Money Down the Toilet

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Ben Cohen
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Robert Scheers slams Obama's approach to AIG:

Six months ago, we taxpayers began bailing out AIG with more than $140


billion, and then it went and lost $61.7 billion in the fourth quarter,


more than any other company in history had ever lost in one quarter. So


Timothy Geithner and Ben Bernanke huddled late into the night last


weekend and decided to reward AIG for its startling failure with 30


billion more of our dollars. Plus, they sweetened the deal by letting


AIG off the hook for interest it had been obligated to pay on the money


we previously gave the company........

We’ve already given AIG a total of $170 billion—an amount that dwarfs
the $75 billion allocated to helping those millions of homeowners
facing foreclosures. And more will be thrown down the AIG rat hole
because President Barack Obama is blindly following the misguided
advice of his top economic advisers, who insist that AIG is too big to
fail.

There's no doubt Obama will nationalize the banking system, despite his teams insistence on chucking money at failed companies. It's not a matter of how, it's when, and the longer he dithers, the worse it is going to get.