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253 Comments
- Vaia, on 09/18/2008, -8/+67Hell, I guess they think that when the deficit is that high, writing another blank check isn't going to make that much of a difference ;p
The Govt. can make as much money as it wants...it's just that when we pay them back, we have to do it with REAL money, not whatever it is they keep writing their checks on that seems to make the dollar worth less and less... - TCSavant, on 09/18/2008, -4/+53It was actually a loan with very high interest. If AIG recovers, the government will have made a hefty sum.
Doesn't make it right though. - JenniferInMO, on 09/18/2008, -3/+45This was a helpful explanation of how the mechanics of this transaction(s) will work.
- rancemo, on 09/19/2008, -2/+42Not really. The Federal Reserve isn't the government, it's a privately owned bank.
- DeskFlyer, on 09/18/2008, -3/+40From my grandchildren.
- dracostimpy, on 09/18/2008, -3/+39FTA: And on Wednesday, the Treasury Department announced it was creating a "Supplementary Financing Program" to auction off $40 billion of Treasury bills, with the profits going to the Fed. (This is an unprecedented step; normally, money from Treasury bill auctions goes back into the Treasury coffers.)
That means the Fed, a private corporation, was just HANDED $40 billion from the taxpayers or in other words, we all just got jacked for $133 by the member banks who own the Fed. It's one thing to gamble our money by making loans in exchange for semi-worthless collateral, but to just ***** GIVE it to the banks? ***** this *****... I'm pulling my money out and I hope you all do the same before there's none left to withdraw. - Rysac1, on 09/18/2008, -2/+34From a press
- biggdeedubb, on 09/19/2008, -4/+31Just to be 100% clear... the FEDERAL RESERVE is NOT the government.
I am not saying that is what you are implying. However I take every opportunity to point this out so that we can get this all cleared up!
We will still be footing the bill because we (the tax payer) will be paying a good portion of this private loan off for AIG.
Where do I sign up to get my loans paid off?!
WRITE IN RON PAUL '08. - inactive, on 09/18/2008, -1/+26I just moved half my stock into two of Amerika's largest printing press manufactures
- inactive, on 09/18/2008, -13/+37Looks like the Bush regime has given up on the budget.
They are like a terminal cancer patient charging up their credit cards. - inactive, on 09/18/2008, -2/+26In other news, I bought $200 worth of Lehman stock at 7 cents each. It's bound to go up now, right?
- meandnips, on 09/18/2008, -4/+23Basically, they're going to grab the taxpayer by the ankles, turn him/her upside down and shake until the few remaining pennies we have drop from our pockets on the ground to be picked up by the feds. I bet it won't be the last time, either.
- inactive, on 09/19/2008, -1/+20$17 is straight up gangsta around these parts
- totorototoro, on 09/19/2008, -1/+19AIG isn't going to recover. This just gives it time to sell off their branches, disperse their assets, pay off their institutional investors, and ***** over their common stockholders as they descend into Chapter 11, and ultimately, Chapter 7.
- Cl1mh4224rd, on 09/19/2008, -1/+18> "The Govt. can make as much money as it wants...it's just that when we pay them back, we have to do it with REAL money, not whatever it is they keep writing their checks on that seems to make the dollar worth less and less..."
Err... the money they "create" is real. It's worth less and less, because there's more and more of it.
[/extremely simplified economics] - dabura, on 09/18/2008, -0/+16$17 from my pocket, and $800 in my bank account.
Glad i still have a few millions left in my Swiss account =D - Yimyack, on 09/19/2008, -2/+16They just print more money.
Our dollar looks about as strong as the Peso or Lira. - ScienceDoc, on 09/18/2008, -4/+17Check your wallet and your pay stub.
- inactive, on 09/19/2008, -1/+14From China thats where.
- linagee, on 09/19/2008, -0/+12If it does and if you become a millionaire, you are required to throw us all a party. It's in the digg bylaws when you signed up.
- dist0rtedwave, on 09/19/2008, -4/+16Hi Digg commenters, the question wasn't for you to answer in comments by being uneducated in the general direction of the problem. The question is answered rather well by the article, so instead of saying what you think the answer is, why not read the article and discuss what you read?
- Idiggapony, on 09/19/2008, -2/+14Unfortunately, the joke's on dildoolielly. Due to a simple spelling error, he invested in printing press companies from the wrong country.
- bigdickensfan, on 09/19/2008, -2/+14EVERYBODY QUICK, RUN TO THE BANK AND GET YOUR MONEY SO THAT THE ECONOMY DOESN'T CRASH!
- spyd3rweb, on 09/19/2008, -5/+17Tell him to get a real job.
- frsrblch, on 09/19/2008, -0/+10It's also the FEDERAL Reserve, but it's a private corporation. Names aren't always truthful.
- leif777, on 09/19/2008, -1/+11bake sale?
- evanssimon, on 09/19/2008, -0/+10helpful? it does not explain that the 'securities' are created out of thin air, and are just tax payer debt. so it is just saying the tax payer must pay 85 billion principal, plus interest.
this is just special interests getting free money from tax payers. - prisoner24601, on 09/19/2008, -2/+11Just print it! Isn't that how congress always takes care of the problem?
Oh, and I know you a lot of you are going to pour your rage on Bush. No doubt, every time he signed an unbalanced budget he took responsibility. But only HALF the responsibility. Congress was given the "power of the purse" for a reason and they have done a reprehensible job of managing our nation's budget too.
PLEASE don't let either side sway you into an "us vs. them" mindset here. The only possible good that could come from this major meltdown is for Americans to wake up and begin to hold BOTH sides accountable. - OneLess, on 09/19/2008, -0/+9Or your grandchild's.
- HelplessSEAL, on 09/19/2008, -0/+9Uh, econ 101:
The Dow is a set of top companies and their stock prices, not all companies belong in the Dow. The Dow Jones is used to gauge the economy by taking the sum of the stock prices of each company that belongs in the Dow, that's what you see on the news every day, down 400 points, up 500, etc. Since AIG dropped out of the Dow industrial average, there was an empty spot for another company to step in and replace AIG. Kraft was that company.
Kraft does NOT own AIG, it just replaced it in the Dow Jones. The real answer as to where all this money is coming from is actually us, the taxpayers. Hello inflation! You can apologize for acting like a douche later. - Observant1, on 09/18/2008, -1/+10they oughtta use all their personal bribe money's they got for approving corporate welfare and all the outsourcing of US jobs to pay for it. maybe if they got SWAT teamed every time a tax protestor got SWAT teamed this irresponsible BS would stop.
- sockpuppets, on 09/18/2008, -0/+93rd party out of state check would be my guess.
- robdiggity, on 09/19/2008, -0/+9Same place they always get it: They borrow from the Chinese and just put it on or kids' and grandkids' tab.
- EggNogIceCream, on 09/19/2008, -0/+9http://www.wikiupload.com/images/dollars.php
- harvinator24, on 09/19/2008, -0/+9Sadly i have no money to pull out from the banks.
- kickelephant, on 09/19/2008, -0/+8control + p
- Wryly, on 09/19/2008, -0/+8Weird how Liberated is such a great word. Yet Liberal is somehow awful. How does *that* work?
- inactive, on 09/19/2008, -2/+10My dad has lost $50,000 in the stock market in a week, yikes....
- TunaTheFrog, on 09/19/2008, -1/+9Do you pay taxes? Then Congratulations! You just bought an insurance company!
- annabanana01, on 09/18/2008, -12/+19Yeah where???? Inquiring minds would like to know!
- djasshat, on 09/19/2008, -0/+7"The AIG deal may not end up being for the full $85 billion. It is what's known as a "bridge loan," meaning that the Federal Reserve is offering to lend the money for the short term, at a fairly steep interest rate."
Didn't we already have some sort of a problem with lending money to people who can't pay it back at a steep interest rate? - macinit1138, on 09/19/2008, -1/+8In a cigar smoke ridden room with lots of laughter in the background, someone simply typed the amount into a terminal connected to the Federal Reserve, and whallah!.
- kidal25, on 09/19/2008, -2/+9Thin Air
- inactive, on 09/19/2008, -2/+9Inflation.
- maley, on 09/19/2008, -0/+7Late @ night, the government sends out little fairies. Except they don't look for teeth. They sneak into your wallet @ night and take out a $10 bill. All the hard work they've been up to recently :(
- muchachoburacho, on 09/19/2008, -4/+11do you not understand that they charge interest on this loan? They may have spent your money now, but the future value of the cash is now just as high as it was, if not higher. The problem with a loan like this is the risk that is associated with it. If you read the article, it explains how the federal reserve has this money already. I don't think that anyone here understands the purpose of the fed, they're too busy being so convinced it's evil to even understand it's existence.
- xerigen, on 09/19/2008, -0/+6no, it's private. It's just as federal as federal express.
- Hangly, on 09/19/2008, -0/+6You really think this economy will last 60 more years?
- totorototoro, on 09/19/2008, -0/+6No, that is just how they are selling it to the gullible public. Every investor knows its just a stopgap to let AIG sell off all its assets in an orderly fashion, instead of crashing. The stock price is the clearest indicator of this-there is no way its at $2/share if people think it is coming back in 2 years, and will ever pay back the "loan". It is over. The stock is going to $0. The assets get sold off. The institutional investors get some money back. The common stockholders (and US taxpayers) get *****.
- StillAnonymous, on 09/19/2008, -2/+8No. The system is flawed and the fact that this can happen proves it. If banks couldn't lend out money they didn't have, this would never be an issue.
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