -0/+8Dugg because I thought that Corporatism was a word you made up until I googled it.
- MercyPolitics, on 11/11/2008, -1/+9To read a personal story that happened to a very dear friend of mine in her dealing with the crooks of American International Group go to:
http://digg.com/business_finance/U_S_Government_Re ... - fishshogun, on 11/11/2008, -0/+7I return every piece of mail I get from aig and tell them no thanks to the insurance but I would like and invite to the resort and I am willing to travel.
- Havoc737903, on 11/12/2008, -0/+7No more taxpayer money towards big business bailouts. Period. Be it AIG, or anyone else. Businesses that conduct their finances recklessly, should be allowed to fail. If I'm not mistaken, that's how capitalism works.
- kukyona, on 11/12/2008, -0/+7My guess is that he's pointing at the distinction between corporatism and capitalism.
Capitalism, laissez-faire specifically, would require that the government not bailout any business and that they would be allowed to fail and allow their irrational decisions and mistakes to hurt only themselves and those that choose to associate with them.
Corporatism, a.k.a. Corporate Welfare, means that the government gives special privileges to businesses... usually chosen through political connections rather than merit. - Ruger11mcrdpi, on 11/11/2008, -1/+8I'm just glad I don't save any money, I spend every paycheck. Credit FTW!
- BoneheadFarker, on 11/11/2008, -1/+7Nice way to end that description...we're going to get it long and deep alright...
- fuckingusername, on 11/11/2008, -0/+6..............................................._,,,,-------,,,__
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...............................................................| - FreddieD, on 11/11/2008, -0/+6I hear ya. I started a new job last December and hadn't bothered to contribute to my 401k because they didn't offer matching. Now that I see that I would be losing $1.35 for every $1 I would have put into it, I don't feel too bad anymore.
- zerosum, on 11/11/2008, -0/+6Forget it. This just makes my blood boil. I wish we could see these ***** burn.
- aserer511, on 11/11/2008, -1/+7All the rappers based their songs OFF of AIG. they're straight up thugs, yo
- seltaeb4, on 11/11/2008, -4/+10But... but... corporations are honest and good and John McCain said they all needed a tax cut so they could save America!
And his head economic adviser Phil Gramm told us the truth, that we all were just "a nation of whiners!"
It's just all the fault of us lazy workers who make under $250,000/yr and want something for nothing that have ruined this great country! We need to work harder so these Captains of Industry can take super-expensive vacations on our dime. We just don't know the stress they're under... they DESERVE to relax and take time off!
Once they get those corporate tax cuts, they'll pass the savings on to us, just like they always have, every single time! Just you wait and see! Joe the Plumber is the only one who knows the truth!
We just need to work harder to make them richer so they'll trickle down their wealth all over us and make us all millionaires!
[Isn't it nice that we no longer have to listen to these jackasses and the red-state, Limbaugh-fellating idiots who gobbled up that ***** for decades like it was candy? :D] - inactive, on 11/11/2008, -0/+6Actually it's more than 2 years.
1. AIG was bailed out not for the sake of AIG, but to save investment banks like Goldman Sachs, JPMorgan, etc. who have insured with AIG (Credit Default Swaps).
2. Credit Default Swaps go bad as homeowners default on mortgages => AIG (now backed by the government) has to pay up to the investment banks.
3. The bulk of adjustable rate and interest-only loans will reset between 2009 and 2012. See http://calculatedrisk.blogspot.com/2007/10/imf-mor ...
4. With the American consumer slowing down their spending, all the homeowners who depend on consumer spending for income will have a tough time making mortgage payments. They in turn will reduce/stop discretionary spending, thus perpetuating the downward spiral.
The American consumer is loaded with debt. Consumer spending makes up 72% of the US GDP.
It's the perfect storm. Sit back and watch trillions and trillions of $s burn and go to money heaven. - fuzzynyanko, on 11/11/2008, -1/+7AIG has better start treating Americans as investors, otherwise there'll be more calls for the heads of the guys running the joint.
- g00dETH3R, on 11/11/2008, -0/+5Giving money to private banks is not Socialist its Fascist.
- pintomp3, on 11/11/2008, -2/+7it's socialism for the rich. trickle-down economics FTL.
- Observant1, on 11/11/2008, -1/+6AIG insured police against lawsuits for brutality during conventions. THAT is unAmerican activity if ever was. DC is funding them, is a pretty good clue about what needs to happen next.
- 01001001, on 11/11/2008, -4/+9(disclosure: ***** AIG)...On that note...
DAMN IT FEELS GOOD TO BE A GANGSTA.... - pak314, on 11/11/2008, -0/+5Its only good if what they are selling off has enough value to cover their loses.
- nextekcarl, on 11/11/2008, -1/+6When we have no more money. Sadly.
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