1st bailout worked so well AIG wants more money
 

http://www.msnbc.msn.com/id/29353489/

Shocking. What next? Wait. Let me guess. Banks need more money. The automakers need more money. I really hope that America wakes the fuck up and votes out every member of congress that voted for this shit.

My senator got voted out because he voted for the first bailout. The person who replaced him voted for the spending bill :disgust :helpme

The Dow acts as the ultimate "Truth-O-Meter" to all the "big plans" and "expectant announcements" floating around. So far, it's not looking good.

Another thing: I just watched the scariest shit ever--Goldman Sachs' Hong Kong/Asia head noting that while Japan's crisis was due to business expenditures which account for 12% of their GDP, the US' crisis is at the consumer end which accounts, at its height, for 72% of GDP. There's no "Japanese Lost Decade" comparison according to him. The US crisis is DRAMATICALLY going to be worse. All those stimulus bills didn't do dick in Japan.

:( :(

lmao, oh no.....

democrat?

It is not going to be pretty. :( We are just watching congress pay their buddies before the ship goes down.

He was replaced by a democrat

i don't get this rhetoric.. why are these stimulus bills all dems doing? i thought bush put out the first two?

There is no rhetoric and I am not saying the dems are at fault. I was replying to him saying the Senator that got voted out because he voted for the first bank bailout was a Rep and was replaced by a Dem who then voted for the spending bill. Pretty much saying we are getting fucked by both sides.

Where is Tyler Durden when you need him? He's got the solution...

sorry dude, i was talking generally..

just seems like Obama is the new Stalin because he signed a stimulus bill

Woefully trapped inside a DVD cover.

No prob :thumbsup

As much as this completely sucks, it has to be done. AIG can't be allowed to fail. They should have been regulated more heavily and not allowed to leverage themselves out like this. They should not have been allowed to get that big without regulation. It's horrible to pump money into this failing business, but I don't see any other solution at the moment.

If AIG was to go out of business in the morning it would have zero effect on me.

We just gave the banks billions and what happened? Nothing. I understand change doesn't happen in a day, but we gave them money to grease the wheels and get loans moving. Yet they aren't doing it.

I wouldn't say that. Many of the banks and financial companies in this country would go out of business. Others would be scared shitless as to whether they are exposed to the risk. Credit lines would be slashed, banks would stop lending. Perhaps that doesn't effect you, but it would effect the majority of your customers who would lose their credit limits on their CC or just their job.

They did.

:disgust

The business obviously does not work. When our business's don't work, we close up shop. They should too.

If they wanted to play this game they should have never let a single bank fail... The fact that it happened is what is brigning the rest of the banks down with the CDs.

Everything is inter-linked, as fucked as it sounds, they need to nationalise every bank that's in the hole right now.

For stimulus bills in japan, they took the money from one place and put it in the other... it wasn't really a stimulus since they cut to make it work.

But 700B isn't going to do shit... if we hear the rumors, the FED already launed a lot more to big corps.

Either way the people are goign to get a lot poorer very soon. The fact that the european and asian economies are going so bad is the only reason why the USD is still strong.

If AIG goes out of business today it's the colapse of the financial system as we know it...
There are multiple multiple times the GDP of the entire planet in credit default swaps... that means every bank and compagny that have them would almost instantly go bankrupt. That probably includes the bank where your money is.

If you don't understand what credit default swaps I'l explain. It's a lot more complicated then that but in a few words :
I's insurance agaisn't another compagny (banks and insurance compagnies in this case) colapsing).

They never thought the banks would have colapsed so pretty much every real estate transaction is insured by a 3rd party. If a bank fails, that 3rd party has to pay up.

Maybe it's not too far fetched...

"The First Bank of the United States of America"

AIG is failing for a reason. Let it fail.

Yup AIG can't fail. The entire financial system is way too interconnected. In fact AIG was fine until Lehman Brothers was allowed to fail. Once they failed AIG had a mess on their hands from the credit default swaps on Lehman Brothers mortgages. If AIG goes down suddenly this situation gets way uglier for all the banks.